EMIR - General

To which institutions does EMIR apply, and who is the competent supervisory authority?

Together with the AFM we supervise compliance with the EMIR.

EMIR applies to CCPs and their clearing members, financial counterparties, non-financial counterparties and trade repositories.

DNB is the competent supervisory authority for banks, insurers, reinsurers, pension funds and premium pension institutions. For all other institutions that are subject to EMIR, the AFM is the relevant supervisory authority.

CCPs with registered office in the Netherlands wishing to provide services under EMIR must apply for a licence with DNB. The ongoing supervision of such CCPs is the responsibility of both DNB and the AFM, according to the division of powers in the Decree on the implementation of EU Regulations under the Wft (Besluit EU-verordeningen Wft).

Who is responsible for issuing interpretations and clarification of EMIR rules and regulations?

The ESMA is responsible for issuing interpretations and clarification of EMIR rules and regulations. It also drafts proposals on regulatory technical standards (RTS) and implementing technical standards (ITS), in some cases in coordination with the EBA, EIOPA and/or the ESRB. These rules explain the EMIR requirements in more detail. The European Commission then adopts these proposals.

See the ESMA website for more information and the latest developments.

When did the EMIR requirements become effective?

EMIR became effective on 16 August 2012. Since then, the Regulation has been amended and supplemented several times.

EMIR 3.0

EMIR 3.0 was published in the Official Journal of the EU on 4 December 2024, and entered into force on 24 December 2024, see link. EMIR 3.0 aims to make decentralised clearing of derivatives in the EU more attractive, increase the resilience of the EU clearing system and reduce excessive reliance on third-country CCPs. Therefore, EMIR 3.0 introduces new requirements for financial and non-financial counterparties involved in derivatives in the EU, as well as for CCPs and clearing service providers (CSPs). Key changes include the active account requirement and guidance on validation of initial margin models for financial and non-financial counterparties.

For more information on the active account requirement and the initial margin models validation requirement, see under active account requirement.