The European Securities and Markets Authority published its final report on draft Regulatory Technical Standards specifying the conditions for complying with the active account requirement under EMIR 3. The standards set out how EU market participants should meet the obligation to maintain an active account at an EU central counterparty for certain derivatives, intended to reduce exposure to important third-country central counterparties classified as Tier 2 CCPs. In response to feedback received during its public consultation, the final draft streamlines the proposed operational conditions and stress-testing, and simplifies reporting requirements on risks and activities. It also simplifies the representativeness obligation and how firms are expected to demonstrate fulfilment of the operational conditions. The draft Regulatory Technical Standards will be submitted to the European Commission for endorsement and will then be subject to scrutiny by the European Parliament and the Council.
European Securities and Markets Authority 2025-06-19
European Securities and Markets Authority finalises EMIR 3 standards for meeting the active account requirement at EU CCPs
The European Securities and Markets Authority released its final report on draft Regulatory Technical Standards for complying with the active account requirement under EMIR 3. The standards guide EU market participants on maintaining active accounts at EU central counterparties for certain derivatives, aiming to reduce exposure to Tier 2 third-country central counterparties. The draft simplifies operational conditions, stress-testing, and reporting requirements, and will be submitted to the European Commission for endorsement.