EMIR 3.0 resources

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

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.

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. Materials published by regulators

- Active Account Requirement

• ESMA open hearing on the AAR (20 January 2025) (recording, slides)
• ESMA Active Account Notification
• AMF Active Account Notification (France)
• AFM and DNB provide guidance on EMIR 3 (Netherlands)
• Bafin Active Account Requirement (Germany)
• CONSOB communication on EMIR 3 and AAR (Italy)
• CNMV criteria for the application of the AAR (Spain)

3. Materials published by CCPs

- Active Account Requirement

• Eurex Clearing (Virtual Focus Day, 15 January 2025)
• Eurex Rules & Reg: EMIR 3.0
• KDPW_CCP

4. Materials published by law firms and consultancy firms

- Active Account Requirement

• EMIR 3.0: New rules for trading and clearing derivatives in the EU, Clifford Chance, December 2024.
• EMIR 3 published and in force from 24 December 2024 | Linklaters, Linklaters, December 2024.
• EU EMIR: EMIR 3 AND THE ACTIVE ACCOUNT REQUIREMENT, Ashurst, February 2025.
• Top 10 things you need to know about EMIR 3 | Simmons & Simmons, Simmons & Simmons, January 2025.
• Technical note on EMIR 3.0 | Management Solutions, MS, January 2025.
• EMIR 3.0 will come into force on 24 December 2024 – what does this mean for users of derivatives? | Travers Smith, Travers Smith, December 2024.
• emir-3-0-obligations-on-the-buy-side-may-24-macfarlanes.pdf, Macfarlanes, May 2024.
• EMIR 3 and Clearing in the EU - A&O Shearman, A&O Shearman, February 2024.
• emir-3-0-is-now-live-what-irish-funds-need-to-know.pdf, Dillon Eustace, January 2025.
• EMIR 3.0: Navigating the active account requirement / Regulatory - The blog on banking supervisory law / PwC Deutschland, PwC Deutschland, December 2024
• The EU active account requirement – installing the pipework for EU derivatives clearing | Deloitte UK, Deloitte, April 2024.

- Clearing Threshold

• EMIR 3 – ESMA consults on new clearing thresholds regime, Linklaters, April 2025.
• ESMA consults on clearing thresholds under EMIR 3, Norton Rose, April 2025.

- CCP Procedures

• ESMA consults on CCP authorisations, extensions and validations, Norton Rose, February 2025

5. Academic and other papers

- Active Account Requirement

• Extra-Territorial Regulatory Action in the Financial Markets: Does the EU Third-Country Central Counterparty Regime Go Too Far? | Capital Markets Law Journal | Oxford Academic, Jo Braithwaite and David Murphy, November 2024.

6. FIA Materials

- Active Account Requirement

• FIA responds to ESMA active account consultation (January 2025)
• Webinar - EMIR 3.0: Key Requirements and State-of-Play (December 2024)
• Trade associations call for clarity on EMIR 3.0 effective implementation dates (September 2024)
• FIA response to provisional EMIR 3.0 agreement (February 2024)
• Trade associations call for deletion of active account proposal (September 2023)
• FIA response to EMIR 3.0 proposal and prudential requirements (February 2023)

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.