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Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012
On OTC derivatives, central counterparties and trade repositories
(Text with EEA relevance)European Market Infrastructure Regulation – EMIR
- Recitals
TITLE I — SUBJECT MATTER, SCOPE AND DEFINITIONS- TITLE II — CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES
- Article 4 — Clearing obligation
- Article 4a — Financial counterparties that are subject to the clearing obligation
- Article 5 — Clearing obligation procedure
- Article 6 — Public register
- Article 6a — Suspension of clearing obligation
- Article 6b — Suspension of clearing obligation in the case of resolution
- Article 7 — Access to a CCP
- Article 8 — Access to a trading venue
- Article 9 — Reporting obligation
- Article 10 — Non-financial counterparties
- Article 11 — Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
- Article 12 — Penalties
- Article 13 — Mechanism to avoid duplicative or conflicting rules
- Article 13a — Amendments to legacy contracts for the purpose of the implementation of benchmark reforms
- TITLE III — AUTHORISATION AND SUPERVISION OF CCPs
- CHAPTER 1 — Conditions and procedures for the authorisation of a CCP
- Article 14 — Authorisation of a CCP
- Article 15 — Extension of activities and services
- Article 16 — Capital requirements
- Article 17 — Procedure for granting and refusing authorisation
- Article 18 — College
- Article 19 — Opinion of the college
- Article 20 — Withdrawal of authorisation
- Article 21 — Review and evaluation
- CHAPTER 2 — Supervision and oversight of CCPs
- CHAPTER 3 — Cooperation
- CHAPTER 3A — CCP Supervisory Committee
- CHAPTER 4 — Relations with third countries
- Article 25 — Recognition of a third-country CCP
- Article 25a — Comparable compliance
- Article 25b — Ongoing compliance with the conditions for recognition
- Article 25c — Third-country CCP college
- Article 25d — Fees
- Article 25e — Exercise of the powers referred to in Articles 25f to 25h
- Article 25f — Request for information
- Article 25g — General investigations
- Article 25h — On-site inspections
- Article 25i — Procedural rules for taking supervisory measures and imposing fines
- Article 25j — Fines
- Article 25k — Periodic penalty payments
- Article 25l — Hearing of the persons concerned
- Article 25m — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
- Article 25n — Review by the Court of Justice
- Article 25o — Amendments to Annex IV
- Article 25p — Withdrawal of recognition
- Article 25q — Supervisory measures by ESMA
- TITLE IV — REQUIREMENTS FOR CCPs
- CHAPTER 1 — Organisational requirements
- Article 26 — General provisions
- Article 27 — Senior management and the board
- Article 28 — Risk committee
- Article 29 — Record keeping
- Article 30 — Shareholders and members with qualifying holdings
- Article 31 — Information to competent authorities
- Article 32 — Assessment
- Article 33 — Conflicts of interest
- Article 34 — Business continuity
- Article 35 — Outsourcing
- CHAPTER 2 — Conduct of business rules
- CHAPTER 3 — Prudential requirements
- Article 40 — Exposure management
- Article 41 — Margin requirements
- Article 42 — Default fund
- Article 43 — Other financial resources
- Article 44 — Liquidity risk controls
- Article 45 — Default waterfall
- Article 45a — Temporary restrictions in the case of a significant non-default event
- Article 46 — Collateral requirements
- Article 47 — Investment policy
- Article 48 — Default procedures
- Article 49 — Review of models, stress testing and back testing
- Article 50 — Settlement
- CHAPTER 4 — Calculations and reporting for the purposes of Regulation (EU) No 575/2013
- TITLE V — INTEROPERABILITY ARRANGEMENTS
- TITLE VI — REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES
- CHAPTER 1 — Conditions and procedures for registration of a trade repository
- Article 55 — Registration of a trade repository
- Article 56 — Application for registration
- Article 57 — Notification of and consultation with competent authorities prior to registration
- Article 58 — Examination of the application
- Article 59 — Notification of ESMA decisions relating to registration
- Article 60 — Exercise of the powers referred to in Articles 61 to 63
- Article 61 — Request for information
- Article 62 — General investigations
- Article 63 — On-site inspections
- Article 64 — Procedural rules for taking supervisory measures and imposing fines
- Article 65 — Fines
- Article 66 — Periodic penalty payments
- Article 67 — Hearing of the persons concerned
- Article 68 — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
- Article 69 — Review by the Court of Justice
- Article 70 — Amendments to Annex II
- Article 71 — Withdrawal of registration
- Article 72 — Supervisory fees
- Article 73 — Supervisory measures by ESMA
- Article 74 — Delegation of tasks by ESMA to competent authorities
- CHAPTER 2 — Relations with third countries
- TITLE VII — REQUIREMENTS FOR TRADE REPOSITORIES
- TITLE VIII — COMMON PROVISIONS
- TITLE IX — TRANSITIONAL AND FINAL PROVISIONS
- Final
- ANNEX I — List of infringements referred to in Article 65(1)
- ANNEX II — List of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)
- ANNEX III — List of infringements referred to in Article 25j(1)
- ANNEX IV — List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)