The French Financial Markets Authority has updated its EMIR materials to explain the current framework for derivatives counterparties, central counterparties and trade repositories, with a particular focus on the changes introduced by EMIR 3 and the related reporting and notification obligations to the AMF. The update highlights that EMIR 3 adds a requirement for financial and non-financial counterparties above the clearing thresholds to maintain an active account at a European Union central counterparty for certain euro- and zloty-denominated interest rate derivatives and euro short-term interest rate derivatives. It also notes a representativeness requirement for clearing activity when outstanding notional in the relevant products exceeds EUR 6 billion, and flags a forthcoming obligation to report the use of recognized third-country central counterparties, with the final implementation timetable still to be confirmed. The AMF also sets out the main compliance mechanics under EMIR, including central clearing, risk mitigation for uncleared over-the-counter derivatives, trade reporting and the notification of clearing-threshold breaches. The clearing thresholds remain EUR 1 billion for credit and equity derivatives, EUR 3 billion for interest rate and foreign exchange derivatives, and EUR 4 billion for commodity and other derivatives, with clearing obligations applying four months after a threshold-breach notification. For AMF filings, counterparties subject to the active account requirement must submit the related reports in July 2026 by email, with the submission method expected to change for the January 2027 collection. The guidance also reflects EMIR 3 changes to intragroup exemptions for transactions with third-country group entities, replacing the prior equivalence condition with a requirement that the relevant third country not appear on specified anti-money laundering or tax non-cooperative blacklists, and states that where a non-financial counterparty above the threshold benefits from an intragroup reporting exemption, its European Union parent must report weekly net aggregated positions by derivative category to the AMF. The page indicates that further European Securities and Markets Authority delegated acts will specify some implementation details under EMIR 3. It also states that the new reporting obligation on the use of third-country central counterparties will enter into force soon, but that the definitive timetable has not yet been confirmed.
France Autorite des marches financiers2026-06-19
French Financial Markets Authority updates EMIR guidance for EMIR 3 active account and reporting obligations
The French Financial Markets Authority has updated its EMIR guidance to reflect EMIR 3, including the new active account requirement at an European Union central counterparty for certain interest rate derivatives and related reporting to the AMF. It also highlights the new representativeness test above EUR 6 billion and forthcoming reporting on the use of third-country central counterparties. AMF says active account reports are due in July 2026 and notes revised conditions for intragroup exemptions involving third-country entities.