EC adopts Delegated Regulation on clearing thresholds under EMIR 3

The European Commission (EC) has adopted a Delegated Regulation amending the regulatory technical standards (RTS) on the clearing thresholds set out in Delegated Regulation (EU) No 149/2013, to reflect changes introduced by the revised European Markets Infrastructure Regulation (EMIR 3).

EMIR 3 revises the clearing threshold regime by moving from the exchange-traded derivatives (ETD) versus over-the-counter (OTC) distinction to a methodology based primarily on uncleared OTC transactions. Under the new framework, financial counterparties (FCs) must calculate both their uncleared positions and aggregate OTC exposure (cleared and uncleared), while non-financial counterparties (NFCs) need only consider their uncleared positions. The revised clearing thresholds are covered in more detail in our blog covering ESMA's final report. The Delegated Regulation will now be subject to scrutiny by the European Parliament and the Council of the EU. If neither object, it shall enter into force on the 20th day following publication in the Official Journal of the European Union.

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