Active Account Requirement - ESMA is seeking first input under EMIR 3

20 November 2024

The amending Regulation introduces a new requirement for EU counterparties active in certain derivatives to hold an operational and representative active account at a Central Counterparty (CCP) authorised to offer services and activities in the European Union (EU).

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a Consultation Paper (CP) on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).

 

ESMA is seeking stakeholder input on several key aspects of the AAR, including the:  

  • three operational conditions to ensure that the clearing account is effectively active and functional, including stress-testing; 
  • representativeness obligation for the most active counterparties; and 
  • reporting requirements to assess their compliance with the AAR 

Next steps

ESMA will consider the feedback received to this consultation by 27 January 2025 and aims to submit the final draft RTS to the European Commission within 6 months following the entry into force of EMIR 3.  

ESMA will organise a public hearing on 20 January 2025.

ESMA


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