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ARTICLE · 17 APRIL 2025

ESMA Publishes Draft Regulatory Technical Standards On Clearing Thresholds Under EMIR 3.0

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On 8 April 2025 ESMA published for consultation the second of its draft regulatory technical standards (RTS) supplementing EMIR 3.0. These draft RTS set out the proposed new clearing thresholds...

United KingdomFinance and Banking
Jonathan Gilmour
Jonathan Gilmour
Peter Hughes
Peter Hughes
Anne Tanney
Anne Tanney
Cindy Smith
Cindy Smith
Nicholas Baines
Nicholas Baines
Sana Dossa
Sana Dossa
Elinor Samuel
Elinor Samuel
Tom Purkiss
Tom Purkiss
Nick Morgan
Nick Morgan
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On 8 April 2025 ESMA published for consultation the second of its draft regulatory technical standards (RTS) supplementing EMIR 3.0. These draft RTS set out the proposed new clearing thresholds applicable to financial counterparties (FCs) and non-financial counterparties (NFCs).

The current clearing obligation under EMIR requires both FCs and NFCs to clear in-scope transactions if their notional amount of the aggregate of cleared and uncleared OTC transactions in the relevant class of derivative contract exceeds the relevant clearing thresholds. EMIR 3.0 will continue to apply aggregate cleared and uncleared thresholds to FCs but will remove them for NFCs. It will also introduce a completely new set of thresholds to be measured against counterparties' uncleared transactions and these new uncleared thresholds will apply both to FCs and NFCs.

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