The European Securities and Markets Authority (ESMA) plans to issue a supervisory briefing, accompanied by a set of questions and answers, to clarify reporting obligations for firms complying with the Active Account Requirement (AAR) under the European Market Infrastructure Regulation (EMIR) 3, according to a report from Risk.net published February 12, 2026.
The forthcoming guidance aims to address difficulties firms have experienced navigating the rules since the AAR came into force last June. The requirement compels certain market participants to maintain active accounts at European Central Counterparties (CCPs), intended to reduce exposure to third-country CCPs, particularly those categorized as Tier 2.
ESMA published its final report on the Regulatory Technical Standards (RTS) specifying the conditions for meeting the AAR on June 19, 2025. The report streamlines operational conditions and stress-testing procedures based on feedback received during public consultation. Simplifications have also been made to reporting requirements related to risks, activities and the representativeness obligation, as detailed in a statement released by ESMA.
The AAR is a key component of EMIR 3, designed to enhance the resilience of the EU clearing landscape. The RTS will now be submitted to the European Commission for endorsement, after which they will be subject to scrutiny by the European Parliament and the Council, ESMA stated in its June 19th report.
Societe Generale Securities Services noted the publication of ESMA’s final report on September 17, 2025, highlighting the requirement for EU market participants to maintain active accounts at EU-based CCPs for specific derivatives to ensure greater control and stability within the European financial system.
According to a client publication by FIA, the draft RTS outlined details of the AAR, and ESMA responded to industry feedback in its revised proposals.
Firms continue to seek clarity on annual reporting obligations related to the AAR, prompting ESMA’s planned release of the supervisory briefing and Q&A.
