Council of the European Union and European Parliament 4 July 2012, 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 Text with EEA relevance

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Regulation (EU) No 648/2012 of the European Parliament and of the Council (EMIR) establishes uniform requirements for over-the-counter (OTC) derivative contracts, including mandatory central clearing through authorised or recognised central counterparties (CCPs) for standardised OTC derivatives, bilateral risk-mitigation techniques for non-centrally cleared contracts, and reporting obligations to registered trade repositories. Key provisions govern the authorisation, organisational requirements, risk management, capital adequacy, segregation, and interoperability of CCPs, as well as the registration and supervision of trade repositories by ESMA, which is granted direct supervisory and enforcement powers—including the ability to impose fines and periodic penalty payments—over trade repositories. The Regulation applies to CCPs, clearing members, financial and non-financial counterparties, and trade repositories operating within the Union, with transitional provisions for existing entities and a temporary exemption from the clearing obligation for pension scheme arrangements.AI