OTC derivatives and securitisation
The legislation in this area covers the European Markets Infrastructure Regulation (EMIR).
Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories came into force on 16 August 2012 and introduced requirements aimed at improving the transparency of OTC derivatives markets and to reduce the risks associated with those markets.
In order to achieve this, EMIR requires that OTC derivatives meeting certain requirements are subject to the clearing obligation and for all OTC derivatives that are not centrally cleared that risk mitigation techniques apply. In addition, all derivatives transactions need to be reported to TRs. Finally, EMIR establishes organisational conduct of business and prudential standards for both trade repositories (TRs) and central counterparties (CCPs).
The regulations on OTC derivatives impose obligations on counterparties of derivatives transactions.
- Laws and regulations
(An overview of laws and implementing regulations relating to the given financial sector. Also contains directly binding EU regulations where issued in the given sector).
- Acts and directly binding EU regulations
- Methodological and interpretative documents
(An overview of current official information, opinions and replies relating to acts and regulations of the given financial sector).
- Official information
- Answers to enquiries
- ESMA and CNB forms
- Other documents
- Consultation documents and proposals
(Newly prepared documents which the CNB publishes for discussion or to provide information to financial market participants).
The above-mentioned legal rules are for information only. The sole authentic wording of legal rules is the version published in the Collection of Laws or in the CNB Bulletin.