The European Commission adopted nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (the so-called European Markets Infrastructure Regulation – EMIR). The technical standards will enter into force on the twentieth day following publication in the EU's Official Journal.

The European Commission announced the adoption of nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (the so-called European Markets Infrastructure Regulation - EMIR) which was adopted on 4 July and entered into force on 16 August 2012.

The European Commission will ask ESMA to redraft a standard and it will be adopted at a later stage. The specific point of colleges for central counterparties was not endorsed because of concerns as to the legality of some of the provisions. However, this will not affect the timing of the clearing obligation, or the timing of authorisation of CCPs under EMIR, since the provisions of this technical standard are not a prerequisite for CCPs to begin applying for authorisation under EMIR.

Their provisions will be directly applicable (i.e. legally binding in all Member States without implementation into national law) from the day of entry into force. The technical standards will enter into force on the twentieth day following publication in the EU's Official Journal. The adoption of these technical standards finalises requirements for the mandatory clearing and reporting of transactions, in line with the EU's G20 commitment made in Pittsburgh in September 2009.