ESMA_QA_2776

Status: ✅ Answer Published

Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2776

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Regulatory Context

Regulation : EMIR

Level 1 Regulation: Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs

Level 2 Regulation: No information available

Level 3 Regulation: No information available

Topic: EU-CCPs

Subject Matter: AAR representativeness obligation

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Question

Submission Date: 16 February 2026

Are counterparties immediately relieved from the representativeness obligation, including reporting, when they no longer meet the EUR 6 billion threshold set out under Article 7a(4) of EMIR?

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ESMA Answer

Answer Date: 27-02-2026

The representativeness obligation, including reporting, ceases to apply as soon as a counterparty no longer meets the EUR 6 billion threshold set out under Article 7a(4) of EMIR.  However, to enable NCAs to verify compliance, a counterparty must still submit the reporting covering the last period during which it was subject to the representativeness obligation.  Counterparties must keep monitoring their positions on a continuous basis against the relevant thresholds.

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This document was automatically extracted from the ESMA EMIR Q&A database.