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OTC derivative contracts which have a counterparty located outside of the European Union (“EU”) may now be subject to the requirements of the European Market Infrastructure Regulation (“EMIR”). Yesterday, twenty days after the publication of Commission Delegated Regulation (EU) No 285/2014 supplementing EMIR (the “Cross-Border RTS”) in the Official Journal of the EU, the rules concerning the extraterritorial jurisdiction of EMIR entered into force. These rules specify the OTC derivative contracts which shall be considered to have a “direct, substantial and foreseeable” effect in the EU and those which shall be deemed to have been designed to circumvent the application of EMIR rules and obligations