On 7 September 2023, a joint trade association comprising of the EFAMA, BFPI Ireland, EACB, FIA EPTA, Federation of the Dutch Pension Funds, Finance Denmark, Nordic Securities Association, AIMA, ICI Global, FIA and ISDA published a statement on the European Commission’s (the Commission) proposed active account requirement (AAR) under EMIR 3.0. This proposal would require market participants to have active accounts in EU central counterparties (CCPs) if they are to clear specified systemic derivatives contracts through those CCPs.

In the statement the trade associations recommend the deletion of the proposed AAR in EMIR 3.0 and set out their reasons for doing so. Among other things the trade associations assert that the AAR would negatively impact EU capital markets by introducing fragmentation and loss of netting benefits and make the EU less resilient to market stresses with no benefit to EU financial stability.