EMIR 3.0 – Overview of European Commission’s proposed amendments to EMIR

On 7 December 2022 the European Commission published a series of proposed measures to further develop the EU’s Capital Markets Union. Of particular relevance for entities trading derivatives in the EU is the Proposal for a Regulation amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets. While the title of the regulation suggests a focus on central clearing, the proposal extends beyond clearing and makes a number of other amendments to Regulation (EU) 648/2012 (EMIR) as part of a broader review of EMIR known colloquially as “EMIR 3.0”.