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Your EML light indicates that a fault has been stored within the ECU. What will need to happen to gain a better idea as to whats going wrong.you'll need to have the car hooked up to a relevent BMW diagnostic machine. any indapendant should be able to carry this out if the dealer is to expensive. But by the sounds of what you say regarding exhaust emmissions could well be a oxygen sensor fault thus no signal being sent back to the ECU which alters you fuel air mixture in turn effects the emissions.The lack of power which you experiance is the car going into "limp mode" when the fault occurs.