The regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related to the EMIR 3 active account requirement (AAR) were published in the Official Journal of the EU on 6 February 2026 (Commission Delegated Regulation (EU) 2026/305). The AAR RTS enter into force on 26 February 2026 (20 days after publication in the Official Journal).
The AAR RTS follow on from ESMA’s final report on the AAR published on 19 June 2025, and the Commission’s adoption of the AAR RTS on 29 October 2025. ESMA also issued a public statement on 11 December 2025 in relation to the expected timing for upcoming reporting obligations under AAR (read more here).
Counterparties that are (or may become) subject to the AAR will want to review this closely and update their EU EMIR policies and procedures as necessary.
Please feel free to contact us if you would like to discuss this, or any other aspect of EMIR 3.
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