The European Securities and Markets Authority (ESMA) is a EU financial regulatory institution and European Supervisory Authority which was set up with the aim of enforcing regulation in financial market across EU. It works in the fields of securities regulation to improve the stability and functioning of the European Union Financial Market and increase competition among all the financial players.
ESMA replaced the Committee of European Securities Regulators (CESR) on 1st January 2011 and it is one of the three new European Supervisory Authorities (ESAs) set up within the European System of Financial Supervisors.
European Market Infrastructure Regulation (EMIR) is a European Union regulation designed to increase the stability of the over-the-counter (OTC) derivative markets throughout the European Union states just like Dodd-Frank act for USA. EMIR is the regulation part proposed by ESMA in order to bring more transparency and regulation in the OTC derivatives market.
The main obligations under EMIR are: