ESMA_QA_2776

Status: ✅ Answer Published

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Regulatory Context

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

Topic: EU-CCPs

Subject Matter: AAR representativeness obligation

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Question

Submission Date: 16-02-2026

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.