Regulation 648/2012 | judict

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In force since 16/08/2012

Version from: 12/08/2022

Legal basis:

TFEU (2010) - Article 114

TFEU (2010) - Article 294

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Accompanying documents

Preparatory Material (1)

Procedure 2010/0250/COD

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Updated 05/02/2023

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European Market Infrastructure Regulation (EMIR)

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)

TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS (Article 1-3)Article 1 - Subject matter and scopeQ&A Article 2 - DefinitionsQ&A Article 2a - Equivalence decisions for the purposes of the definition of OTC derivativesITS/RTS Article 3 - Intragroup transactionsQ&A

TITLE II - CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES (Article 4-13a)Article 4 - Clearing obligationITS/RTSQ&A Article 4a - Financial counterparties that are subject to the clearing obligationQ&A Article 5 - Clearing obligation procedureITS/RTSQ&A Article 6 - Public registerITS/RTSQ&A Article 6a - Suspension of clearing obligation Article 6b - Suspension of clearing obligation in the case of resolution Article 7 - Access to a CCPQ&A Article 8 - Access to a trading venueITS/RTS Article 9 - Reporting obligationITS/RTSQ&AGL Article 10 - Non-financial counterpartiesITS/RTSQ&A Article 11 - Risk-mitigation techniques for OTC derivative contracts not cleared by a CCPITS/RTSQ&A Article 12 - Penalties Article 13 - Mechanism to avoid duplicative or conflicting rulesITS/RTS Article 13a - Amendments to legacy contracts for the purpose of the implementation of benchmark reforms

TITLE III - AUTHORISATION AND SUPERVISION OF CCPs (Article 14-25q)

CHAPTER 1 - Conditions and procedures for the authorisation of a CCP (Article 14-21)Article 14 - Authorisation of a CCPQ&A Article 15 - Extension of activities and servicesGL Article 16 - Capital requirementsITS/RTSQ&AGL Article 17 - Procedure for granting and refusing authorisationGL Article 18 - CollegeITS/RTSQ&AGL Article 19 - Opinion of the college Article 20 - Withdrawal of authorisation Article 21 - Review and evaluationGL

CHAPTER 2 - Supervision and oversight of CCPs (Article 22)Article 22 - Competent authorityGL

CHAPTER 3 - Cooperation (Article 23-24)Article 23 - Cooperation between authorities Article 23a - Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs Article 24 - Emergency situations

CHAPTER 3A - CCP Supervisory Committee (Article 24a-24e)Article 24a - CCP Supervisory Committee Article 24b - Consultation of central banks of issue Article 24c - Decision making within the CCP Supervisory Committee Article 24d - Decision making within the Board of Supervisors Article 24e - Accountability

CHAPTER 4 - Relations with third countries (Article 25-25q)Article 25 - Recognition of a third-country CCPITS/RTSQ&AGL Article 25a - Comparable complianceITS/RTS Article 25b - Ongoing compliance with the conditions for recognition Article 25c - Third-country CCP college Article 25d - FeesITS/RTS 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 finesITS/RTS 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 (Article 26-50d)

CHAPTER 1 - Organisational requirements (Article 26-35)Article 26 - General provisionsITS/RTSQ&AGL Article 27 - Senior management and the board Article 28 - Risk committeeQ&AGL Article 29 - Record keepingITS/RTS Article 30 - Shareholders and members with qualifying holdings Article 31 - Information to competent authorities Article 32 - Assessment Article 33 - Conflicts of interestGL Article 34 - Business continuityITS/RTSGL Article 35 - OutsourcingGL

CHAPTER 2 - Conduct of business rules (Article 36-39)Article 36 - General provisionsGL Article 37 - Participation requirementsGL Article 38 - TransparencyQ&AGL Article 39 - Segregation and portabilityQ&AGL

CHAPTER 3 - Prudential requirements (Article 40-50)Article 40 - Exposure managementGL Article 41 - Margin requirementsITS/RTSQ&AGL Article 42 - Default fundITS/RTSQ&AGL Article 43 - Other financial resourcesQ&AGL Article 44 - Liquidity risk controlsITS/RTSGL Article 45 - Default waterfallITS/RTSQ&AGL Article 45a - Temporary restrictions in the case of a significant non-default eventGL Article 46 - Collateral requirementsITS/RTSQ&AGL Article 47 - Investment policyITS/RTSQ&AGL Article 48 - Default proceduresQ&AGL Article 49 - Review of models, stress testing and back testingITS/RTSQ&AGL Article 50 - SettlementITS/RTSGL

CHAPTER 4 - Calculations and reporting for the purposes of Regulation (EU) No 575/2013 (Article 50a-50d)Article 50a - Calculation of KCCPGL Article 50b - General rules for the calculation of KCCPGL Article 50c - Reporting of informationGL Article 50d - Calculation of specific items to be reported by the CCPGL

TITLE V - INTEROPERABILITY ARRANGEMENTS (Article 51-54)Article 51 - Interoperability arrangementsGL Article 52 - Risk managementQ&AGL Article 53 - Provision of margins among CCPsGL Article 54 - Approval of interoperability arrangementsGL

TITLE VI - REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES (Article 55-77)

CHAPTER 1 - Conditions and procedures for registration of a trade repository (Article 55-74)Article 55 - Registration of a trade repository Article 56 - Application for registrationITS/RTSQ&A 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 finesITS/RTS 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 feesITS/RTS Article 73 - Supervisory measures by ESMA Article 74 - Delegation of tasks by ESMA to competent authorities

CHAPTER 2 - Relations with third countries (Article 75-77)Article 75 - Equivalence and international agreements Article 76 - Cooperation arrangements Article 76a - Mutual direct access to data Article 77 - Recognition of trade repositories

TITLE VII - REQUIREMENTS FOR TRADE REPOSITORIES (Article 78-82)Article 78 - General requirementsITS/RTSGL Article 79 - Operational reliabilityGL Article 80 - Safeguarding and recordingGL Article 81 - Transparency and data availabilityITS/RTSQ&AGL Article 82 - Exercise of the delegation

TITLE VIII - COMMON PROVISIONS (Article 83-84)Article 83 - Professional secrecy Article 84 - Exchange of information

TITLE IX - TRANSITIONAL AND FINAL PROVISIONS (Article 85-91)Article 85 - Reports and reviewQ&A Article 86 - Committee procedure Article 87 - Amendment to Directive 98/26/EC Article 88 - Websites Article 89 - Transitional provisionsQ&A Article 90 - Staff and resources of ESMA Article 91 - Entry into force

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