Page 46 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

反映这些交易对手方目前在二级中央对手方清算的活动。

下一步

受活跃账户要求代表性义务约束的交易对手方应遵循本监管简报中的指导，

以履行其监管义务。

ESMA Publishes a Supervisory Briefing on the AAR Representativeness

Obligation (2026/2/20)

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

markets regulator and supervisor, has published a supervisory briefing on the

representativeness obligation linked to the active account requirement (AAR).

The briefing sets out ESMA’s supervisory expectations for how counterparties

should comply with and report on the AAR representativeness obligation. It provides

guidance and promotes supervisory convergence for the supervision of counterparties

subject to the AAR, an issue which has attracted particular scrutiny.

The document explains how counterparties should identify the most relevant

subcategories for the purpose of the AAR representativeness obligation, how they

should report trades, and includes an example of compliance with reporting of the
representativeness obligation.

ARR representativeness obligation

The representativeness obligation requires relevant counterparties to clear a

number of trades in their active accounts open at EU CCPs. These trades must be on

the most relevant subcategories of derivatives and reflect the activity those

counterparties currently clear at Tier 2 CCPs.

Next steps

Counterparties subject to the AAR representativeness obligation are expected to

follow the guidance included in this supervisory briefing to comply with their

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