EMIR
Key implementation dates of the EMIR requirements are set out below.
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Timeline
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1 September 2020
Initial Margin requirements fully phased in
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4 January 2020
(1) Initial Margin requirements apply to transactions where one counterparty is a Third-Country entity and no equivalence decision for that Third Country has been adopted under Article 13(2) of EMIR; and (2) Variation Margin requirements apply for all non-centrally cleared derivatives on single stock equity options and index options
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1 September 2019
Initial Margin requirements apply with IM Notional Amount Threshold of EUR0.75 trillion
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9 August 2019
Clearing Obligation for Category 4 counterparties applies for OTC Interest Rate Swaps in additional currencies
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21 June 2019
Clearing Obligation for Category 3 counterparties applies for: (1) OTC Interest Rate Swaps in G4 currencies; (2) certain OTC Credit Default Swaps based on an index; and (3) OTC Interest Rate Swaps in additional currencies
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9 May 2019
Clearing Obligation for Category 4 counterparties applies for certain OTC Credit Default Swaps based on an index
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3 January 2018
Variation Margin requirements apply to physically settled FX forward contracts [however subject to regulatory forbearance]
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1 September 2018
Initial Margin requirements apply with IM Notional Amount Threshold of EUR1.5 trillion
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21 December 2018
Clearing Obligation for Category 4 counterparties applies for OTC Interest Rate Swaps in G4 currencies
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1 September 2017
Initial Margin requirements apply with IM Notional Amount Threshold of EUR2.25 trillion
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9 August 2017
Clearing Obligation for Category 2 counterparties applies for (1) certain OTC Credit Default Swaps based on an index; and (2) OTC Interest Rate Swaps in additional currencies
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13 June 2017
Publication of Commission legislative proposal for a Regulation amending Regulation (EU) 1095/2010 establishing ESMA and amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs
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4 May 2017
Publication of Commission legislative proposal for a Regulation amending EMIR as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision and trade repositories and the requirement for trade repositories
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1 March 2017
Variation Margin requirements apply for all counterparties not caught on first VM phase-in date
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9 February 2017
Clearing Obligation for Category 1 counterparties applies for (1) certain OTC Credit Default Swaps based on an index; and (2) OTC Interest Rate Swaps in additional currencies
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4 February 2017
(1) Initial Margin requirements apply with IM Notional Amount Threshold of EUR3 trillion; and (2) Variation Margin requirements apply where both counterparties exceed an VM Notional Amount Threshold of EUR3 trillion (3) Initial Margin requirements start to apply to non-exempt group transactions where a Union counterparty enters into an OTC derivative contract with an entity of the same group domiciled in the Union or a Third Country
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4 January 2017
RTS on risk mitigation techniques (i.e. margining) for OTC derivative contracts not cleared by a CCP in force
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21 December 2016
Clearing Obligation for Category 2 counterparties applies for OTC Interest Rate Swaps in G4 currencies
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9 October 2016
Frontloading for Category 1 and Category 2 counterparties applies for (1) certain OTC Credit Default Swaps based on an index; and (2) OTC Interest Rate Swaps in additional currencies
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9 August 2016
RTS with regard to clearing for OTC Interest Rate Swaps in additional currencies in force
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21 June 2016
Clearing Obligation for Category 1 counterparties applies for OTC Interest Rate Swaps in G4 currencies
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21 May 2016
Frontloading for (1) Category 2 counterparties applies for OTC Interest Rate Swaps in G4 currencies
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9 May 2016
RTS with regard to clearing for certain OTC Credit Default Swaps based on an index in force
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21 February 2016
Frontloading for Category 1 counterparties applies for OTC Interest Rate Swaps in G4 currencies
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15 September 2013
(1) Portfolio reconciliation and dispute resolution; and (2) portfolio compression requirements in force
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15 March 2013
(1) Timely confirmation requirements in force
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16 August 2012
EMIR in force
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27 July 2012
Text of the Regulation published in the Official Journal of the European Union
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Key Contacts
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The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.
