Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on over-the-counter (“OTC”) derivatives, central counterparties and trade repositories (“EMIR”) impacts all entities active in the EU derivatives market, whether they use derivatives for trading purposes, to hedge themselves against a particular risk or as part of their investment strategy. EMIR imposes various regulatory obligations that mainly deal with: clearing OTC derivatives, mitigation of risks associated with uncleared OTC derivatives and the reporting of derivative transactions to trade repositories.
ISDA has produced and continues work on the production of various legal documentation intitiatives relating to EMIR implementation. ISDA has produced numerous documentation and technology solutions to aid compliance with EMIR.
Please find our responses, comment letters, press releases and publications pertaining to EMIR regulatory developments here.
ISDA EMIR Protocols
ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol
ISDA 2013 EMIR NFC Representation Protocol
ISDA & Markit EMIR Implementation Solutions
ISDA EMIR Classification Letter and accompanying Guidance Note – Updated April 13, 2016
The exchange of information contained in the ISDA EMIR Classification Letter is also possible in a scaleable way through ISDA Amend: EMIR Counterparty and Clearing Classification Tools (opens Markit ISDA Amend site in separate window).
ISDA EMIR Frequently Used Documentation
ISDA EMIR Frontloading Additional Termination Event Amendment Agreement and accompanying Explanatory Memorandum – June 12, 2015
ISDA 2013 EMIR Portfolio Rec, Dispute Res and Disclosure Standard Amendment Agreement – updated September 9, 2013
Timely Confirmations Standard Wording and Explanatory Memorandum – March 14, 2013
ISDA/FIA EMIR Reporting Delegation Agreement – Updated 9 February 2016 and Reporting Guidance Note – July 19, 2013
Article 39(7) Disclosure Documentation
Webinars and archive calls on EMIR and EMIR Documentation and Implementation Initiatives
Webcast on ISDA EMIR Classification letter and ISDA Amend EMIR Classification Tools, including Clearing Classification expansions – July 12, 2016
Replay of the presentation, for members and non-members. Click here to download slides.
Market Education Webcast on EMIR Counterparty Classification Tool – October 18, 2013
Replay of the presentation, for members and non-members. Click here to download slides.
Market Education Webcast on the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol and Reporting Guidance Note – September 16, 2013
Replay of the presentation, for members and non-members. Click here to download slides.
Recording of a Conference Call on the EMIR NFC Representation Protocol — March 20, 2013
Audio only.
Your EMIR Obligations: an ISDA Member Call — January 10, 2013
(login required, call in Member Call Archive)
Other documentation
Please find the ISDA WGMR Implementation Initiative here.
All other documents relating to EMIR that have been published are set out below, including market practice guidance.
Latest
Response to FASB on KPIs for Business Entities
On April 30, ISDA submitted a response to the Financial Accounting Standards Board’s (FASB) proposal on financial key performance indicators (KPIs) for business entities. In the response, ISDA addressed the implications of KPI standardization, its potential impact on financial reporting...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
Response on Commodity Derivatives Markets
On April 22, ISDA and FIA submitted a joint response to the European Commission’s (EC) consultation on the functioning of commodity derivatives markets and certain aspects relating to spot energy markets. In addition to questions on position management, reporting and...
Episode 50: The Value of Derivatives
A new report from ISDA shows that companies all over the world use derivatives to alleviate uncertainty, transfer risk and enhance profitability. ISDA discusses the findings with Boston Consulting Group’s Roy Choudhury. Please view this page via Chrome to access...