EMIR

The European Market Infrastructure Regulation (“EMIR”) entered into force on 16 August 2012, with the aim of increasing stability in the Over The Counter (“OTC”) derivatives markets in the European Union.

EMIR introduces:

• Reporting obligation for OTC derivatives;

• Clearing Obligation for eligible OTC derivatives;

• Measures to reduce counterparty credit risk and operational risk for bilaterally cleared OTC derivatives;

• Common rules for central counterparties (CCPs) and for trade repositories (TRs); and

• Rules on the establishment of interoperability between CCPs.

EMIR exemptions from margin for intragroup transactions:

• Information on EMIR intragroup exemptions