Dutch Regulators Urge Firms to Prepare for New EMIR 3 Reporting Duties

Key Takeaways

• ESMA Clarification Drives Change: New guidance from the European Securities and Markets Authority has clarified how two EMIR 3 reporting obligations should be applied, prompting Dutch regulators to flag the impact for supervised firms.
• Earlier-Than-Expected Active Account Reporting: Firms subject to the clearing obligation must now plan for the first Article 7b EMIR report by July 2026, covering compliance with the EU CCP active account requirement from 25 June 2025 and data for the 2026 calendar year.
• Non-EU CCP Reporting Deferred, Not Removed: Annual reporting on clearing activity at third-country CCPs has been postponed to the 2026 cycle, pending ESMA’s technical standards, but the obligation itself remains in place.
• Substantive EMIR 3 Obligations Still Apply: Dutch regulators are stressing that delayed reporting timelines do not suspend underlying EMIR 3 requirements, which remain mandatory from their respective start dates.

Deep Dive

Dutch financial supervisors are pressing market participants to look closely at new reporting expectations under the revised European Market Infrastructure Regulation, following fresh clarification from Europe’s securities watchdog.

On 11 December 2025, the European Securities and Markets Authority published a statement shedding light on two reporting obligations introduced under EMIR 3. The De Nederlandsche Bank and the Netherlands Authority for the Financial Markets have endorsed ESMA’s interpretation and are now asking supervised institutions to factor the guidance into their compliance planning.

While some reporting timelines have shifted, Dutch regulators are making clear that the substance of EMIR 3 is already in force and expectations are rising.

Active Account Reporting with EU CCPs

One of the key clarifications concerns the requirement for certain firms to maintain an active clearing account with a central counterparty established in the EU. Under EMIR 3, financial counterparties and non-financial counterparties subject to the clearing obligation, and meeting the conditions in Article 7a, must have such an account in place.

Based on ESMA’s statement, DNB and AFM now expect the first report under Article 7b of EMIR to be submitted no later than July 2026. That initial report will need to show that the active account requirement has been met since 25 June 2025, and it must also include data covering the 2026 calendar year.

ESMA has said additional guidance will follow to help ensure a consistent approach across member states, an issue that has been closely watched by firms trying to align operational readiness with evolving supervisory expectations.

Reporting on Clearing at Non-EU CCPs

EMIR 3 also brings in a new annual reporting obligation for EU firms that clear derivatives through recognized central counterparties located outside the EU. This requirement, set out in Article 7d, applies to EU clearing members and clients using third-country CCPs.

For now, however, firms have been given some breathing room. The detailed content and format of this report will be defined in technical standards that ESMA has yet to publish. Until those standards are finalized, the first report for the 2025 reference period has been pushed back to the 2026 reporting cycle. Regulators say the delay is designed to avoid fragmented reporting practices and unnecessary compliance work during the transition.

Despite the adjusted reporting timelines, Dutch authorities are emphasizing that EMIR 3 obligations themselves are not on hold. Firms are still expected to comply with the underlying requirements from the relevant start dates, including those tied to clearing arrangements and risk controls.

DNB and AFM say they will continue engaging with supervised institutions as implementation progresses and are encouraging firms with questions about the new obligations to reach out to their competent authority sooner rather than later.

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