European Market Infrastructures regulation (EMIR)

In 2012, following the 2008 financial crisis, the EU adopted the European Market Infrastructures regulation (EMIR) with the laudable objectives of increasing transparency in the OTC derivatives markets, to reduce the counterparty risk of derivatives contracts and to reduce operational risks associated with derivatives trading.

EFAMA welcomes the improvements recently brought by the EMIR Refit: It redefines the obligations imposed on derivatives users, recognising and solving some issues previously existing in EMIR, such as the disproportionate regulatory burden imposed on the least risky counterparties. We also advocate for a better alignment between EMIR and MiFIR, especially with regards to the clearing and trading obligations.

Related policy positions

Policy Position

Capital Markets

EMIR

08 April 2022

EFAMA views and recommendations on ESMA's consultation on the review of EMIR RTS on APC margin measures

The European Fund and Asset Management Association (EFAMA) welcomes the opportunity to respond to this important review of RTS 153/2013 and accompanying guidelines, in light of the procyclicality witnessed during the peak volatility of the Covid crisis. European CCPs already have standard anti-procyclicality tools in their rulebooks and this did lead to less volatile moves in margin in Europe versus other jurisdictions.

Policy position

Capital Markets

EMIR

24 January 2022

ESMA consultation on the review of clearing thresholds under EMIR

For asset managers the main issue continues to be the reclassification of ETDs as OTCs as a result of the non-equivalence of UK regulated markets. While we understand that a review is legally mandated at this point in time, we do not see value in recalibrating the various thresholds or making changes to the calculation methodologies unless these are in the two areas we define below. Our main concern revolves around the fact that changes would carry significant compliance costs while making little impact on the population of counterparties and notional captured by the thresholds.

Policy Position

Capital Markets

EMIR

16 September 2021

UK clearing house equivalence - request from nine trade associations

Nine associations (AFME, AIMA, EAPB, EBF, EFAMA, FIA, ICI, ISDA, SIFMA AMG) welcome the Commission's decision to grant a time-limited equivalence decision in respect of UK CCPs. However, when this time-limited equivalence decision expires on 30 June 2022, there remains a significant risk of disruption to clearing for EU firms and to their access to global markets.

Joint industry statement on EMIR3.0 effective implementation dates

EFAMA, EBF, AIMA, FIA and ISDA (the ‘Associations’) welcome the co-legislators' political agreement on EMIR 3.0, which was endorsed by the Council and European Parliament on 14 February and 4 March 2024, respectively.

Read the full statement here

Press Release

EMIR

07 September 2023

Trade associations call for deletion of active account proposal in EMIR 3.0

EFAMA, BFPI Ireland, EACB, FIA EPTA, Federation of the Dutch Pension Funds, Finance Denmark, Nordic Securities Association, AIMA, ICI Global, FIA and ISDA, which collectively represent major European end users of derivatives along with providers of clearing services, have published a joint statement on the European Commission’s proposed active account requirement under the European Market Infrastructure Regulation (EMIR 3.0).

Policy Position

hands on laptop keyboard on a virtual and shiny background

EMIR

07 September 2023

Active Accounts - Joint Trade Association Statement

EFAMA, BFPI Ireland, EACB, FIA EPTA, Federation of the Dutch Pension Funds,
Finance Denmark, Nordic Securities Association, AIMA, ICI Global, FIA and ISDA support positive
incentives to further enhance the attractiveness of EU clearing and EU Capital Markets, including
many of the measures proposed in EMIR 3.0. (read more)