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Joint newsletter by DNB and the AFM regarding EMIR reporting requirements

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On December 11 2025, the European Securities and Markets Authority (ESMA) issued a public statement providing clarification on how to comply with two new reporting obligations introduced under the revised European Market Infrastructure Regulation (EMIR 3). De Nederlandsche Bank (DNB) and the Authority for the Financial Markets (AFM) support the statement and would like to draw the attention of supervised institutions to its implications.

Published: 24 December 2025

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Reporting for the Active Account requirement (Art. 7b EMIR)

The obligation to hold an active account with a central counterparty (CCP) established in the European Union applies to financial (FC) and non-financial counterparties (NFC) that are subject to the clearing obligation and meet the conditions set out in Article 7a(1) of EMIR 3.

Based on ESMA’s recent communication, DNB and the AFM expect the first reporting related to Article 7b EMIR to be submitted by July 2026. As requested by ESMA, this initial submission should include data demonstrating compliance from 25 June 2025 onwards, as well as data covering the 2026 calendar year. ESMA will issue additional guidance to support consistent and accurate reporting at a later date.

Reporting on clearing activity at recognized Third-Country CCPs (Art. 7d EMIR)

EMIR 3 also introduces an annual reporting obligation concerning clearing activity at recognised third-country CCPs. This obligation, set out in Article 7d of EMIR 3, applies to EU clearing members and clients of clearing services that clear transactions through third-country CCPs. The content and format of this reporting will be defined in forthcoming technical standards. Pending the adoption of these standards, the first reporting covering the 2025 reference period is deferred to the 2026 reporting cycle. This approach aims to avoid inconsistencies and unnecessary compliance burdens for supervised entities.

Notwithstanding the aforementioned,  institutions are expected to comply with the substantive requirements of EMIR 3 from the relevant effective dates, as mentioned above. DNB and the AFM will continue to engage with supervised institutions to support a smooth and effective implementation of EMIR 3. Institutions with questions regarding the application of these obligations are encouraged to contact their competent authority.

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