Adopted in November 2024, EMIR 3.0 strengthens the EU clearing framework and reduces reliance on non-EU CCPs.
Key changes:
- Active Account Requirement: Larger counterparties must clear EUR and PLN interest rate derivatives through an EU-based CCP (from June 2025)
- Updated clearing thresholds and counterparty classifications
- New exemptions for pension schemes and certain post-trade risk reduction services
- Greater transparency on CCP costs, margin models, and access conditions
Member States must implement directive elements by June 2026. ESMA is preparing technical standards to support roll-out.
EMIR is highly relevant for energy traders and market participants, especially those using derivatives for hedging or financing.
It affects:
- Clearing and reporting duties for commodity derivatives
- Classification of non-financial counterparties based on trading volume
- Access to CCPs and related cost and risk disclosures
Staying aligned with EMIR obligations is essential for compliant and efficient energy market operations in the EU.