ObjectiveThe financial crisis highlighted the lack of transparency and regulation in the OTC derivatives market worldwide. After implementation of the Dodd-Frank Act in the U.S. and in line with the EU’s G20 commitments on OTC derivatives agreed in Pittsburgh in September 2009, the Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (known as the European Market Infrastructure Regulation, EMIR) was adopted and entered into force on 16 August 2012. It was followed by nine regulatory and implementing technical standards developed by the European Supervisory Authorities and adopted by the European Commission on 19 December 2012.Key topicsEU legislation with focus on EMIR, MiFID, MiFIRRegulatory (RTS) and implementing (ITS) technical standardsOTC derivatives clearingCollateral management in the OTC marketPre- and post-trade transparencyEU vs. U.S. reporting requirements