EMIR 3 AAR: ESMA wraps up rules

The European Securities and Markets Authority (ESMA) has published its final report on the Regulatory Technical Standards (RTS) for the Active Account Requirement (AAR), a central pillar of the EMIR 3 reform package. The measure is designed to reduce the EU’s reliance on systemically important third-country central counterparties (Tier 2 CCPs) by requiring market participants to hold and use an active account at an EU-based CCP for certain derivative transactions. With this final version, ESMA aims to strengthen the EU clearing ecosystem while responding to industry feedback on implementation challenges.