EU EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) (648/2012) imposes risk mitigation requirements on parties to transactions in over-the-counter (OTC) derivatives that are not cleared by a central counterparty (CCP). The requirements affect (to varying extent) all types of counterparties to uncleared OTC derivative trades, irrespective of whether they are regulated or unregulated.