Delegated Regulation (EU) 2026/305 supplementing the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) has been published in the Official Journal of the European Union (OJ). The Delegated Regulation, which was first adopted on 29 October 2025, sets out the regulatory technical standards (RTS) for the new active account requirement introduced under Article 7a of EMIR 3. The RTS follow the European Securities and Markets Authority 2024 consultation and specify the operational conditions, the representativeness obligations and the reporting requirements for the active account requirement. In particular, the RTS require CCPs to:
- Demonstrate operational capability, including appropriate contractual arrangements, policies and procedures, IT connectivity, internal systems and sufficient resources capable of supporting high‑volume clearing at short notice.
- Conduct annual stress testing of the operational conditions of the active account to evidence ongoing operational readiness.
- Comply with the "representativeness obligation" by following the prescribed methodology for selecting relevant subcategories of euro‑ and Polish zloty‑denominated interest rate derivatives and short‑term interest rate derivatives to be cleared through the active account.
- Meet periodic reporting obligations, with firms required to report every six months and the first report due six months after the Delegated Regulation enters into force.
The Delegated Regulation enters into force on 26 February, 20 days following its publication in the OJ.
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