Miscellaneous Over the counter derivatives: clearing and procedures for reporting
EMIR, as amended by Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (EMIR REFIT ) and Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs (EMIR 2.2 ), is the main measure regulating the OTC derivatives market. EMIR is further implemented through technical standards.
	EMIR was in most part a directly applicable piece of EU legislation in UK law. Where not directly applicable, EMIR was implemented in UK law through primary and secondary legislation. The main pieces of UK legislation implementing EMIR are the FSMA, the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 and the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013. By operation of the EUWA, following the UK’s withdrawal from the EU, and at the end of the Transition Period, EMIR formed part of retained EU law. Five main statutory instruments made under the EUWA have further addressed deficiencies in EMIR arising from the UK’s withdrawal from the EU (the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1184); the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2019/1318); the Over the Counter Derivatives; Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335); The Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660); the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416)).
	These include passing the whole of the supervision and regulation of EMIR-regulated entities to the UK regulators, which are also delegated the power to adopt technical standards implementing the EMIR framework whose adoption is delegated in EMIR to the European Commission (see Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115) and Chapter 2A of Part 9A of FSMA). The Act measure adds to the EMIR framework by introducing two technical improvements. The FCA is empowered to adopt implementing rules for both provisions.