Database on German and European Economic Law

 Regulation (EU) No 648/2012

I. Description

On 4 July 2012, the Regulation on OTC-Derivatives, Central Counterparties and Trade Repositories (EMIR - European Market Infrastructure Regulation) was adopted and entered into force on 16 August 2012. . This was a major development which enables the European Union to deliver the G20 commitments on OTC-Derivatives agreed in Pittsburgh in September 2009.

The Regulation ensures that information on all European derivative transactions will be reported to trade repositories and be accessible to supervisory authorities, including the European Securities and Markets Authority ( ESMA), to give policy makers and supervisors a clear overview of what is going on in the markets.

The Regulation also requires standard derivative contracts to be cleared through Central Counterparties (CCPs) as well as margins for uncleared trades and establishes stringent organisational, business conduct and prudential requirements for these CCPs.

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II. General Information

Title

Regulation on OTC derivatives, central counterparties and trade repositories

Abbreviations
EMIR
Status
Existing
Regulation
(EU) No 648/2012
Source
O.J. EU No L (Legislation), Edition 201, Year 2012, p.1
Adoption
07/04/2012
Promulgation
07/27/2012
Character
Lamfalussy Framework Act
Legal Basis
Art. 114 AEUV
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text EMIR:
Regulation on OTC derivatives, central counterparties and trade repositories

  (EU) No 648/2012

Beschluss:
07/04/2012 (A)
Verkuendung:
07/27/2012 (P)
(A) Adoption | (P) Promulgation

2. Reformvorhaben

3. Legislative History

Datum
Typ / Titel
Textfassungen
03/22/2012
Opinion of the European Central Bank
O.J. 2012/C 161/3
04/19/2011
Opinion of the European Data Protection Supervisor
O.J. 2011/C 216/9
01/13/2011
Opinion of the European Central Bank
O.J. 2011/C 57/1
Opinion of the European Economic and Social Committee
O.J. 2010/C 54/44
09/15/2010
Proposal
COM(2010) 484 final

4. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 98/26/EC

5. CESR Level 2

zu 648/2012 EMIR-Verordnung
CESR/

IV. CESR / ESMA Announcements (Level 3)

9/2014
Leitlinien und Empfehlungen zur Umsetzung der CPSS- IOSCO-Prinzipien für Finanzmarktinfrastrukturen in Bezug auf zentrale Gegenparteien
ESMA/2014/ 1133
8/2014
Guidelines and Recommendations regarding the implementation of the CPSS - IOSCO Principles for Financial Market Infrastructures in respect of Central Counterparties
ESMA/2014/1009

V. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Reformvorhaben
3. Legislative History
4. Legal Impact
5. CESR Level 2
IV. CESR / ESMA Announcements (Level 3)
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany