AFM and DNB publish joint guidelines for EMIR 3 implementation

Blog

03-03-2025

The revised European Market Infrastructure Regulation (EMIR 3), which came into effect on 24 December 2024, aims to enhance the transparency, stability, and safety of the financial markets within the EU.

To support institutions in implementing the new requirements, the Authority for Financial Markets (AFM) and the Dutch Central Bank (DNB), the designated supervisory authorities for EMIR in the Netherlands, have issued joint guidelines.

Background

In 2012, the EU adopted the first iteration of EMIR ((EU) nr. 648/2012, as amended). The aim of EMIR was to increase transparency in the over-the-counter derivatives markets, mitigate counterparty credit risk, and reduce operational risk.

EMIR 3, the latest package of amendments to the regulation, was adopted on 19 November 2024 and entered into force on 24 December 2024. EMIR 3 specifically aims to mitigate financial stability risks associated with EU clearing members and clients' exposure to systemically important third-country central counterparties (CCPs). The revisions of EMIR 3 require that certain financial counterparties (FCs) and non-financial counterparties (NFCs) with significant exposure to critical clearing services maintain an operational and representative active account at EU CCPs.

Guidelines

On 30 January 2024, AFM and DNB published their guidance on the new requirements in EMIR 3 to institutions that are under direct supervision of AFM and DNB regarding EMIR. Read more about the guidelines.