Comparing EMIR and DFA – The Regulations after More Than a Decade

This article compares the EU’s European Market Infrastructure Regulation (EMIR) and the US’s Dodd-Frank Act (DFA), both initiated post-crisis and since than subjected to significant amendments, especially from the EU’s side. Key areas analysed and compared include the scope of legislation, the regulatory oversight, central counterparties and clearing obligations, exchange trading of derivatives, reporting to trade repositories, and margin requirements. Despite their independent evolution, ongoing cooperation has led to increasing convergence, highlighting a shared commitment to market stability and investor protection. Nevertheless, significant differences persist, such as the broader application scope and wider exemptions from clearing requirements in EMIR.