The Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) published a guide to support institutions in implementing new and amended requirements under the revised European Market Infrastructure Regulation (EMIR 3), for which they act as the competent authorities in the Netherlands. The guide highlights the new obligation for institutions holding positions in certain interest rate derivatives to open and maintain an active account at an EU central counterparty, intended to reduce reliance on third-country CCPs and strengthen the EU derivatives clearing market. Institutions that meet the EMIR 3 criteria for the active account must notify the European Securities and Markets Authority (ESMA) and also notify the relevant Dutch supervisor, with banks, insurers and pension funds reporting to DNB and other MiFID firms and non-financial entities reporting to AFM, using a template referenced in the guide. It also covers requirements for counterparties to seek approval and validation for initial margin models, reporting related to clearing outside the European Union, and information disclosure by trading and post-trading platforms.
Dutch Authority for the Financial Markets 2025-01-31
Dutch Authority for the Financial Markets and De Nederlandsche Bank publish EMIR 3 guidance on the mandatory EU CCP active account and related obligations
The Dutch Authority for the Financial Markets and De Nederlandsche Bank released a guide to help institutions comply with the revised European Market Infrastructure Regulation (EMIR 3). Key requirements include maintaining an active account at an EU central counterparty for certain interest rate derivatives and notifying the European Securities and Markets Authority and relevant Dutch supervisors. The guide also covers initial margin model approvals, reporting for non-EU clearing, and disclosure obligations for trading platforms.