EMIR 3.0: Agreement Reached In Trilogue

Trilogue negotiations on EMIR 3.0 concluded successfully this week.

As mentioned in our December 2023 insights, the requirement for firms subject to the clearing obligation to clear at least a portion of certain systemic derivatives through active accounts at EU CCPs generated the most debate during 2023.

While the provisionally agreed text is not yet available, the EU Council's press release confirms that the active account requirement will be introduced as planned (notwithstanding the European Parliament's proposal that it be phased-in following a cost/benefit analysis). Certain financial and non-financial counterparties will have to have an active account at an EU CCP through which they will need to clear trades in certain categories of "derivatives of substantial systemic importance" (at the outset, expected to be interest rate derivatives denominated in euro and Polish zloty, and short-term interest rate derivatives denominated in euro). A new "joint