EMIR 3.0: Introduction of safer and more attractive EU clearing services rules
These changes are expected to have significant implications for market participants and regulators alike.
1. Regulation (EU) 2024/2987
Regulation (EU) 2024/2987 was adopted on 27 November 2024 and introduces amendments to three existing frameworks:
- Regulation (EU) No 648/2012 (EMIR 3.0),
- Regulation (EU) No 575/2013 (CRR), and
- Regulation (EU) 2017/1131 (MMFR).
Entry into force: Regulation (EU) 2024/2987 takes effect on 24 December 2024, which is 20 days after its publication in the Official Journal.
Application timeline: While most provisions will be applicable from 24 December 2024, certain elements will remain inactive until the adoption and entry into force of relevant technical standards.
The publication can be found here.
2. Directive (EU) 2024/2994
Directive (EU) 2024/2994 was adopted on 27 November 2024 and modifies the following legislative acts:
- Directive 2009/65/EC (UCITS Directive),
- Directive 2013/36/EU (CRD IV), and
- Directive (EU) 2019/2034 (IFD)
Transposition deadline: Member States are required to transpose Directive (EU) 2024/2994 into national law by 25 June 2026.
The publication can be found here.
Key updates on EU clearing services include:
- Streamlined and shortened processes for greater efficiency
- Improved consistency in regulatory frameworks across the EU
- Stronger supervision of central counterparties (CCPs)
- Requirements for market participants to maintain active accounts with EU-based CCPs and clear a portion of systemic derivative contracts within the single market of the EU
These updates build on the original EMIR 3.0 rules introduced in 2012 after the 2008 financial crisis, which exposed weaknesses in the over-the-counter (OTC) derivatives market.
The press release can be found here.
