{"id":32466204,"date":"2026-02-13T11:09:32","date_gmt":"2026-02-13T10:09:32","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=32466204"},"modified":"2026-03-30T12:59:49","modified_gmt":"2026-03-30T10:59:49","slug":"emir-3-active-ccp-account-aar","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/capital-markets\/emir\/emir-3-active-ccp-account-aar\/","title":{"rendered":"EMIR 3\/Active CCP Account (AAR)"},"content":{"rendered":"<?xml encoding=\"utf-8\" ?><h2 class=\"wp-block-heading\">EMIR 3 &ndash; Obligation to hold an active account at an EU CCP<\/h2><p class=\"wp-block-paragraph\"><strong>Changes to the EMIR regime from 24.12.2024 &ndash; EMIR 3 (Regulation (EU) 2024\/2987)<\/strong><\/p><p class=\"wp-block-paragraph\">Comprehensive amendments to Regulation (EU) No 648\/2012 (EMIR) entered into force on <strong>24 December 2024<\/strong>: <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=OJ:L_202402987\" target=\"_blank\" rel=\"noopener\" class=\"external\">Regulation (EU) 2024\/2987 &ndash; EMIR 3<\/a><\/p><p class=\"wp-block-paragraph\">A key change is the requirement <strong>to hold an active account at an <abbr title=\"central counterparty in the European Union\">EU CCP<\/abbr> <\/strong>, which has applied since <strong>25 June 2025<\/strong>. However, this obligation only applies to entities under certain conditions.<\/p><h2 class=\"wp-block-heading\">Article 7a EMIR &ndash; Active Account Requirement<\/h2><h3 class=\"wp-block-heading\">Counterparties Subject to the Obligation<\/h3><p class=\"wp-block-paragraph\">Pursuant to Article 7a(1), first subparagraph EMIR, the requirement applies to:<\/p><ul class=\"wp-block-list\">\n<li><strong>all financial counterparties and non-financial counterparties<\/strong>,<\/li>\n\n\n\n<li>that are subject to the clearing obligation <strong>from 24 December 2024<\/strong> and<\/li>\n\n\n\n<li>that exceed the <strong>clearing threshold<\/strong> in one of the categories listed <strong>Article 7a(6) EMIR<\/strong> or <strong>on aggregate across all categories<\/strong>.<\/li>\n<\/ul><h3 class=\"wp-block-heading\">Affected (OTC) Derivative Categories (Article 7a(6) EMIR)<\/h3><p class=\"wp-block-paragraph\">The following (OTC) derivatives categories are covered by the obligation:<\/p><ul class=\"wp-block-list\">\n<li>interest rate derivatives denominated in <strong>euro<\/strong> or <strong>Polish zloty<\/strong>,<\/li>\n\n\n\n<li>short-term interest rate derivatives denominated in <strong>euro<\/strong>.<\/li>\n<\/ul><h3 class=\"wp-block-heading\">Group Perspective<\/h3><p class=\"wp-block-paragraph\">Counterparties belonging to a group must consider <strong>all relevant (OTC) derivative contracts<\/strong> that<\/p><ul class=\"wp-block-list\">\n<li>them themselves, <strong>or<\/strong><\/li>\n\n\n\n<li>other companies in the group<br><strong>clear<\/strong>.<\/li>\n<\/ul><p class=\"wp-block-paragraph\"><strong>Intragroup transactions<\/strong> are <strong>excluded<\/strong>.<\/p><h2 class=\"wp-block-heading\">Requirements for the Active Account<\/h2><p class=\"wp-block-paragraph\">The active account must be held at an EU CCP that:<\/p><ul class=\"wp-block-list\">\n<li>is <strong>authorised pursuant to Article 14 EMIR<\/strong>, and<\/li>\n\n\n\n<li>offers <strong>clearing services<\/strong> for the relevant derivatives.<\/li>\n<\/ul><p class=\"wp-block-paragraph\">Affected entities must:<\/p><ul class=\"wp-block-list\">\n<li>hold <strong>at least one active account<\/strong> at a suitable EU CCP,<\/li>\n\n\n\n<li>clear a <strong>representative number of transactions<\/strong> through this account (&ldquo;representativeness obligation&rdquo;).<\/li>\n<\/ul><p class=\"wp-block-paragraph\"><strong>Important:<\/strong><\/p><p class=\"wp-block-paragraph\">The obligation to maintain representativeness <strong>does not apply<\/strong> if the outstanding nominal clearing volume is <strong>less than EUR 6 billion<\/strong> in the affected derivative contracts.<\/p><h2 class=\"wp-block-heading\">Notification Obligation to FMA and ESMA<\/h2><p class=\"wp-block-paragraph\">Financial and non-financial counterparties domiciled in Austria that fall under the Article 7a(1) EMIR obligation must notify the Austrian FMA and ESMA.<\/p><p class=\"wp-block-paragraph\">Notifications must be submitted:<\/p><ul class=\"wp-block-list\">\n<li>using the <a href=\"https:\/\/www.esma.europa.eu\/central-counterparties\/ccp-policy\" target=\"_blank\" rel=\"noopener\" class=\"external\">form<\/a> provided by ESMA<\/li>\n\n\n\n<li>by e-mail to:\n\n<ul class=\"wp-block-list\">\n<li><a href=\"mailto:EMIR-notification@fma.gv.at\" type=\"mailto\" id=\"mailto:EMIR-notification@fma.gv.at\"><strong>EMIR-notification@fma.gv.at<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"mailto:AAR-notifications@esma.europa.eu\"><strong>AAR-notifications@esma.europa.eu<\/strong><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul><p class=\"wp-block-paragraph\">Further information about the notification to be made to ESMA can be found on the ESMA websites in the section <strong><a href=\"https:\/\/www.esma.europa.eu\/central-counterparties\/ccp-policy\" target=\"_blank\" rel=\"noopener\" class=\"external\">EMIR &ndash; Active Account Notification<\/a><\/strong>.