(This note is not part of the Instrument and does not purport to be a legal interpretation.)
These Regulations give effect to EU Regulation No 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. This EU Regulation, also referred to as the European Markets Infrastructure Regulation (EMIR), seeks to make over the counter (OTC) derivative markets safer through increasing transparency, laying down clearing and risk management requirements for OTC contracts and rules in relation to the performance of activities of central counterparties (CCPs) and trade repositories.