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EMIR · contents

Recitals

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Title I — Subject matter, scope and definitions

1Subject matter and scope
2Definitions
2aEquivalence decisions for the purposes of the definition of OTC derivatives
3Intragroup transactions

Title II — Clearing, reporting and risk mitigation of OTC derivatives

4Clearing obligation
4aFinancial counterparties that are subject to the clearing obligation
4bPost-trade risk reduction services
5Clearing obligation procedure
6Public register
6aSuspension of clearing obligation
6bSuspension of clearing obligation in the case of resolution
7Access to a CCP
7aActive account
7bMonitoring of the active account obligation
7cInformation on the provision of clearing services
7dInformation on clearing activity in CCPs recognised under Article 25
7eInformation on Union CCPs
8Access to a trading venue
9Reporting obligation
10Non-financial counterparties
11Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
12Penalties
13Mechanism to avoid duplicative or conflicting rules with regard to OTC derivative contracts not cleared by a CCP
13aAmendments to legacy contracts for the purpose of the implementation of benchmark reforms

Title III — Authorisation and supervision of CCPs

Chapter 1 — Conditions and procedures for the authorisation of a CCP

14Authorisation of a CCP
15Extension of activities and services
15aExemption from authorisation of an extension of clearing services or activities
16Capital requirements
17Procedure for granting and refusing authorisation
17aAccelerated procedure for authorisation of an extension of authorisation
17bProcedure for adopting decisions, reports or other measures
17cCentral database
18College
19Opinion of the college
20Withdrawal of authorisation
21Review and evaluation

Chapter 2 — Supervision and oversight of CCPs

22Competent authority

Chapter 3 — Cooperation

23Cooperation between authorities
23aSupervisory cooperation between competent authorities and ESMA with regards to authorised CCPs
23bJoint Monitoring Mechanism
24Emergency situations

Chapter 3A — CCP Supervisory Committee

24aCCP Supervisory Committee
24bConsultation of central banks of issue
24cDecision making within the CCP Supervisory Committee
24dDecision making within the Board of Supervisors
24eAccountability

Chapter 4 — Relations with third countries

25Recognition of a third-country CCP
25aComparable compliance
25bOngoing compliance with the conditions for recognition
25cThird-country CCP college
25dFees
25eExercise of the powers referred to in Articles 25f to 25h
25fRequest for information
25gGeneral investigations
25hOn-site inspections
25iProcedural rules for taking supervisory measures and imposing fines
25jFines
25kPeriodic penalty payments
25lHearing of the persons concerned
25mDisclosure, nature, enforcement and allocation of fines and periodic penalty payments
25nReview by the Court of Justice
25oAmendments to Annexes III and IV
25pWithdrawal of recognition
25qSupervisory measures by ESMA

Title IV — Requirements for CCPs

Chapter 1 — Organisational requirements

26General provisions
27Senior management and the board
28Risk committee
29Record keeping
30Shareholders and members with qualifying holdings
31Information to competent authorities
32Assessment
33Conflicts of interest
34Business continuity
35Outsourcing

Chapter 2 — Conduct of business rules

36General provisions
37Participation requirements
38Transparency
39Segregation and portability

Chapter 3 — Prudential requirements

40Exposure management
41Margin requirements
42Default fund
43Other financial resources
44Liquidity risk controls
45Default waterfall
45aTemporary restrictions in the case of a significant non-default event
46Collateral requirements
47Investment policy
48Default procedures
49Review of models, stress testing and back testing
49aAccelerated procedure for non-significant changes to a CCP’s models and parameters
50Settlement

Chapter 4 — Calculations and reporting for the purposes of Regulation (EU) No 575/2013

50aCalculation of KCCP
50bGeneral rules for the calculation of KCCP
50cReporting of information
50dCalculation of specific items to be reported by the CCP

Title V — Interoperability arrangements

51Interoperability arrangements
52Risk management
53Provision of margins among CCPs
54Approval of interoperability arrangements

Title VI — Registration and supervision of trade repositories

Chapter 1 — Conditions and procedures for registration of a trade repository

55Registration of a trade repository
56Application for registration
57Notification of and consultation with competent authorities prior to registration
58Examination of the application
59Notification of ESMA decisions relating to registration
60Exercise of the powers referred to in Articles 61 to 63
61Request for information
62General investigations
63On-site inspections
64Procedural rules for taking supervisory measures and imposing fines
65Fines
66Periodic penalty payments
67Hearing of the persons concerned
68Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
69Review by the Court of Justice
70Amendments to Annex II
71Withdrawal of registration
72Supervisory fees
73Supervisory measures by ESMA
74Delegation of tasks by ESMA to competent authorities

Chapter 2 — Relations with third countries

75Equivalence and international agreements
76Cooperation arrangements
76aMutual direct access to data
77Recognition of trade repositories

Title VII — Requirements for trade repositories

78General requirements
79Operational reliability
80Safeguarding and recording
81Transparency and data availability
82Exercise of the delegation

Title VIII — Common provisions

83Professional secrecy
84Exchange of information

Title IX — Transitional and final provisions

85Reports and review
86Committee procedure
87Amendment to Directive 98/26/EC
88Websites
89Transitional provisions
90Staff and resources of ESMA
91Entry into force

Annexes

IList of infringements referred to in Article 65(1)
IIList of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)
IIIList of infringements referred to in Article 25j(1)
IVList of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)

covered bond entity

In forceOfficial source

(31) ‘covered bond entity’ means the covered bond issuer or cover pool of a covered bond.

About this text

In force · EMIR Article 2, point (31) · Consolidated version of 17 January 2025 · Checked against EUR-Lex on 26 Oct 2026 · Official source

Status: In force
Coverage: Not covered: national guidance, court decisions.
Freshness: Release a4f2a049 published 1 Nov 2026, 17:41 CET. This page checked word for word against EUR-Lex on 26 Oct 2026.
Shown: The whole page.
Failures: None.
Incomplete: No.

Source

EMIR, Article 2, point (31).

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