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ARTICLE · 07 JULY 2025

EMIR: Application Of Active Account Requirement (AAR)

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

Following the entry into force of Regulation (EU) 2024/29871 (EMIR 3) on 24 December 2024, which has amended Regulation (EU) No 648/2012 (EMIR)...

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

Following the entry into force of Regulation (EU) 2024/29871 (EMIR 3) on 24 December 2024, which has amended Regulation (EU) No 648/20122 (EMIR), and the expiry of the six-month compliance period for the active account requirement (AAR) for counterparties subject to the AAR on the date EMIR 3 entered into force, the AAR has been applicable since 25 June 2025.

Specifically, under Article 7a of EMIR, counterparties (including funds, management companies, banks, PFS, etc.) that have been subject to the clearing obligation under Articles 4a and 10 of EMIR since 24 December 2024, or that have become subject to the clearing obligation thereafter, and that exceed the EUR 3 billion clearing threshold for interest rate OTC derivatives in any of the following categories of derivative contracts (in an individual category or on aggregate across all categories):

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