EMIR Implementation Timetable

EMIR Implementation Timeline:

01/12/15 - 01/12/19

Initial margining requirements phased in.

01/12/15

Variation margin requirements for non-centrally cleared trades apply.

11/08/14

Financial counterparties/NFC+s will be required to provide daily reports on mark-to-market valuations of positions and on collateral value.

10/10/14

Article 2 of the technical standards on the cross-border application of EMIR (which sets out which contracts have a direct, substantial and foreseeable effect within the EU) apply.

10/04/14

The technical standards on the cross-border application of EMIR.

18/03/14

The first CCP was authorised under EMIR.

12/02/14

Details of all classes of derivative contracts (both OTC and ETD) are required to be reported to recognised trade repositories

15/09/13

Risk management of non-cleared OTC derivatives through portfolio reconciliation, dispute resolution and trade compression.

15/03/13

All legal and contractual terms of non-cleared OTC derivative contracts must be confirmed between counterparties within specified timelines.

15/03/13

Non-financial counterparties exceeding the clearing threshold are required to notify the FCA.

15/03/13

The technical standards on OTC Derivatives, Reporting to Trade Repositories & Requirements for Trade Repositories & Central Counterparties effective.

16/08/12

EMIR entered into force from today, although most provisions only apply after technical standards become effective.