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EMIR 3: Active Accounts, clearing threshold and exemptions

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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BaFin on the new sustainability exploration in investment advice and financial portfolio management

In a publication dated August 3, 2022, BaFin referred to the now applicable obligation of investment advisors and financial portfolio managers to conduct customer exploration with regard to the sustainability preferences of customers.

Customer exploration now also includes sustainability factors, which is why the suitability check and declaration is expanded to include the aspect of the customer’s sustainability preference.
The background is the Delegated Regulation (EU) 2021/1253 of the European Commission, which regulates the inclusion of sustainability factors, risks and preferences in certain organizational requirements and conditions for the operation of securities firms.

EMIR 3: Active Accounts, clearing threshold and exemptions

BaFin on the new sustainability exploration in investment advice and financial portfolio management

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