European Market Infrastructure Regulation (EMIR) Implementation Initiatives

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

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 ToolOctober 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.

Market Education Webcast on EMIR Counterparty Classification ToolOctober 18, 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.


DateTitle / DescriptionDocuments
April 13, 2016
ISDA EMIR Classification Letter
ISDA EMIR Classification Letter and accompanying Guidance Note.
ISDA_EMIR_Classification_Guidance_-_2016_update.pdf ISDA_EMIR_Classification_Letter_-_2016_update.doc
February 9, 2016
FIA/ISDA Article 39(7) Clearing Member Disclosure document (including UK Insolvency analysis)
This document facilitates clearing members’ compliance with certain of their obligations under Article 39(7) of EMIR. The document has been made available to allow clearing members to use it in its current form; however, the document may be subject to change. This document has been updated to reflect the name change of the Futures and Options Association to FIA, Inc.
FIA_ISDA Disclosure document (final - for publication) - BL.pdf FIA_ISDA Disclosure document (final - for publication) - clean (19022014) 2016.docx
February 9, 2016
ISDA/FIA Cleared Derivatives Execution Agreement
The non-US, English law Cleared Derivatives Execution Agreement is a template for use by market participants in negotiating execution-related agreements with counterparties to swaps that are intended to be cleared. The document is intended to facilitate the entry into of derivatives transactions and the clearing of such transactions with one or more CCPs located outside of the US and can be used in conjunction with the ISDA/FIA Client Clearing Addendum. This document has been updated to reflect the name change of the FIA Europe to FIA, Inc.
ICM-19313102-v7-ISDA_FIA_Europe_Execution_Agreement 2016.doc ICM-19313102-v7-ISDA_FIA_Europe_Execution_Agreement 2016 - BL.pdf ISDA_FIA_Europe_Execution_Agreement_Final.doc
February 9, 2016
ISDA/FIA EMIR Reporting Delegation Agreement
This document is intended to help market participants meet their reporting obligations by providing a bilateral standard form of reporting delegation agreement whereby a Reporting Delegate may, on the Client’s behalf, report relevant data to a trade repository or ESMA. This document has been updated to reflect the name change of the Futures and Options Association to FIA, Inc.
ISDA_FOA_EMIR_Reporting_Delegation_Agreement_FINAL 2016.doc ISDA_FIA_EMIR_Reporting_Delegation_Agreement_FINAL 2016 - BL.pdf
May 12, 2015
Portfolio Compression EMIR Operations Market Practice Guidance
(This supersedes the Portfolio Compression EMIR Operations Market Practice Guidance published on October 18, 2013)

Provides operational guidance for portfolio compression imposed by EMIR which came into effect on 15th September 2013. Please note that these materials have been prepared and published for informational purposes only and should not be construed as legal, accounting, tax or other professional advice.
ISDA_Portfolio_Compression_Strawman-May_2015.pdf Portfolio_Compression_Feasibility_Matrix-May_2015.pdf EMIR_Portfolio_Compressions_Market_Guidance-FINAL_May_2015.pdf
February 17, 2014
FOA/ISDA Article 39(7) Clearing Member Disclosure document (including UK Insolvency analysis)
This document facilitates clearing members’ compliance with certain of their obligations under Article 39(7) of EMIR. The document has been made available to allow clearing members to use it in its current form; however, the document may be subject to change. We intend to obtain views on this document from buyside members in the near future. The form of FOA/ISDA Article 39(7) Clearing Member Disclosure document was updated on 17 February 2014 to reflect the recent ESMA Q&As and some feedback received from the Bank of England. We have also corrected some typos; a blackline showing the changes is posted alongside this document.
FOA_ISDA Disclosure document (final - for publication) - blackline (19022014).pdf FOA_ISDA Disclosure document (final - for publication) - clean (19022014).docx FOA_ISDA Disclosure document (final - for publication) - clean (19022014).pdf
October 18, 2013
Portfolio Compression EMIR Operations Market Practice Guidance
Provides operational guidance for portfolio compression imposed by EMIR which came into effect on 15th September. Please note that these materials have been prepared and published for informational purposes only and should not be construed as legal, accounting, tax or other professional advise
EMIR Portfolio Compressions Market Guidance - FINAL 18 10 14.pdf ISDA Portfolio Compression Strawman FINAL 18 10 14.pdf Portfolio Compression Feasibility Matrix - v FINAL 18 10 14.pdf
October 11, 2013
Dodd-Frank March 2013 Protocol (DFP2) to EMIR Top Up Agreement
**ISDA has updated the DFP2 to EMIR Top Up Agreement as of 11th October 2013 to correct some minor typographical errors. The updated version and blackline are posted here.** On September 10, ISDA published the DFP2 to EMIR Top Up Agreement. This document seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol (“DFP2”) and do not wish to adhere to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (“EMIR Protocol”) in addition to this. The explanatory memo is provided to assist in your consideration of the DFP2 to EMIR Top Up Agreement. This document is designed to facilitate compliance with EMIR and Dodd Frank - this document extends DFP2 to cover EMIR compliance “add-ons”.
EMIR PORTFOLIO RECONCILIATION, DISPUTE RESOLUTION AND DISCLOSURE_Explanatory_Note.pdf DV - ISDA top up Sept vs Oct.doc ISDA DF2_EMIR_top_up_bilateral_agreement_Final - Oct correction.doc
September 16, 2013
ISDA 2013 EMIR Portfolio Rec, Dispute Resolution and Disclosure Protocol
Slides from the ISDA 2013 EMIR Portfolio Rec, Dispute Resolution and Disclosure Protocol webcast held on 16.09.13
ISDA_PRDRR_Reporting_Webinar_16.09.13.pdf
September 10, 2013
Portfolio Reconciliation EMIR Operations Guidance Note
Provides operational guidance for portfolio reconciliation and dispute resolution obligations imposed by EMIR which come into effect on 15th September. Also includes guidance on a minimum set of fields for portfolio reconciliation purposes. Please note that these materials have been prepared and published for informational purposes only and should not be construed as legal, accounting, tax or other professional advice.
EMIR Portfolio Reconciliation Operational Guidelines pre-publication v 10 09 13 FINAL FINAL.pdf Minimum Port Rec fields for EMIR v 09 09 13 FINAL.xlsx