The Italian Securities Commission has issued operational guidance on reporting for the EMIR 3.0 active account requirement, clarifying that in-scope counterparties must still make their first submission by 31 July 2026. The notice addresses questions on the interaction between ESMA’s earlier statement and Commission Delegated Regulation EU 2026/305, and states that the delegated rules do not relieve firms of the July 2026 deadline. EMIR 3.0 requires certain financial and non-financial counterparties to open and maintain at least one active account at an authorised European central counterparty and to report every six months to competent authorities. Consob notes that the active account requirements have applied since 25 June 2025, while Delegated Regulation EU 2026/305, in force since 26 February 2026, sets the reporting templates and provides that the first submission using those templates must take place on the first reporting date at least six months after that date. In Consob’s view, that provision establishes when use of the delegated regulation templates becomes necessary for compliance, but does not displace ESMA’s stated expectation that the first report, including backlog data showing compliance from 25 June 2025, be filed by 31 July 2026. Consob therefore asks intermediaries to prepare to meet the reporting content set out in the delegated regulation from the first submission on 31 July 2026, using the electronic templates published by ESMA to support consistent reporting. Where firms face interpretive uncertainty on specific points, they are invited to submit supporting methodological notes together with their reports.
Italian Securities Commission (Consob) 2026-05-07
Italian Securities Commission clarifies EMIR 3.0 active account reporting remains due by 31 July 2026
The Italian Securities Commission has issued guidance confirming that in-scope counterparties under EMIR 3.0 must submit their first active account report by 31 July 2026, including backlog data evidencing compliance since 25 June 2025. Consob clarifies that Commission Delegated Regulation (EU) 2026/305 only determines when its templates become mandatory and does not alter the July 2026 reporting expectation, and instructs intermediaries to use ESMA’s electronic templates and, where needed, attach methodological notes to address interpretive uncertainties.