On 20 October 2026 ESMA published its final report ESMA74-1049116226-981, which contains the draft regulatory technical standards that specify when transactions from post-trade risk reduction (PTRR) services qualify for the EMIR PTRR exemption from the clearing obligation under Article 4b of EMIR. The report records that ESMA submitted it to the European Commission on 9…
The number that decides whether a firm falls inside the EU clearing obligation is about to be measured differently. Under EMIR 3, Regulation (EU) 2024/2987, the EMIR 3 clearing thresholds stop asking how much a counterparty trades over the counter and start asking how much it leaves uncleared. On 25 February 2026 ESMA published its…
On 6 July 2026 the CSSF published a single spreadsheet on its website, the active account notification form under Article 7a(1) of EMIR. It carries more weight than its size suggests. This EMIR active account notification is the declaration a Luxembourg financial or non-financial counterparty makes to say whether it has been pulled inside the…
Get the EMIR 3 clearing obligation calculation wrong and the error does not stay small. A counterparty that miscounts its positions can either declare itself out of scope when it is in, or open an account it never needed at a central counterparty and start paying for clearing capacity it cannot use. Both outcomes show…