ESMA Active Account Requirement: Reporting Templates

On 13 April 2026, ESMA published the reporting templates and instructions for the Active Account Requirement under EMIR 3. The first submission deadline was 31 July 2026, for a reference period running from 25 June 2025 to 30 June 2026. Reporting now follows a semi-annual cycle with submissions due on 31 January and 31 July each year, and the next is due on 31 January 2027. Each report needs the four CSV templates mapped against your clearing data and sent through the transmission channel your competent authority has confirmed.

If your firm clears interest rate derivatives denominated in euro or Polish zloty at a Tier 2 third-country CCP and exceeds the clearing thresholds, this is your reporting obligation now. The templates look straightforward at first glance. The operational reality of populating them correctly on the first attempt is not.

Related reading: EMIR Reporting Explained

What the Active Account Requirement Actually Requires

The AAR was introduced by EMIR 3 (Regulation (EU) 2024/2987), which entered into force on 24 December 2024. The core obligation sits in Article 7a of the amended EMIR Regulation (Regulation (EU) No 648/2012).

Financial counterparties (FCs) and non-financial counterparties (NFCs) that are subject to the clearing obligation and exceed the clearing threshold in the derivative categories listed in Article 7a(6) must hold at least one active account at an EU-authorised CCP. The in-scope categories are interest rate OTC derivatives denominated in euro or Polish zloty, and short-term interest rate (STIR) derivatives denominated in euro.

Holding the account is not enough. Article 7a(3) lays out four operational requirements that must be met continuously:

• The account must be permanently functional, with legal documentation, IT connectivity, and internal processes in place (Article 7a(3)(a)).
• The counterparty must have systems and resources to use the account at short notice for large volumes (Article 7a(3)(b)).
• All new trades in the relevant derivatives must be clearable in the account at all times (Article 7a(3)(c)).
• The counterparty must clear a representative number of trades in the account (Article 7a(3)(d)).

That fourth point is where most of the complexity lives. The first three are binary operational checkboxes. The representativeness obligation involves subcategories, maturity ranges, trade size buckets, and minimum trade counts that vary by portfolio size.

A common misread is that the AAR is a simple “open an account and report” exercise. It is not. The representativeness obligation requires ongoing clearing activity at an EU CCP, not just paperwork.

Who Is in Scope

The AAR applies to FCs and NFCs that meet two conditions simultaneously:

1. They are subject to the clearing obligation under Articles 4a and 10 of EMIR (either on 24 December 2024 or becoming subject thereafter).
2. They exceed the clearing threshold in any of the categories referred to in Article 7a(6), individually or on aggregate across all categories.

The thresholds are assessed at group level for counterparties belonging to a group subject to consolidated supervision in the Union, per Article 7a(2). All derivative contracts cleared by the counterparty or other entities within the group are counted, excluding intragroup transactions.

The group-level assessment is where the threshold test is easily misread. A subsidiary that individually falls below the threshold may still be caught if the group aggregate exceeds it. A scoping exercise that runs each entity’s threshold check in isolation will miss that.

Counterparties that become subject to the obligation have six months to establish the active account and comply with the operational conditions in Article 7a(3)(a), (b), and (c). The first group had to comply by 25 June 2025.

FC- (below-threshold financial counterparties) and NFC- (below-threshold non-financial counterparties) are not in scope. The AAR targets FC+ and NFC+ entities that clear the relevant derivatives at Tier 2 CCPs.

The Reporting Obligation Under Article 7b

Article 7b of EMIR requires in-scope counterparties to report to their competent authorities every six months, providing the information necessary for the CA to assess compliance with Article 7a.

The detailed reporting requirements are specified in Commission Delegated Regulation (EU) 2026/305, which entered into force on 26 February 2026. This is the AAR RTS, adopted on 29 October 2025 and published in the Official Journal on 6 February 2026.

The reporting is semi-annual, with submissions due on 31 January and 31 July each year. Each report covers a 12-month reference period. The CA can request more frequent reporting under Article 7b(3).

