EMIR 3 – EU lawmakers agree on new clearing obligations and margin requirements
21 January 2025

The new EU Regulation pragmatically addresses some of the main issues arisen from trading and risk management practices and, in particular, introduces new provisions and requirements applicable to clearing and margin obligations, with the objective of making the European regulatory framework applicable to derivatives more appealing and resilient.

In this edition, our Debt Capital Markets Focus Team explores, inter alia:

(i) the new requirement to calculate “uncleared positions”, applicable to both financial and non-financial counterparties;

(ii) the innovative exemption from clearing obligations applicable to OTC derivative contracts concluded as the result of an eligible post-trade risk reduction (PTRR) exercise;

(iii) the prioritised recourse to central counterparties established in the EU, through the introduction of a new obligation to hold an “active account”;

(iv) a new grace period for and new exemptions from EMIR risk-mitigation techniques and margin requirements (e.g. single stock and equity index options).

Our Debt Capital Markets Focus Team breaks it all down here.