EUROPE: European Commission Publish Final EMIR cross-border technical standards in the EU Official Journal

Monday March 31 2014

The European Commission has published the final EMIR regulatory technical standards on contracts with a direct, substantial and foreseeable effect within the EU and to prevent evasion of rules and obligations in the EU Official Journal. They set out the circumstances in which the EMIR clearing obligation, risk mitigation techniques and margin requirements will apply to contracts between two non-EU entities.

The technical standards enter into force on 10 April 2014 (twentieth day following their publication in the Official Journal, which was 21 March) but Article 2 (which sets out which contracts have a direct, substantial and foreseeable effect within the EU) only applies from 10 October 2014.

Click on the above link for further details.