What teams sometimes miss: Article 7b reporting is separate from the Article 7a notification. The notification (under Article 7a(1)) is a one-off communication to ESMA and the NCA when a counterparty becomes subject to the AAR. The Article 7b report is the recurring semi-annual submission. Different template, different process, different recipient workflow.

What ESMA Published on 13 April 2026

ESMA released a reporting package consisting of two items: the AAR reporting templates (in CSV format) and the AAR reporting instructions. These are aligned with Annex II and Annex III of CDR 2026/305.

The package contains four templates:

Template 1: Counterparty Information

This covers the identity of the reporting counterparty and, where applicable, group-level information. The data corresponds to Table 1 of Annex II of the RTS (Counterparty Information).

Template 2: Activities and Risk Exposures

This captures aggregate threshold data for assessing compliance with the active account obligation. The template maps to Table 2 of Annex II of the RTS (Activities and Risk Exposures).

Where the counterparty belongs to a group subject to consolidated supervision, the information in Table 2 must also be reported at the level of subsidiaries, including those outside the Union, per Article 7(2) of CDR 2026/305. That subsidiary-level reporting catches firms that assumed only the parent entity needed to report.

The practical challenge here is pulling reliable aggregate notional data across all relevant derivative contracts cleared at both EU CCPs and Tier 2 third-country CCPs, broken down correctly. If your clearing data sits in multiple systems or with multiple clearing brokers, reconciling these figures into one consistent template is the first real test.

Template 3: Representativeness Obligation Compliance

This is the most operationally demanding template. It requires reporting on the number of trades cleared in each of the most relevant subcategories, per class of derivative contracts and per reference period, at both the Tier 2 CCP and the EU-authorised CCP.

The subcategories are defined in Annex I of CDR 2026/305. For EUR-denominated interest rate swaps (fixed-to-float), there are three trade size buckets and four maturity ranges, creating 12 subcategories (Table 1). For EUR OIS, three sizes and four maturities (Table 2). For EUR FRA, three sizes and four maturities (Table 3). PLN fixed-to-float and PLN FRA each have a single subcategory (any size, any maturity). EUR STIR subcategories are broken down by maturity only (Tables 7 and 8).

For each class, the counterparty identifies its most relevant subcategories (where it clears the most trades at the Tier 2 CCP) and reports the trade count at both the Tier 2 CCP and the EU CCP. The number of most relevant subcategories varies by class: five for each EUR OTC IRD class (fixed-to-float, OIS, FRA), four for each EUR STIR class (Euribor, euro short-term rate), and one for each PLN class (fixed-to-float, FRA). The minimum threshold is five trades per subcategory per reference period on annual average. If the resulting trade count exceeds half of the counterparty’s total trades for the preceding 12 months, the threshold drops to one trade per subcategory.

Counterparties with a notional clearing volume outstanding of less than EUR 6 billion are exempt from the representativeness obligation entirely. But they still need to report on the other templates.

The reference periods differ by portfolio size and derivative class. For EUR OTC interest rate derivatives (fixed-to-float, OIS, FRA): one month for counterparties with outstanding notional above EUR 100 billion, six months for those below. For EUR STIR Euribor derivatives: the same split applies, one month above EUR 100 billion, six months below. For EUR STIR euro short-term rate (€STR) derivatives: six months for counterparties above EUR 100 billion, 12 months for those below. For PLN derivatives: 12 months for all counterparties. Getting the reference period wrong means the trade counts are measured against the wrong window.

Template 4: Declaration on Operational Conditions

Article 8 of CDR 2026/305 requires a written statement every six months confirming compliance with the operational conditions in Articles 1, 2, and 3 of the RTS. This covers contractual arrangements, IT connectivity, internal policies, operational capacity for large volume increases, and the annual stress test results.

The counterparty must keep the supporting documentation available for the CA. The template captures the declaration itself, but the real work is maintaining the evidence file: the clearing agreement, the IT connectivity test results, the written capacity statements (per Article 2(1)(d) and (e) of CDR 2026/305: one from the CCP, clearing member or client clearing services provider, and one from the counterparty itself), and the annual stress test report.

