In response to the 2008 global financial crisis, the U.S., the EU and other developed economies implemented reforms to mitigate the systemic risks posed by derivatives.  In the U.S., those reforms were embodied in the 2010 Dodd-Frank Act.  See “How Have Dodd-Frank and European Union Derivatives Trading Reforms Impacted Hedge Fund Managers That Trade Swaps?,” Hedge Fund Law Report, Vol. 6, No. 40 (Oct. 17, 2013).  In August 2012, the European Commission adopted the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories, also known as the European Market Infrastructure Regulation (EMIR), which imposed a central clearing regime for derivatives and other risk mitigation measures, including reporting and valuation requirements.  See “Comparing and Contrasting EMIR and Dodd-Frank OTC Derivatives Reforms and Their Impact on Hedge Fund Managers,” Hedge Fund Law Report, Vol. 6, No. 36 (Sep. 19, 2013).  Non-EU fund managers that trade derivatives with EU counterparties will be subject to certain of those provisions.  A recent program sponsored by Ropes & Gray LLP discussed the status of EMIR implementation and the impact of EMIR on U.S. fund managers.  This article highlights the main points from the program.