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期货和衍生品行业监管动态

ESMA Publishes the Final Report on the Active Account Requirement under
EMIR 3 (2025/6/19)

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, has published its final report on the Regulatory

Technical Standards (RTS) specifying the conditions under which the active account

requirement (AAR) should be met, as mandated under the European Market

Infrastructure Regulation (EMIR) 3.

ESMA has streamlined the operational conditions and the stress-testing in

response to feedback to its public consultation. Additionally, compared to the initial

proposal outlined in the consultation document, the final report includes a

simplification of the reporting requirements related to risks and activities, the

representativeness obligation and the fulfilment of the operational conditions.

The AAR is a key component of EMIR 3, aimed at enhancing the resilience of

the EU clearing landscape. It creates an obligation for EU market participants to

maintain an active account at an EU central counterparty (CCP) for certain derivatives,

in order to reduce their exposure to important third-country CCPs (Tier 2 CCPs).

During its public consultation ESMA gathered feedback from a wide range of

stakeholders including CCPs, clearing members, and other market participants.

Next steps

The RTS will now be submitted to the European Commission (EC) for

endorsement, following which it will be subject to scrutiny by the European

Parliament and the Council.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-final-report-activ

e-account-requirement-under-emir-3

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