The capacity statements have specific requirements. Under Article 2(1)(d), the CCP, clearing member or client clearing services provider must confirm that the CCP has operational capacity to clear either three times its gross notional in the relevant derivatives over the previous 12 months, or the combined notional of the CCP and all Tier 2 CCPs. Under Article 2(1)(e), the counterparty must confirm that it, or its clearing service provider, can clear either three times the gross notional cleared in the account over the previous 12 months, or the total gross notional it cleared. Each statement needs to confirm the increase can happen within one month. Getting that written confirmation from your CCP or clearing member may involve lead time that teams underestimate.

The First Submission: 31 July 2026

The first AAR reporting submission was due on 31 July 2026. By derogation in Article 10(2) of CDR 2026/305, the first submission covers the period from 26 February 2026 (when the RTS entered into force) to the reporting date. However, the ESMA press release and the MFSA circular both state the first report covers the period from 25 June 2025 (when the AAR became applicable) to 30 June 2026.

This apparent discrepancy reflects the layered timeline. The AAR obligation under Article 7a applied from 25 June 2025. The detailed RTS entered into force on 26 February 2026. The ESMA templates are designed to capture the full operational period since the AAR became applicable, not just since the RTS entered into force.

For reporting teams, the practical implication is that you need clearing data going back to 25 June 2025. If your data retention or extraction for the relevant derivative classes does not cover that far back in the required granularity (by subcategory, trade size, maturity range), you have a data sourcing problem that needs solving before July.

After the first submission, reporting settles into a regular cycle: 31 January and 31 July each year, each covering a 12-month reference period.

Transmission Channel: Check With Your CA Now

ESMA’s templates are in CSV format. But the actual submission channel is determined by each national competent authority. The RTS states counterparties must submit reports “using the transmission channel communicated by each CA.”

This means there is no single EU-wide portal for AAR reporting. Each NCA decides how it wants to receive the files. For Luxembourg, that would be the CSSF. For the Netherlands, DNB or the AFM depending on the entity type. For Malta, the MFSA.

In mid-April 2026, not all NCAs had published their preferred transmission channels. Confirm your CA’s channel (a specific portal, encrypted email, or a regulatory reporting platform) before each submission.

What Reporting Teams Need to Prepare

The templates are CSV files. The data requirements are defined. The operational challenge is assembling the data from the right sources in the right structure. Here is what needs to happen before each submission (the first was due on 31 July 2026 and the next is due on 31 January 2027):

1. Confirm Scope at Group Level

Run the threshold calculation across all group entities. Include all derivatives in the Article 7a(6) categories cleared by any entity in the group. Exclude intragroup transactions. Document the result. If you are in scope, confirm the notification under Article 7a was submitted to ESMA and your NCA on or shortly after 25 June 2025, when the AAR became applicable.

2. Map Your Clearing Data to the Subcategories

For the representativeness template, you need trade counts broken down by class (EUR fixed-to-float, EUR OIS, EUR FRA, PLN fixed-to-float, PLN FRA, EUR STIR Euribor, EUR STIR euro short-term rate), by trade size bucket, and by maturity range. The size and maturity buckets are specified in Annex I of CDR 2026/305. If your clearing data does not currently carry these classification fields, you need to build the mapping logic.

3. Identify Your Most Relevant Subcategories Per Class

For each EUR OTC IRD class, identify the five subcategories where you clear the most trades at the Tier 2 CCP. For each EUR STIR class, identify the four most relevant subcategories. For each PLN class, it is the single most relevant subcategory. This selection drives what goes into Template 3.

4. Source the Operational Documentation

Template 4 is a declaration, but it needs to be backed by evidence. Collect the clearing agreement covering the EU CCP account, IT connectivity test results, the written capacity statements under Article 2(1)(d) (from your CCP, clearing member or client clearing services provider) and Article 2(1)(e) (from the counterparty itself), and the most recent annual stress test results (per Article 3). If you have not run the stress test yet, schedule it before the submission date.

5. Confirm the Transmission Channel

Contact your NCA if they have not published guidance on how AAR reports should be submitted. Do not assume it follows the same channel as EMIR Article 9 trade reporting to trade repositories. This is a different reporting obligation to a different recipient.

