Which countries does EMIR apply to?

EMIR and the delegated acts made under it are directly applicable in all EEA Member States and do not need implementing legislation at a national level. Once the UK has left the EU, the UK will become a “Third Country” for EMIR purposes. As such, EMIR will no longer apply directly in the UK.

Who is covered by EMIR?

EMIR covers entities that qualify for derivative contracts in regards to interest rate, equity, foreign exchange, or credit and commodity derivatives. It also outlines three sets of obligations, including the clearing, reporting and risk mitigation of applicable products.

Does EMIR apply to non EU entities?

Although EMIR directly applies to entities established in the EU only, it will apply indirectly to any non-EU entities entering into OTC derivatives with EU counterparties; EU entities have to comply with the EMIR obligations on any OTC derivatives transaction they enter into, whether the counterparty is an EU or non- …

Who is subject to EMIR reporting?

EMIR mandates reporting of all derivatives to Trade Repositories (TRs). TRs centrally collect and maintain the records of all derivative contracts. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability.

Does EMIR apply to UK?

ISDA 2020 UK EMIR PDD Protocol The UK PDD Requirements will apply to in-scope UK financial and non-financial counterparties where those counterparties trade with EU or other third-country counterparties.

Are FX forwards in scope for EMIR?

In its guidance (published in the context of the reporting obligations which apply under EMIR), the Central Bank of Ireland provides that, as a temporary measure, FX forwards which settle between T+3 and T+7 are generally not required to be reported for EMIR purposes.

What MiFID 11?

What Is MiFID II? MiFID II is a legislative framework instituted by the European Union (EU) to regulate financial markets in the bloc and improve protections for investors. Its aim is to standardize practices across the EU and restore confidence in the industry, especially after the 2008 financial crisis.

What is the difference between EMIR and MiFID?

MiFID II and EMIR share the regulatory coverage of the OTC derivatives market. While MiFID II introduces a trade obligation for OTC derivatives as part of its market structure related measures, EMIR addresses the duty for central clearing. In this case, both regulations complement each other.

Is FX spot in scope for MiFID II?

An FX spot transaction will not be a financial instrument and will be excluded from MiFID II and UK MiFID II if under its terms delivery it is scheduled to be made within a specified number of trading days. 2 trading days for trades between “major currencies”.

Is FX spot a derivative?

Hence, Spot forex is not derivative trading. Since there’s no rollover or swap fee in the currency futures trading, they are categorized as derivatives. Similarly, traditional currency options have no overnight rollover fee and hence are derivative trading.

Will MiFID apply post Brexit?

On 28 April 2021, the FCA published a consultation paper (CP) setting out a number of potential changes to MiFID derived rules in the UK; specifically in relation to investment research and best execution reporting requirements.

Is MiFID II in force?

MiFID II/MiFIR entered into force on 3 January 2018. This new legislative framework will strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

Who are the members of the G20 group of Nations?

As of 2017 there are 20 members of the group: Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States. Spain is a permanent guest invitee.

Who are the Emir counterparties in the EEA?

Counterparties established in the European Economic Area (EEA), or with direct, substantial and foreseeable effect within the EEA; Non-EEA counterparties which enter into (OTC) derivatives contracts with a counterparty established in the EEA. EMIR recognizes a number of counterparty classifications.

What is the European market infrastructure regulation ( Emir )?

The European Market Infrastructure Regulation (EMIR) is a body of legislation for over-the-counter (OTC) derivatives, central counterparties and trade repositories.

When does each country take over the presidency of the G20?

Each year, a different G20 member country assumes the presidency starting from 1 December until 30 November. This system has been in place since 2010, when South Korea, which is in Group 5, held the G20 chair. The table below lists the nations’ groupings: