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ARTICLE · 29 OCTOBER 2026

EMIR 3.0: Changes To The Clearing Threshold Regime

Dillon Eustace
Dillon Eustace
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Dillon Eustace

Dillon Eustace

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The European Commission has adopted a delegated regulation amending the clearing threshold framework under EMIR 3.0, fundamentally shifting regulatory focus from overall OTC derivatives activity to uncleared exposure risk. Financial counterparties must now perform two distinct calculations—an aggregate OTC position test and a new uncleared OTC position test—while non-financial counterparties face only the uncleared test, creating stronger incentives for central clearing through CCPs.

IrelandFinance and Banking
Karen Jennings
Karen Jennings
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On 14 July 2026, the European Commission adopted a delegated regulation1 amending Commission Delegated Regulation (EU) No 149/20131 as regards the clearing thresholds and the mechanisms triggering their review. The draft RTS contained within the delegation regulation are intended to update the clearing thresholds in Commission Delegated Regulation (EU) No 149/2013 to reflect the changes introduced by EMIR 3.02. The draft RTS are not yet in force. Please see the section entitled “Timeline” for further details.

Background: the EMIR 3.0 Reforms

The clearing thresholds determine whether a counterparty becomes subject to the clearing obligation under EMIR3. Where the clearing obligation applies, relevant OTC derivative contracts must be cleared through an EU-authorised central counterparty (CCP) or a third-country CCP recognised by ESMA.

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