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EMIR 3.0 resources

updated 30 January 2026

The European Market Infrastructure Regulation (EMIR) lays down rules on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories. EMIR introduces reporting requirements to make derivatives markets more transparent and introduces rules to reduce the counterparty credit risk of derivatives contracts.

The recent EMIR review (EMIR 3.0) introduces new rules that aim to make the EU clearing landscape more attractive and resilient, to support the EU’s open strategic autonomy and to preserve the EU’s financial stability. The new rules seek to improve EU clearing services by streamlining and shortening CCP procedures and strengthening CCP supervision. EMIR 3 aims to reduce excessive reliance on systemic CCPs in non-EU countries, by requiring all relevant market participants to hold active accounts at EU CCPs and clear a representative portion of certain systemic derivative contracts in the EU.

This repository includes the EMIR 3.0 legal texts that have entered into force or are under consultation. This toolkit includes relevant FIA material and public resources covering key EMIR 3.0 topics.

1. Legislative texts

a. Level 1

The following Level 1 legal text was published in the EU Official Journal (OJEU) on 4 December 2024 and started to apply from 24 December 2024 except where noted.

Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets

Q&A: Level 1 clarification requests by ESMA

See here ESMA EMIR 3.0 Q&As (and here Q&As related to the Active Account Requirement)

Please see here a comparison of the new EMIR 3.0 Regulation with the preceding EMIR 2.2 Regulation

b. Level 2

The purpose of the below table is to provide an overview of the status of ESMA’s EMIR 3.0 Level 2 regulatory technical standards (RTS) work. The table will be updated by FIA regularly.

Consultation and Industry Feedback Consultation vs. final draft RTS (blackline) Final Draft RTS RTS published in the OJEU

ESMA CP on the conditions for the Active Account Requirement | FIA Response

Consultation vs. final draft RTS

Final Draft RTS

  

ESMA CP on margin transparency | FIA Response

      

ESMA CP on the Extensions of authorisation conditions and list of documents under EMIR

      

ESMA CP on the Validations of changes to models and parameters conditions and list of documents under EMIR

      

ESMA CP on clearing threshold | FIA Response

      

ESMA CP - Draft RTS on information on clearing fees and associated costs | FIA Response

      

ESMA Active Account Requirement Notification

Starting on 24 December 2024, where a financial counterparty (FC) or a non-financial counterparty (NFC) becomes subject to the obligation to hold an active account in accordance with Article 7a(1) of EMIR, that FC or NFC shall notify ESMA and its relevant competent authority.

For the purpose of notifying ESMA when counterparties are subject to the active account requirement under Article 7a(1), FCs and NFCs should use this notification template and send it to AAR-notifications@esma.europa.eu.

c. Level 3

N/A – expected H2 2025 onwards.

2. AAR operational capacity and stress testing

FIA has published a paper outlining industry perspectives on operational capacity and stress testing in relation to the AAR in EMIR 3.0. In the paper, produced by the FIA EMIR 3.0 WG, we explore practical implementation challenges for market participants subject to the AAR requirement, specifically concerning confirmation of operational capacity, stress testing of operational conditions and associated reporting requirements. We note that each clearing firm is set up differently, uses different systems that connect it to CCPs and clients, and has different existing stress testing practices, so implementation of the operational aspects of the AAR will differ among clearing firms.

Notwithstanding these differences, FIA clearing members understand that stress testing of the AAR operational conditions can be met by clearing firms without needing to involve the CCPs, although the clearing member and the CCP may agree bilaterally that they wish to partner in the stress testing exercise. Stress testing of the operational conditions by the clearing firm will be conducted on behalf of AAR clients and will not be client specific. It also does not need to involve any financial information, such as prices, margin, etc.

The paper also discusses the reporting obligation with respect to operational capacity and stress-testing where we note an inconsistency between the ESMA statement on the EMIR AAR reporting obligations from December 2025 and the AAR RTS when it comes to the submission deadline for first reports under EMIR Article 7b and the reporting period.

Together with the operational capacity and stress testing industry paper, FIA has also published four template statements to help in-scope firms comply with AAR RTS Article 2(1)(e) regarding operational capacity confirmation. The four written statement templates cover the following scenarios:

  • Clearing member statement to its national competent authority confirming operational capacity where the clearing member is subject to AAR;
  • Clearing service provider statement to its AAR clients confirming operational capacity;
  • AAR client statement to its national competent authority confirming that its clearing service provider meets the operational capacity requirements (where the client uses only one clearing service provider); and
  • AAR client statement to its national competent authority confirming that its clearing service providers meet the operational capacity requirements (where the client uses two or more clearing service providers).

The template statements are currently in draft form until publication of the AAR RTS in the Official Journal (OJ) of the EU. After publication of the AAR RTS in the OJ of the EU, they will be available for use by all market participants subject to complying with the disclaimer and copyright statement in each of the template documents.

Written Statement Templates Word PDF

CM House Version

 Clearing member statement to its national competent authority confirming operational capacity where the clearing member is subject to AAR

 

PDF

CSP Version (generic)

 Clearing service provider statement to its AAR clients confirming operational capacity   PDF

Client version with a single CSP

 AAR client statement to its national competent authority confirming that its clearing service provider meets the operational capacity requirements (where the client uses only one clearing service provider)   PDF

Client version with multiple CSPs

 AAR client statement to its national competent authority confirming that its clearing service providers meet the operational capacity requirements (where the client uses two or more clearing service providers)   PDF

 

3. EMIR 3 compliance guidance published by regulators

 

4. FIA Materials

- Active Account Requirement
- Clearing Threshold
- Information on clearing fees and associated costs
- Margin transparency

5. Materials published by CCPs

- Active Account Requirement

6. Materials published by law firms and consultancy firms

- Active Account Requirement
- Clearing Threshold
- CCP Procedures

7. Academic and other papers

- Active Account Requirement


DISCLAIMER: This resources webpage is provided for informational purposes only and does not constitute legal/regulatory advice or a full description of legal or regulatory requirements under EMIR, relevant EU-level implementing legislation, related EU-level guidance or, where referenced, national implementation measures. Although care has been taken to assure that the contents of this webpage are accurate as of the date of publication, FIA specifically disclaims any legal responsibility for any errors or omissions and disclaims any liability for losses or damages incurred through the use of the information and documents published herein. FIA undertakes no obligation to update the contents of this webpage following the date of publication.