New Swedish Act Supplementing EMIR, Delphi Newsletter, July 2013
The EU Regulation (648/2012) of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories – commonly referred to as the European Market Infrastructure Regulation (EMIR) – entered into force on 16 August 2012. It is directly applicable in all EU Member States.
The purpose of EMIR is to reduce the risks in the OTC derivatives markets. The regulation contains, inter alia, rules that provides for mandatory clearing of standardized OTC derivatives contracts through central counterparties (CCPs), reporting of derivatives contracts to trade repositories, authorisation and supervision of CCPs and registration of trade repositories. It also gives national authorities and the European Market Infrastructure Authority (ESMA) power to take certain measures.
To adjust Swedish law to EMIR, the Swedish Parliament has adopted a new act (Swedish EMIR Act)1 and has amended the Swedish Securities Market Act and the Public Access to Information and Secrecy Act. The Swedish EMIR Act supplements EMIR and entered into force on 1 June 2013.