On 13 April 2026, the European Securities and Markets Authority (ESMA) published the reporting templates and instructions for reporting under the Active Account Requirement (AAR) pursuant to the European Market Infrastructure Regulation (EMIR 3).

Background

Following the entry into force of EMIR 3 on 24 December 2024, the AAR became applicable on 25 June 2025 for counterparties meeting the conditions set out under Article 7a(1) of EMIR (as amended by EMIR 3).

To ensure a consistent and effective implementation of the AAR, on 19 June 2025 ESMA submitted to the European Commission draft Regulatory Technical Standards (RTS) specifying the AAR conditions – including reporting obligations for entities subject to the AAR – which were adopted by the European Commission on 29 October 2025.

On 6 February 2026, there was published in the Official Journal of the EU, Commission Delegated Regulation 2026/305 of 29 October 2025 supplementing EMIR with regard to RTS specifying the operational conditions, the representativeness obligation and the reporting requirements related to the AAR.

On 20 February 2026, ESMA issued a Supervisory Briefing that sought 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.

Summary

ESMA explained that the new templates set out how entities subject to the AAR should report the relevant information required under EMIR 3 to Member State competent authorities, such as counterparty information, activities and risk exposures, the representative obligation and operational conditions.

ESMA also set out that the aim of publishing such templates and instructions is to ensure a harmonised and efficient approach to AAR reporting across the EU.

Next steps

The first AAR reporting submission is due on 31 July 2026, covering the period from 25 June 2025, when the AAR became applicable, to 30 June 2026. Reporting is then required to take place on six months basis, with submissions due on 31 January and 31 July each year, each covering a twelve‑month reference period.