Jurisdiction(s):
European Union

EU EMIR for AIFs, UCITS and Fund Managers: Categorisation, Reporting, Margin, Risk Mitigation, Clearing, and EMIR 3 Active Account Requirements

Published by a LexisNexis EU Law expert

Practice notes

This Practice Note explains how EU EMIR applies to funds—covering alternative investment funds (AIFs) and undertakings for collective investment in transferable securities (UCITS)—and their fund managers, as well as the updates introduced by Regulation (EU) 2024/2987 (EMIR 3)...

EU EMIR—key requirements

The European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR) is the chief EU framework overseeing the over-the-counter (OTC) derivatives market. Its principal features are:

an obligation for certain counterparties to centrally clear specified standardised OTC derivatives via a central counterparty (CCP) (see Clearing below)
a duty to report derivative contracts to a trade repository (TR) (see What are a fund or fund manager counterparty’s obligations? below)
margin requirements for some non-centrally cleared OTC derivatives entered into by particular counterparties (see What are a fund or fund manager counterparty’s obligations? below), and
additional risk mitigation for uncleared trades, including timely confirmation, portfolio reconciliation, portfolio compression and dispute resolution (see Additional risk mitigation requirements below)

Who is the counterparty?

The counterparty obligations that apply to fund counterparties or fund manager counterparties depend on how they are categorised for EU EMIR purposes, and the nature of the entities they transact with. The European Securities and Markets Authority (ESMA) has clarified in its questions...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Web page updated on 21/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...