- Derivatives — Central counterparty (CCP) — Trade repository — Financial regulation
This chapter assesses some implications of Brexit for those classes of market participant and activity regulated under the EMIR. EMIR is an EU regulation which seeks to establish a framework throughout the EU for the regulation of derivatives trading and post-trade activities. It primarily affects three classes of market participant: persons dealing in derivatives (counterparties); trade repositories; and central counterparties. As the mere incorporation of EU regulations into UK law would not create a workable framework for the UK regulation of derivatives markets post-Brexit, UK law provides for the incorporation of EMIR into UK law and a number of consequential changes to make onshored EMIR operate effectively. The chapter summarises the major policy decisions that inform the onshoring process and highlights the material changes to the EMIR framework, and transitional relief to mitigate the impact of those changes, on and after Brexit.
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