News 05/01/26

AFM and DNB Highlight New EMIR Obligations

On 11 December 2025, the European regulator ESMA published a statement providing additional clarification on two new reporting obligations under the revised European Market Infrastructure Regulation (EMIR 3). De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) endorse this statement and request that supervised institutions pay attention to the impact of this statement on their reporting.

In short

• Reporting obligation for active accounts with CCPs
• Reporting on clearing activities at non-EU CCPs
• Compliance with EMIR remains mandatory

Reporting Obligation for Active Accounts with CCPs

Financial counterparties (FCs) and non-financial counterparties (NFCs) subject to the clearing obligation and meeting the conditions of Article 7a of EMIR 3 must maintain an active account with a central counterparty (CCP) established in the European Union.
Based on ESMA’s recent communication, DNB and AFM expect that the first report under Article 7b EMIR, contrary to previous expectations, will be due no later than July 2026. This initial report must include evidence that the obligation has been met since 25 June 2025, as well as data for the 2026 calendar year. ESMA will publish further guidance to support consistent reporting.

Reporting on Clearing Activities at Non-EU CCPs

EMIR 3 introduces an annual reporting obligation for clearing activities at recognized central counterparties (CCPs) in third countries. This requirement, set out in Article 7d of EMIR 3, applies to EU clearing members and clients that clear transactions through CCPs outside the EU.
The exact content and format of this report will be defined in technical standards to be published by ESMA. Pending these standards, the first report for the 2025 reference period has been postponed to the 2026 reporting cycle. This measure aims to prevent inconsistencies and unnecessary compliance burdens for institutions.

Compliance with EMIR Remains Mandatory

Despite the postponement of initial reporting, institutions must comply with the underlying EMIR 3 requirements from the relevant start dates, as outlined above. DNB and AFM continue to engage with supervised institutions to ensure a smooth and effective implementation of EMIR 3. Institutions with questions about these obligations are encouraged to contact their competent authority.