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ARTICLE · 06 JANUARY 2025

EMIR 3 Package In Force: Immediate Compliance Required For Most Changes

ELVINGER HOSS PRUSSEN, société anonyme
Explore more from ELVINGER HOSS PRUSSEN, société anonyme

Regulation (EU) 2024/2987 and Directive 2024/2994, known as EMIR 3 Package, aim to mitigate excessive exposures to third-country central counterparties and enhance the efficiency of Union clearing markets by introducing a series of substantial amendments to the existing framework.

LuxembourgFinance and Banking
Tiago Nogueira
Tiago Nogueira
Karolina Szpinda
Karolina Szpinda
Tiphaine Dourte
Tiphaine Dourte
Floris Van Rymenants
Floris Van Rymenants

Regulation (EU) 2024/29871(EMIR 3 Regulation) and Directive 2024/29942(EMIR 3 Directive), known as EMIR 3 Package, aim to mitigate excessive exposures to third-country central counterparties and enhance the efficiency of Union clearing markets by introducing a series of substantial amendments to the existing framework.

The EMIR 3 Regulation modifies not only EMIR3, but also CRR4and MMF Regulation5, whilst the EMIR 3 Directive amends CRD6, IFD7and the UCITS Directive8.

The EMIR 3 Package was published in the Official Journal of the European Union on 4 December 2024 and enters into force on 24 December 2024. Due to the absence of explicit transitional provisions in the EMIR 3 Regulation (except for Article 1 points (4) and (9) which is subject to the entry into force of related RTS), the requirements of the EMIR 3 Regulation are applicable as from today, 24 December 2024. By contrast, the EMIR 3 Directive provisions must be transposed into national laws by 25

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