<\/p><h2 class=\"wp-block-heading\">Deadline for setting up the Active Account<\/h2><p class=\"wp-block-paragraph\">The active account must be set up <strong>within six months<\/strong> of the obligation to do so existing &ndash; i.e. initially <strong>from 25 June 2025<\/strong>.<\/p><p class=\"wp-block-paragraph\">The account must fulfil the requirements set out in Article 7a(3) EMIR.<br>Those requirements are detailed in the relevant <strong>Regulatory Technical Standard (RTS)<\/strong>.<\/p><p class=\"wp-block-paragraph\">The RTS was published in the Official Journal of the European Union on 06.02.2026 as <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=OJ:L_202600305\" target=\"_blank\" rel=\"noopener\" class=\"external\">Commission Delegated Regulation (EU) 2026\/305<\/a>.<\/p><h2 class=\"wp-block-heading\">Reporting obligations<\/h2><p class=\"wp-block-paragraph\">Under Article&nbsp;7b EMIR 3, financial counterparties (FCs) and non-financial counterparties (NFCs) domiciled in Austria are required to prove to the FMA <strong>every six months<\/strong> that they comply with the <strong>requirements for maintaining an active account<\/strong> pursuant to Article&nbsp;7a EMIR 3.<\/p><ul class=\"wp-block-list\">\n<li>The Template for submitting the <strong>activities and risk exposures<\/strong> during the preceding 12 month period to the FMA can be found in Annex II Tables 1 and 2 of <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=OJ:L_202600305\" target=\"_blank\" rel=\"noopener\" class=\"external\">Commission Delegated Regulation (EU) 2026\/305<\/a>. As a general rule, reporting is carried out at counterparty level. However, if the counterparty belongs to a group subject to consolidated supervision pursuant to Article 7a(2) EMIR, then Table 2 of Annex II must also be reported at the level of each subsidiary, both inside and outside the EU.<\/li>\n\n\n\n<li>Counterparties are also required to submit evidence of compliance with the <strong>operational conditions<\/strong> pursuant to Article 7b(1) EMIR 3 every six months, and the <strong>resources and systems<\/strong> used to meet the requirements of Article 7a(3)(b) EMIR 3. This may be done via a written confirmation of the relevant obligations by the reporting entity.<\/li>\n\n\n\n<li>An overview of the main sub-categories of derivative contracts, the number of cleared contracts per sub-category and the average for each sub-category over the previous 12 months per class and reference period at an authorised CCP must also be submitted to the FMA every six months to prove that the <strong>representativeness obligation<\/strong> pursuant to Article 7a(3)(d) EMIR 3 is met.<\/li>\n\n\n\n<li>Furthermore, counterparties are required to notify the FMA if the number of transactions cleared in any sub-category <strong>exceeds one-half<\/strong> of the total number of transactions in the preceding rolling 12-month period.<br>The Template in Annex III of <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=OJ:L_202600305\" target=\"_blank\" rel=\"noopener\" class=\"external\">Commission Delegated Regulation (EU) 2026\/305<\/a> is to be used for the submission to the FMA.<\/li>\n<\/ul><p class=\"wp-block-paragraph\">The notifications are required to be made by the respective <strong>reporting dates<\/strong> of 31 January and 31 July every year, and covering the reporting period from 01.01. until 31.12. (for submission on the reporting date in January) or 01.07. until 30.06. (for submission on the reporting date in July).<\/p><h2 class=\"wp-block-heading\">Further Information<\/h2><p class=\"wp-block-paragraph\">Further information about reporting obligations, especially those about reporting obligations pursuant to Article 7 EMIR 3, will follow <strong>once the relevant RTS has entered into force<\/strong>, and ESMA has clarified additional details.<\/p><p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>EMIR 3 &ndash; Obligation to hold an active account at an EU CCP Changes to the EMIR regime from 24.12.2024 &#8230;<\/p>\n","protected":false},"author":20,"featured_media":0,"parent":9628,"menu_order":1,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-32466204","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EMIR 3\/Active CCP Account (AAR) - FMA \u00d6sterreich<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fma.gv.at\/en\/capital-markets\/emir\/emir-3-active-ccp-account-aar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EMIR 3\/Active CCP Account (AAR) - FMA \u00d6sterreich\" \/>\n<meta property=\"og:description\" content=\"EMIR 3 &ndash; 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