European Market Infrastructure Regulation
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).
Details
- 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.
- 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.