European Market Infrastructure Regulation (Regulation 648/2012). EMIR is a Regulation which governs OTC derivative transactions and imposes a number of requirements on counterparties to derivative contracts, central counterparties, and Trade Repositories, which include central clearing, reporting to Trade Repositories, risk mitigation, and prudential and organizational requirements. EMIR entered into force on August 16, 2012, although certain provisions, including the provisions for exchanging collateral on non-centrally-cleared trades, have yet to come into effect.

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