EMIR 3.0 resources

1. Legislative materials

The following Level 1 legal was published in the EU Official Journal (OJ) on 4 December 2024 and started to apply from 24 December 2024 except where noted.

a. Level 1

Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets

b. Level 2

c. Level 3

N/A – expected H2 2025 onwards.

2. Materials published by regulators

• ESMA open hearing on the AAR (20 January 2025) (recording, slides)
• ESMA Active Account Notification
• AMF Active Account Notification (France)
• AFM and DNB provide guidance on EMIR 3 (Netherlands)
• Bafin Active Account Requirement (Germany)
• CONSOB communication on EMIR 3 and AAR (Italy)
• CNMV criteria for the application of the AAR (Spain)

3. Materials published by CCPs

• Eurex Clearing (Virtual Focus Day, 15 January 2025)
• Eurex Rules & Reg: EMIR 3.0
• KDPW_CCP

4. Materials published by law firms and consultancy firms

• EMIR 3.0: New rules for trading and clearing derivatives in the EU, Clifford Chance, December 2024.
• EMIR 3 published and in force from 24 December 2024 | Linklaters, Linklaters, December 2024.
• EU EMIR: EMIR 3 AND THE ACTIVE ACCOUNT REQUIREMENT, Ashurst, February 2025.
• Top 10 things you need to know about EMIR 3 | Simmons & Simmons, Simmons & Simmons, January 2025.
• Technical note on EMIR 3.0 | Management Solutions, MS, January 2025.
• EMIR 3.0 will come into force on 24 December 2024 – what does this mean for users of derivatives? | Travers Smith, Travers Smith, December 2024.
• emir-3-0-obligations-on-the-buy-side-may-24-macfarlanes.pdf, Macfarlanes, May 2024.
• EMIR 3 and Clearing in the EU - A&O Shearman, A&O Shearman, February 2024.
• emir-3-0-is-now-live-what-irish-funds-need-to-know.pdf, Dillon Eustace, January 2025.
• EMIR 3.0: Navigating the active account requirement / Regulatory - The blog on banking supervisory law / PwC Deutschland, PwC Deutschland, December 2024
• The EU active account requirement – installing the pipework for EU derivatives clearing | Deloitte UK, Deloitte, April 2024.

5. Academic and other papers

• Extra-Territorial Regulatory Action in the Financial Markets: Does the EU Third-Country Central Counterparty Regime Go Too Far? | Capital Markets Law Journal | Oxford Academic, Jo Braithwaite and David Murphy, November 2024.

6. FIA Materials

• FIA responds to ESMA active account consultation (January 2025)
• Webinar - EMIR 3.0: Key Requirements and State-of-Play (December 2024)
• Trade associations call for clarity on EMIR 3.0 effective implementation dates (September 2024)
• FIA response to provisional EMIR 3.0 agreement (February 2024)
• Trade associations call for deletion of active account proposal (September 2023)
• FIA response to EMIR 3.0 proposal and prudential requirements (February 2023)