On 19 December 2012 the Commission adopted the majority of the subordinate legislation necessary to implement Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”). The majority of that legislation is likely to become law in or around March 2013 and some risk mitigation requirements will apply at that point.

It appears that, although the first clearing obligation may not apply until the summer of 2014, the first reporting obligation may apply from 1 July 2013 and further risk mitigation obligations are likely to apply in or around September 2013. In addition, firms may need to make a number of notifications and applications for exemptions to the Financial Services Authority / Financial Conduct Authority in early 2013. At present, therefore, firms ought to be assessing whether they will be ready for EMIR to come into force. The quick start guide at page 4 sets out some of the things that firms should start to consider.

Downloads –