UK EMIR—one minute guide

Copyright © 2025 LexisNexis
Published by a LexisNexis Financial Services expert
Practice notes

UK EMIR—one minute guide

Copyright © 2025 LexisNexis

Published by a LexisNexis Financial Services expert

Practice notes
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This Practice Note provides high-level information on Assimilated Regulation (EU) 648/2012 (UK EMIR).

What is UK EMIR?

In 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing systemic Counterparty risk in the Over-the-counter (OTC) Derivatives market. The European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR) implemented most of the pledged reforms in the EU and covers OTC derivatives, central clearing counterparties (CCPs) and trade repositories (TRs). The onshored European Market Infrastructure Regulation, UK EMIR, applies in the UK

Section 1(1) and Schedule 1 Part 1 of the Financial Services and Markets Act 2023 (FSMA 2023) provide for the revocation of UK EMIR with effect from a date or dates to be appointed by HM Treasury. No date has yet been appointed.

Key requirements of UK EMIR

Reporting: all new and outstanding derivatives contracts are required to be reported to an authorised TR. This is not limited to OTC derivatives.

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Jurisdiction(s):
United Kingdom
Key definition:
Counterparty definition
What does Counterparty mean?

The other party to a transaction.

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