The Regulation (EU) No. 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC Derivatives, Central Counterparties and Trade Repositories (European Market Infrastructure Regulation; hereafter "EMIR") entered into force on August 16, 2012 and shall provide a uniform regulatory framework for Central Counterparties (CCPs).
In particular EMIR regulates:
- Standardized OTC-Derivatives which are subjected to a clearing obligation,
- Derivatives transactions have a reporting obligation to trade repositories in order to increase the transparency and
- Particular requirements in terms of Risk Management, even if OTC-Derivatives are not traded over CCPs.
According to Article 14 para. 1 EMIR, CCP Austria was EMIR-authorized on August 14, 2014. This authorization is valid for the European Union. The Austrian Financial Market Authority (FMA) is the responsible National Competent Authority in Austria pursuant to Article 10 para. 5 and Article 22 para. 1 EMIR, whereby FMA is in close collaboration with Oesterreichische Nationalbank (OeNB) to fulfil their supervisory responsibilities.
CCP Austria is also a member of the European Association of CCP Clearing Houses (EACH), which represents the interests of the European CCPs and serves as a discussion platform.