On 25 February 2026, the European Securities and Markets Authority (ESMA) issued a Final Report on draft technical standards amending Regulation (EU) 149/2013 to further detail the new European Market Infrastructure Regulation (EMIR) clearing thresholds regime.

Background

The Final Report follows an earlier consultation that ESMA issued last April.

Structure of Final Report

In section 2 of the Final Report ESMA:

  • Provides background information on the broader clearing obligation and clearing thresholds regimes, and the mandate related to the calibration of the aggregate and uncleared thresholds. For these purposes, ESMA provides an updated data analysis using more recent EMIR trade repository data to assess the population of counterparties (and the notional they trade) currently above the clearing thresholds for each asset class. On this basis ESMA proposes uncleared thresholds at a level that would allow capturing a similar population of counterparties.
  • Establishes aggregate thresholds for interest rate and credit derivatives.
  • Provides guidance on the implementation of the new regime and includes some additional considerations on commodity derivatives in light of the recital in Regulation (EU) 2024/2987 (EMIR 3) which invites ESMA to consider more granular thresholds for this asset class.

In section 3 of the Final Report ESMA covers certain considerations with respect to the definition of hedging contracts. In particular, ESMA reviews the feedback regarding virtual power purchase agreements.

In section 4 of the Final Report ESMA covers the new trigger mechanism to launch a review of the clearing thresholds. ESMA has taken into account the consultation feedback to keep the trigger mechanism flexible, as well as various suggestions for indicators to consider. ESMA has also paid particular attention to the responses with suggestions or comments to keep the framework simple, to the extent possible, and to limit the operational impact of the transition from the current regime to the new one. This was, for example, the case when clarifying that after the entry into force of the Delegated Commission Regulation, the new clearing thresholds’ calculations could be conducted by counterparties at the same period of the year they are currently doing under the pre-EMIR 3 regime. ESMA’s decision to keep five clearing thresholds and not to introduce other categories of clearing threshold or more granular clearing thresholds are other examples of how simplification and burden reduction objectives have been taken into account.

Next steps

ESMA has submitted the final draft technical standards to the European Commission for endorsement, following which they will be subject to adoption.