On 20 February 2025, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing that aims to clarify and provide examples as to how compliance with the representativeness obligation should be performed and reported by counterparties in accordance with Article 7b of EMIR and Annex III of Commission Delegated Regulation (EU) 2026/305.
The Supervisory Briefing clarifies how counterparties should identify the most relevant subcategories for the purpose of the active account requirement (AAR) representativeness obligation, explains how to report trades for the purpose of Article 9 and Annex III of Commission Delegated Regulation (EU) 2026/305, and provides a worked example of compliance with reporting of the representativeness obligation.