ESMA statement on upcoming reporting obligations under EMIR 3

The European Securities Markets Authority (ESMA) has published a statement clarifying upcoming reporting obligations under EMIR 3 (Regulation (EU) 2024/2987). The active account requirement (AAR), effective since 25 June, will require the first reporting submission by July 2026, including backlog data from June 2025 and 2026 activity. ESMA has submitted draft regulatory technical standards (RTS) on AAR conditions, adopted by the European Commission on 29 October and currently under legislative scrutiny. In the interim, ESMA will develop additional instructions on how to report according to the templates included in the RTS. This is to provide clarity for reporting entities and ensure that competent authorities receive meaningful and consistent information.

Additionally, counterparties recognised as third-country central counterparties (CCPs) under EMIR Article 7d must report annually to their competent authorities. ESMA will define the reporting content in forthcoming RTS and ITS. Until these standards are published, inconsistencies and operational burdens may occur. To ease implementation, the first Article 7d report (covering 2025 data) will be submitted with the 2026 cycle after Level 2 measures are in place. ESMA and national authorities will continue stakeholder engagement to ensure smooth EMIR 3 implementation.

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