ESMA publishes interim findings on Active Account Requirement
ESMA published its interim report on the effectiveness of the Active Account Requirement and the first annual report of the Joint Monitoring Mechanism for EU clearing.
The reports mark ESMA's initial evaluation of the EMIR 3 Active Account Requirement designed to reduce EU reliance on systemic third-country CCPs. Findings will shape calibration of thresholds and supervisory expectations, with direct implications for derivatives clearing strategies and cost.
Shapes future calibration of AAR and EU strategic autonomy in central clearing, impacting derivatives clearing costs and routing.
Action Required
Clearing members exposed to systemic third-country CCPs should review AAR compliance, activity thresholds, and evidence of active EU CCP usage.
Foundational assessment of EMIR 3 AAR that will guide future regulatory tightening of EU clearing obligations.
Review clearing venue mix against AAR thresholds; document active EU CCP usage and update risk register for potential threshold recalibration.
“ESMA published the Interim Report of the Effectiveness of the Active Account Requirement and the First Annual Report of the Joint Monitoring Mechanism, with preliminary findings on the AAR based on available data.”