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ARTICLE · 09 DECEMBER 2024

EMIR 3: Active Account, Clearing Threshold And Exemptions

McDermott Will & Emery
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On December 4, 2024, EU Regulation 2024/2987 (EMIR 3), amending EU Regulation 648/2012 on the European Market Infrastructure (EMIR), was published in the EU Official Journal.

United StatesFinance and Banking
Vlad Maly
Vlad Maly
Michal Chajdukowski
Michal Chajdukowski
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On December 4, 2024, EU Regulation 2024/2987 (EMIR 3), amending EU Regulation 648/2012 on the European Market Infrastructure (EMIR), was published in the EU Official Journal. EMIR 3 will enter into force on December 24, 2024, although certain provisions will remain subject to the Regulatory Technical Standards that will be published by the European Securities and Markets Commission (ESMA).

EMIR 3 introduces a requirement for certain EU counterparties to open and maintain an account with a central counterparty (CCP) established in the EU, and makes targeted amendments relating to the clearing thresholds and certain exemptions.

In Depth

Origins of EMIR 3

EMIR 3 responds to the concerns raised by the European Commission and EU Member States about the fact that, despite Brexit, EU counterparties continue to clear their trades in CCPs established in the UK.

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