{
  "slug": "emir",
  "name": "European Market Infrastructure Regulation",
  "short_name": "EMIR",
  "jurisdiction": "EU",
  "regulator": "ESMA + national competent authorities",
  "kind": "regulation",
  "effective_date": "2012-08-16",
  "summary": "EU regulation imposing central clearing, risk-mitigation, margin, and reporting obligations on OTC derivatives. EMIR Refit (2019) and EMIR 3.0 (2024) updated thresholds, reporting, and Active Account Requirements (clearing in EU CCPs).",
  "scope": "EU counterparties (financial and non-financial) and any counterparty trading derivatives with an EU counterparty.",
  "key_provisions": [
    {
      "section": "Clearing obligation",
      "summary": "Standardised OTC derivatives must be cleared by an authorised CCP."
    },
    {
      "section": "Risk-mitigation techniques",
      "summary": "Timely confirmation, portfolio reconciliation, dispute resolution, and exchange of margin (initial and variation)."
    },
    {
      "section": "Reporting",
      "summary": "All derivatives reported to a Trade Repository (T+1)."
    }
  ],
  "applies_to": [
    "EU counterparties to derivatives",
    "third-country counterparties trading with EU counterparties"
  ],
  "related_regulations": [
    "mifid-ii"
  ],
  "related_terms": [
    "central-clearing",
    "trade-repository",
    "initial-margin",
    "variation-margin"
  ],
  "official_text_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32012R0648",
  "history": "Adopted 2012; major updates via EMIR Refit (2019) and EMIR 3.0 (2024) which introduced Active Account Requirements obliging EU clients to clear a portion of euro-denominated derivatives in EU-based CCPs."
}