ARTICLE · 30 MAY 2024

EMIR 3.0 Update And The Active Account Requirement

Arthur Cox

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April 2024 saw two key EMIR-related developments: material reporting changes took effect on 29 April 2024 (read our insights here) and the European Parliament formally approved...

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Sinead Cantillon

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April 2024 saw two key EMIR-related developments: material reporting changes took effect on 29 April 2024 (read our insights here) and the European Parliament formally approved EMIR 3.0 following political agreement in February 2024. Formal approval by the EU Council is likely to follow in Q3 2024, with EMIR 3.0 being published in the Official Journal shortly afterwards. Most of EMIR 3.0 will come into force straight away (limited provisions will be contingent on the publication of regulatory technical standards (RTS) by ESMA).

Under EMIR 3.0, FCs and NFCs that are subject to the clearing obligation and that exceed the clearing threshold in respect of any of a list of specific categories of derivative contracts (currently interest rate derivatives denominated in euro and Polish zloty, and short-term interest rate derivatives denominated in euro) or in aggregate across all of those categories will have to have an active account at an EU CCP through which they will

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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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