EC adopts RTS on margin transparency requirements under EMIR 3

The European Commission (EC) adopted a Delegated Regulation supplementing the European Market Infrastructure Regulation No 648/2012 (EMIR), as amended by EMIR 3 (Regulation (EU) 2024/2987). It sets out regulatory technical standards (RTS) specifying requirements on margin transparency and margin simulation tools by central counterparties (CCPs) and margin transparency and margin simulations by clearing service providers (CSPs). The EC states that the objective of EMIR 3 is to ensure better visibility and predictability of margin calls for clearing members, clients and indirect clients, helping them to further develop their liquidity management strategies. The Delegated Regulation is based on the draft RTS set out in the European Securities and Markets Authority's final report, published in March.

The Delegated Regulation contains provisions on:

• the information to be provided by a CCP to its clearing members
• the requirements of the CCP simulation tool
• the information to be provided by clearing members and clients providing client clearing services
• the requirements for the market stress scenarios for the CCP margin simulation tool.

The Delegated Regulation is not yet in force. It will be subject to scrutiny by the European Parliament and the Council of the EU and, if neither objects, will be published in the Official Journal of the European Union (OJ). The Delegated Regulation will enter into force 20 days following its publication in the OJ, with the requirements for the CCP simulation tool and CSP margin simulations applying 12 months later.

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