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ARTICLE · 08 MAY 2026

What Is EMIR 3? Is It The Same As EMIR Refit?

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Regulatory reporting is complex and with the numerous EMIR updates released by ESMA over the years, it can get quite confusing. Recently, the European Commission has published a proposal called EMIR 3.

European UnionFinance and Banking
Quinn Perrott
Quinn Perrott
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Regulatory reporting is complex and with the numerous EMIR updates released by ESMA over the years, it can get quite confusing. Recently, the European Commission has published a proposal called EMIR 3. This new proposal might sound like a major update, however it is unrelated to the upcoming (April 2024) EMIR refit changes which affect derivatives trade reporting.

EMIR 3 is primarily aimed at improving the central clearing system in the EU, making EU CCPs more efficient and attractive to market participants. In the past, ESMA released amendments to European Market Infrastructure Regulations (EMIR), known as EMIR 2.2. The main change was the introduction of a new tiering system for third-country Central counterparties (CCPs).

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