EMIR
The European Market Infrastructure Regulation is an EU Regulation on the trading of OTC derivatives. It has been in force since August 2012 and its compliance is monitored by ESMA. Essentially, EMIR commits to three things: Clearing obligation for standard derivatives transactions: Standardized OTC derivatives must be settled via a central counterparty (CCP).
All other OTC derivatives must also comply with certain risk management requirements All OTC derivatives transactions must be reported to a trade repository The aim is to make the trading in over-the-counter derivatives more transparent and secure.