EMIR 3.0: A buy-side 101
February 12, 2025
EMIR saw significant change last year. Further change is happening now in the form of a new amending Regulation known as EMIR 3.0.
Read on for a deep dive into those changes and how they might impact you.
How did we get here?
EMIR1 has been subject to various changes since its primary text entered into force on 16 August 2012; most recently in 2024 we saw significant changes to the EMIR reporting obligation.2 These were preceded in 2019 and 2020 with EMIR 2.2 and the original EMIR REFIT changes.
In the middle of those changes, on 7 December 2022, EMIR 3.0 formally surfaced when the European Commission (EC) released a “capital markets union: clearing, insolvency and listing package”3 that included: (i) a proposed Regulation4 (Proposed EMIR 3 Regulation) amending, inter alia, EMIR; (ii) a proposed Directive5 (the Proposed UCITS Directive) amending, inter alia, the UCITS Directive;6 and (iii) a “Questions and Answers on the Commission’s new proposals to make clearing services in the EU more attractive”.7
The final versions of the Proposed EMIR 3 Regulation (known as EMIR 3.0) and the Proposed UCITS Directive (the Amending UCITS Directive) were published in the Official Journal of the European Union (EU) on 4 December 2024.8
Footnotes
1) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, as amended.
2) Available here.
3) Available here.
4) Available here.
5) Available here.
6) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast).
7) Available here.
8) EMIR 3.0 available here; and the Amending UCITS Directive available here.
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