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.

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
September 9, 2013
Updated - ISDA 2013 EMIR Portfolio Rec, Dispute Res and Disclosure Standard Amendment Agreement - *correction*
ISDA has updated the Standard Amendment Agreement based on the ISDA 2013 EMIR Portfolio Rec, Dispute Res and Disclosure Protocol as of 9th September 2013 to correct some minor typographical errors and remove a cross reference to the Confidentiality Waiver in the Local Business Day Definition which is not required for the purposes of this document as published. The updated version and blackline are posted here.
ISDA_EMIR_-_Bilateral_version_of_the_PR_DR_D_Protocol_Blackline (1).doc ISDA_EMIR_-_Bilateral_version_of_the_PR_DR_D_Protocol_Clean.doc
July 19, 2013
Reporting Guidance Note
ISDA has prepared this note to provide guidance around some of the issues raised in respect of the reporting obligations under Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties and trade repositories (EMIR). THIS GUIDANCE NOTE DOES NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE REPORTING OBLIGATIONS. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING ANY LANGUAGE DISCUSSED IN THIS GUIDANCE NOTE. ISDA ASSUMES NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF ITS DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.
ISDA_WEB_EMIR_WG_-_Reporting_Guidance_Note.pdf
March 14, 2013
EMIR Timely Confirmation Amendment Agreement Form
Amends certain sections of the ISDA Master Agreement by incorporating wording to reflect the allocation of obligations imposed by EMIR in relation to the timely delivery and return of confirmations. Parties can elect to use none, some or all of the provisions as they deem suitable.
ISDA_EMIR_Timely_confirmations_Final_Version.doc
March 14, 2013
EMIR Timely Confirmation Amendment Explanatory Memorandum
Explanation of the timely confirmation amendment agreement.
EMIR_Timely_confirmations_memo FINAL.pdf