On December 4, 2024, EU Regulation 2024/2987 (“EMIR 3”), amending EU Regulation 648/2012 on the European Market Infrastructure (“EMIR”), was published in the EU Official Journal. EMIR 3 will enter into force on December 24, 2024, although certain provisions will remain subject to the Regulatory Technical Standards that will be published by the European Securities and Markets Commission (“ESMA”).

EMIR 3 introduces a requirement for certain EU counterparties to open and maintain an account with a central counterparty (“CCP”) established in the EU, and makes targeted amendments relating to the clearing thresholds and certain exemptions.

Origins of EMIR 3

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