6. Build the CSV Generation Process

Whether manual or automated, you need a repeatable process that can produce the four CSV files in the format specified by ESMA’s instructions. Test it against the template structure before July. A single misaligned column or misformatted field will delay your submission.

Pressure Points for EMIR Clearing Participants

Three areas will cause the most friction in the first reporting cycle:

The historical data requirement. The first report needs data from 25 June 2025. For firms that did not start tracking clearing activity by subcategory at that point, reconstructing the data retroactively from clearing broker statements or CCP reports is a manual, error-prone exercise.

The group-level subsidiary reporting. Template 2 requires subsidiary-level information for groups under consolidated supervision, including subsidiaries outside the Union. Coordinating data collection across multiple legal entities in different jurisdictions, some of which may not have direct clearing relationships, adds a layer of operational complexity that single-entity firms do not face.

The CCP capacity statements. Article 2(1)(d) of CDR 2026/305 requires a written statement from the CCP, the clearing member or the client clearing services provider confirming that the CCP has the operational capacity to clear three times its gross notional over the previous 12 months, and Article 2(1)(e) requires a separate written statement from the counterparty confirming that it, or its clearing service provider, has the operational capacity to clear three times the gross notional cleared in its account over the previous 12 months. Both statements confirm that the increase can take place within one month. The CCP statement is not a standard document, and clearing members and CCPs may not have a process for issuing it at scale. If you have not requested it yet, start now.

The Notification vs. Reporting Distinction

Teams sometimes conflate the Article 7a notification with the Article 7b reporting. They are distinct obligations.

The Article 7a notification is a one-off submission to ESMA and the NCA, using a separate ESMA template, confirming that the counterparty has become subject to the AAR. For the first group of in-scope counterparties, this notification was due on or shortly after 25 June 2025, when the AAR became applicable. Information on the notification template is available on ESMA’s CCP Policy page, separate from the reporting templates published on 13 April 2026.

The Article 7b report is the recurring semi-annual submission using the four CSV templates. The two serve different purposes: the notification establishes that you are in scope; the report proves you are complying.

If your firm submitted the notification but has not started preparing the Article 7b report, the notification does not buy you any extra time on the reporting side.

What to Track Next

Several open items will affect AAR reporting in the coming months:

• NCA transmission channel guidance. Watch for CSSF, BaFin, AMF, and other NCAs publishing their preferred submission methods.
• ESMA Q&As on the AAR. ESMA has already published some Q&As related to the Active Account Requirement. Check the ESMA Q&As for clarifications on edge cases in the reporting templates before each submission.
• ESMA’s effectiveness assessment. Under Article 7a(10) of EMIR, ESMA is required to assess the effectiveness of the active account obligation by 25 June 2026. ESMA published an Interim Report with preliminary findings on 6 July 2026 and expects to submit the final assessment to the European Parliament, the Council and the Commission in 2027. That final assessment could lead to adjustments in scope or requirements, including possible quantitative thresholds.
• UK CCP equivalence. The time-limited equivalence decision for UK CCPs has been extended several times. For the current status and expiry date, refer to the latest Commission Implementing Decision on UK CCP equivalence. Any change affects the practical significance of the AAR for firms currently relying on UK clearing.

Frequently Asked Questions

Who is subject to the Active Account Requirement?

FCs and NFCs that are subject to the EMIR clearing obligation and exceed the clearing threshold in interest rate OTC derivatives denominated in euro or Polish zloty, or short-term interest rate derivatives denominated in euro. The threshold is assessed individually or on aggregate across all Article 7a(6) categories, and at group level for entities under consolidated supervision.

When is the first AAR report due?

The first report was due on 31 July 2026 and covered the period from 25 June 2025 (when the AAR became applicable) to 30 June 2026. After that, reports are due on 31 January and 31 July each year, each covering a 12-month period, so the next report is due on 31 January 2027.

What format are the reporting templates?

CSV. ESMA published the templates and accompanying instructions on 13 April 2026. There are four templates covering counterparty information, activities and risk exposures, representativeness obligation compliance, and operational conditions.

Where do I submit the AAR report?

