The European Securities and Markets Authority has published a consultation paper seeking input on new clearing thresholds under the review of the European Market Infrastructure Regulation (EMIR 3), as part of its mandate to develop Regulatory Technical Standards. The proposals would recalibrate when entities become subject to the clearing obligation by focusing the threshold methodology on over-the-counter (OTC) derivatives activity that is not cleared at an authorised or recognised central counterparty (CCP). The consultation covers a revised set of clearing thresholds, the potential scope of hedging exemptions for non-financial counterparties, and a trigger mechanism for reviewing the thresholds. The proposed approach assesses the risk associated with uncleared OTC derivatives activity, with the stated aim of keeping the clearing obligation proportionate by targeting entities with significant OTC derivatives activity and large uncleared positions. The consultation closes on 16 June 2025. ESMA expects to publish a final report and submit draft technical standards to the European Commission by the end of 2025.
European Securities and Markets Authority 2025-04-08
European Securities and Markets Authority launches consultation on revised EMIR 3 clearing thresholds focused on uncleared OTC derivatives
The European Securities and Markets Authority has issued a consultation paper on new clearing thresholds under the European Market Infrastructure Regulation (EMIR 3). The proposals aim to recalibrate the clearing obligation by focusing on over-the-counter derivatives activity not cleared at an authorised or recognised central counterparty. The consultation also addresses hedging exemptions for non-financial counterparties and a mechanism for reviewing thresholds.