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ARTICLE · 01 JULY 2026

EMIR 3.0 Directive: Counterparty And Concentration Risks In Focus

The European Union's EMIR 3.0 framework introduces significant changes to counterparty risk management and central clearing requirements. How will these amendments to the UCITS Directive, CRD IV, and Investment Firms Directive reshape derivative transaction risk limits and CCP concentration risk monitoring? What specific obligations now face credit institutions, investment firms, and competent authorities under this new regulatory regime?

IrelandFinance and Banking

EMIR 3.0 comprises:

  • A Regulation (the Regulation) amending Regulation (EU) No 648/2012 (EMIR), Regulation (EU) No 575/2013 (CRR) and Regulation (EU) 2017/1131 (the Money Market Funds Regulation); and
  • A Directive (the Directive) amending Directive 2009/65/EC (the UCITS Directive), Directive 2013/36/EU (CRD IV) and Directive (EU) 2019/2034 (the Investment Firms Directive).

EMIR 3.0 was published in the Official Journal of the European Union on 4 December 2024. Whilst the majority of the Regulation applied from 24 December 2024, the Directive requires transposing measures in order to become fully effective. Member States were required to publish these by 25 June 2026.

This briefing focuses on the objectives of the Directive, both in terms of amending counterparty risk limits for derivative transactions entered into by UCITS, and ensuring that credit institutions, investment firms and competent authorities adequately monitor and mitigate the concentration risk arising from

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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