The financial services industry oversight agency, CSSF, has issued a reminder for non-financial counter-parties (NFCs) that they have to comply with the obligations of the European Market Infrastructure Regulation (EU) No 648/2012 (‘EMIR’) on OTC1 derivatives, central counter-parties (CCPs) and trade repositories (TRs).
In particular the CSSF reminds those NFCs not supervised by the CSSF that they fall within scope of the obligations introduced by EMIR as soon as they conclude derivative transactions.
EMIR is a set of obligations created to reduce risk in derivatives markets and to improve transparency. These obligations, defined according to the nature of counter-parties to a derivative contract, can be found online: https://ec.europa.eu/info/business-economy-euro/banking-and-finance/financial-markets/post-trade-services/derivatives-emir_en