To your national competent authority, using the transmission channel communicated by that CA. This is not the same as EMIR Article 9 trade reporting to trade repositories. Each NCA determines its own submission method.

What is the representativeness obligation?

In-scope counterparties must clear a representative number of trades at an EU-authorised CCP. The minimum is five trades per subcategory per reference period (annual average). The number of most relevant subcategories varies: five for each EUR OTC IRD class, four for each EUR STIR class, and one for each PLN class. Counterparties below EUR 6 billion in notional clearing volume outstanding are exempt from this obligation.

Does the AAR apply to client clearing?

The representativeness obligation does not apply to client clearing services per Article 7a(4) of EMIR. The calculation of notional clearing volume for threshold purposes also excludes client clearing volumes. However, the operational conditions and reporting obligations still apply to the counterparty itself.

How does the group-level assessment work?

A counterparty belonging to a group under consolidated supervision must consider all relevant derivatives cleared by any entity in the group, excluding intragroup transactions. The threshold is assessed on the group aggregate. Subsidiary-level reporting is required in Template 2 for groups, including subsidiaries outside the Union, per Article 7(2) of CDR 2026/305.

What documentation do I need for the operational conditions declaration?

The clearing agreement for the EU CCP account, IT connectivity evidence, internal policies and procedures, written capacity statements from the CCP, clearing member or client clearing services provider and from the counterparty confirming ability to handle a large increase in volume within one month, and annual stress test results. This documentation must be kept available for the CA on request.

Related Articles

• EMIR Reporting Explained – A practical guide to EMIR derivative reporting obligations, covering Article 9 trade reporting, counterparty classification, and the reporting framework under EMIR REFIT.
• EMIR Initial Margin Reporting – What the EMIR 3 initial margin model authorisation regime means for your firm, including the new validation requirements and transitional approach.
• MiFIR Transaction Reporting – A practical guide to MiFIR transaction reporting obligations for investment firms, covering scope, data fields, and common reporting errors.
• SFTR Reporting Explained – How securities financing transaction reporting works under SFTR, including entity scope, data fields, and the reporting lifecycle.
• CSSF Reporting Calendar Q2 2026 – Key regulatory reporting deadlines for Luxembourg-supervised entities in Q2 2026, including EMIR, COREP, FINREP, and other frameworks.

Key Takeaways

• ESMA published four CSV reporting templates and instructions for the Active Account Requirement on 13 April 2026, aligned with Annex II and Annex III of CDR 2026/305.
• The first submission deadline was 31 July 2026, covering the period from 25 June 2025. Subsequent submissions are due on 31 January and 31 July each year, and the next is due on 31 January 2027.
• In-scope entities are FCs and NFCs subject to the clearing obligation that exceed thresholds in EUR or PLN interest rate derivatives, assessed at group level.
• The representativeness template is the most complex, requiring trade counts by subcategory (trade size and maturity range) at both Tier 2 and EU CCPs.
• Counterparties below EUR 6 billion notional are exempt from the representativeness obligation but must still report on operational conditions and counterparty information.
• Submission is to the national competent authority via a CA-specified channel, not through EMIR Article 9 trade repository reporting.
• The operational conditions declaration requires supporting documentation including CCP capacity statements that may have lead time to obtain.
• The Article 7a notification and Article 7b reporting are separate obligations with different templates and purposes.

Sources and References

• ESMA: Reporting templates and instructions for the Active Account Requirement (13 April 2026)
• ESMA: EMIR Reporting (Article 7b reporting section)
• Commission Delegated Regulation (EU) 2026/305 of 29 October 2025 (AAR RTS)
• ESMA: Final Report on EMIR 3 Active Account Requirement (19 June 2025)
• ESMA Interactive Single Rulebook: EMIR Article 7a (Active Account)
• MFSA Circular: ESMA Releases Reporting Templates and Instructions for the AAR under EMIR 3 (17 April 2026)

Disclaimer: The information on RegReportingDesk.com is for educational and informational purposes only. It does not constitute legal, regulatory, tax, or compliance advice. Always consult your compliance officer, legal counsel, or the relevant supervisory authority for guidance specific to your institution.