Regulation (EU) No. 2024/2987 of the European Parliament and of the Council of 27 November 2024 ("EMIR 3.0"), published in the Official Journal of the European Union on 4 December 2024 (available here), will apply in all Member States from 24 December 2024. However, certain provisions will only apply after the entry into force of the regulatory technical standards referred to in Article 10(4) of EMIR 3.0.

In particular, EMIR 3.0 amends Regulation (EU) No. 648/2012, with the main objectives of enhancing the efficiency of central counterparties in the EU and improving the effectiveness of clearing activities.

The main changes introduced by EMIR 3.0 include: 

• Active account requirement (AAR). Financial counterparties and non-financial counterparties subject to the clearing obligation will be required to open an active account with a clearing house located in the European Union for the settlement of interest rate derivatives transactions. Sanctions, which may include administrative penalties or fines, are foreseen in case of non-compliance with this obligation.
• New reporting requirements for FC+ and NFC+.
• Increased transparency obligations towards clients, with an obligation to disclose to their clients the remuneration structure and potential losses associated with transactions.
• Simpler framework for the intra-group transaction exemption, replacing the requirement for a European Commission equivalence decision for third country jurisdictions with a reference to a list of “blacklisted” jurisdictions.  

Our team is available to answer any questions you may have and to here to help you navigate these changes with confidence.