On 25 April 2024, the European Parliament issued a press release stating that it had adopted the text of a proposed Regulation amending the European Market Infrastructure Regulation as regards measures to mitigate excessive exposures to third country central counterparties (CCPs) and improve the efficiency of EU clearing markets (EMIR 3). It has also adopted the text of a proposed Directive on the treatment of concentration risk towards CCPs and of the counterparty risk in centrally cleared derivatives. The legislative measures still need to be formally adopted by the Council of the EU. Following this they will be published in the Official Journal of the EU (OJ).

In terms of timing:

  • EMIR 3 – The Regulation enters into force on the twentieth day following its publication in the OJ. It shall apply from the date of entry into force with the exception of Article 1, points (4) and (9) amending Articles 4a(1), (2) and (3) and Article 10(1), (2) and (3), respectively, of EMIR, which shall not apply until the date of entry into force of the regulatory technical standards referred to in Article 10(4) of EMIR.
  • Directive – The Directive enters into force on the twentieth day following its publication in the OJ. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 18 months from the date of entry into force of EMIR 3.