The final form of the European regulation of derivatives, the European Markets and Infrastructure Regulation (EMIR), has been through the legislative process and was published in the Official Journal of the European Union on 27 July 2012. The level two details have yet to be agreed and have been the subject of proposals and consultations from the European Securities and Markets Authority (ESMA) via two papers. The first paper was issued on 16 February 2012 on which the ACT has responded and the second paper was issued on 25 June 2012 on which the ACT has also responded. Some of the history and evolution of the regulation of derivatives and the responses of treasury associations can be found on our website.