The European Securities and Markets Authority (ESMA) plans to issue a supervisory briefing, accompanied by a question-and-answer guide, to clarify reporting requirements for firms obligated to clear a portion of their interest rate derivatives onshore, according to a report by Risk.net.
The forthcoming guidance aims to address difficulties firms have experienced in navigating the rules since the active accounts requirement took effect last June. The rules are part of the broader EMIR 3 regulatory framework, which is facing implementation challenges, according to industry sources cited by fi-desk.com. The slow pace of regulatory finalization is hindering preparation for EMIR 3, the industry publication reported on February 15, 2026.
ESMA’s active account requirements have proven particularly complex. Earlier, the proposals received criticism from the FIA and ISDA, who raised concerns about the practicality of the requirements, as reported by fi-desk.com. In August 2025, Simmons & Simmons highlighted the evolving landscape of EMIR 3, signaling ongoing adjustments to the regulatory framework.
The upcoming briefing from ESMA is intended to provide clarity on how firms should report data ahead of the full adoption of the revised Regulatory Technical Standards (RTS). Ashurst reported that ESMA had already revised draft active account technical standards, indicating a responsive approach to industry feedback.
The need for clearer guidance comes as banks are increasingly seeking to move away from reliance on spreadsheets for regulatory reporting, according to Risk.net. This shift towards more sophisticated data management systems is being driven by the increasing complexity of regulations like EMIR 3.
