Delegated Regulation on clearing thresholds under EMIR 3 published in OJ

Commission Delegated Regulation (EU) 2026/2343 has been published in the Official Journal of the European Union (OJ). The Delegated Regulation amends the regulatory technical standards (RTS) on the clearing thresholds and the mechanisms that trigger their review set out in Delegated Regulation (EU) No 149/2013, to reflect changes introduced by the revised European Market Infrastructure Regulation (EMIR 3). The Delegated Regulation was adopted in July and was based on the European Securities and Markets Authority's final report published in February. There are no substantive changes made to the Delegated Regulation since its adoption. These changes are important for derivatives counterparties as the clearing thresholds determine an entity's counterparty classification under EMIR and, therefore, which EMIR obligations apply to it (for example, uncleared margin). The Delegated Regulation will enter into force on 10 November, 20 days following publication in the OJ, upon which date the new rules relating to the EU clearing thresholds will be effective. However, this will not necessarily mean that EU counterparty classifications need to be re-calculated (and, if they are different, change) with effect from 10 November, as counterparties have flexibility on whether to re-calculate their EMIR status immediately or wait until their usual annual calculation date.

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