This Commentary presents a critical examination of the 2012 European Market Infrastructure Regulation (EMIR) and its 2019 Refit. Mark Hsiao evaluates the effectiveness of this EU framework in regulating over-the-counter (OTC) derivatives, exploring how the legislation fits into a broader global context while underscoring its pluralist elements. Key Features: Adopts a unique pluralist approach to financial regulation Provides a detailed and systematic analysis of each article in the EMIR and Refit Explains key regulatory theories and techniques in the context of the EMIR articles Draws on reflexive and narrative theories to discuss the need for a post-contractual novation Practitioners in commercial law, European law, and finance and banking law will greatly benefit from this insightful Commentary on the interpretation and application of EMIR and Refit. It is also an essential resource for students and scholars seeking a deeper understanding of the OTC regulatory framework.