On the 31^st March 2015, the European Securities and Markets Authority (ESMA) published the 12th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR). The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR. 

This latest update includes further guidance on the authorisation of CCP services, the clearing obligation and the Regulatory Technical Standards (RTS) on direct, substantial and foreseeable effect of contracts within the Union.

The purpose of ESMA’s Q&As is to promote common supervisory approaches and practices in the application of EMIR by providing responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR.

The full Q&A document is available for download from ESMA’s official website at:

https://www.esma.europa.eu/system/files/2015_655_qa_xii_on_emir_implementation_october_2014.pdf