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
ISDA AGM Studio: Jacques Vigner, BNP Paribas
Jacques Vigner, ISDA board member and chief strategic oversight officer for global markets at BNP Paribas, speaks with Mark Gheerbrant, global head of risk and capital at ISDA, on the key obstacles to a consistent, risk-appropriate capital framework and how to...
ISDA AGM Studio: Future Leaders in Derivatives
Following publication of the latest whitepaper from the ISDA Future Leaders in Derivatives (IFLD) program, Collateral and Liquidity Efficiency in the Derivatives Market: Navigating Risk in a Fragile Ecosystem, Joel Clark talks to IFLD participants Koen Ottenheijm, senior treasury and...
Australian Superannuation Funds Use of Derivatives
The funds under management (FUM) of Australian superannuation funds have grown substantially since legislation was introduced in 1992 requiring employer contributions. Over the past five years, total FUM has climbed from approximately A$2.3 trillion ($1.44 trillion) to A$4.1 trillion and...
ISDA AGM Studio: Caroline Pham, CFTC
Caroline Pham, acting chair at the US Commodity Futures Trading Commission, speaks to ISDA CEO Scott O’Malia about her first 100 days in the role and the uncertainty in global markets following recent volatility.