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ARTICLE · 19 MAY 2026

EMIR 3: Revision And Recalibration Of The Clearing Threshold Regime

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The European Securities and Markets Authority has published draft regulatory technical standards recalibrating the clearing thresholds under EMIR 3, fundamentally shifting the framework from a distinction between OTC...

MaltaFinance and Banking
Sarah Louise Azzopardi
Sarah Louise Azzopardi
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The European Securities and Markets Authority (“ESMA”) has published its Final Report containing draft regulatory technical standards amending Commission Delegated Regulation (EU) No 149/2013 (the “Draft RTS”)1 . The Draft RTS are intended to amend and recalibrate the clearing thresholds (“CTs”) specified in Commission Delegated Regulation (EU) No 149/2013 (the “CDR”)2 to reflect and operationalise the revised framework introduced under EMIR 3.

Focus on Uncleared Exposures

EMIR 3, which entered into force on 24 December 2024, significantly revises the framework by means of which counterparties to derivative contracts assess whether they are subject to the clearing obligation.

Under the previous regime, which remains applicable at present, both financial counterparties (“FCs”) and non-financial counterparties (“NFCs”) are required to calculate their aggregate month-end average position in over-the-counter (“OTC”) derivatives over a rolling 12-month period. In line with the principle

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