EMIR: Implementation of requirements according to Regulation (EU) 2024/2987 (EMIR 3.0) into the legal framework of Eurex Clearing AG

1.  Introduction

This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Clearing Conditions of Eurex Clearing AG (Clearing Conditions) and to the Statutes for the EMIR Risk Committee regarding the following topic:

• Implementation of additional requirements stipulated by Regulation (EU) 2024/2987 (EMIR 3.0) 

The planned effective date for these amendments is 13 January 2025. 

2.  Required action

Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors and other affected contractual parties should take the amendments to the Clearing Conditions and FCM Regulations into consideration.

3.  Details of the initiative

The contemplated amendments to the Clearing Conditions and the Statutes for the EMIR Risk Committee implement additional requirements introduced by Regulation (EU) 2024/2987 (EMIR 3.0) 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 (EMIR 3.0), which foresee the following amendments: 

• Amendments to Article 28 EMIR foresee that Eurex Clearing needs to inform not only the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin), but also the European Securities and Markets Authority (ESMA), if Eurex Clearing deviates from a recommendation by the EMIR Risk Committee.

• Further, also ESMA has to be able to attend EMIR Risk Committee meetings in a nonvoting capacity.

• Due to changes to Article 37 (1) EMIR, the CCP’s admission criteria shall foresee that no CCPs shall become a Clearing Member or Disclosed Direct Client.

• Pursuant to the newly introduced Art 37 (1a) EMIR, Non-Financial Counterparties shall only become Clearing Members, if they are able to demonstrate how they intend to fulfil margin requirements and Default Fund Requirement.

To reflect the proposed changes, the following provisions in the Clearing Conditions and the Status for the EMIR Risk Committee will be amended as outlined in Attachments 1 and 2:

• Attachment 1: Chapter I Part 1 Number 1.5.3 and Number 2.1.2 (2) (e) and Part 6 Subpart B No 1.1 (6) of the Clearing Conditions, and 
• Attachment 2: § 8 of the Statutes for the EMIR Risk Committee 

Publication of amendments to the Clearing Conditions

As of the effective date, the full versions of the amended Clearing Conditions will be available for download on the Eurex Clearing website www.eurex.com/ec-en/ under the following link:

Rules & Regs > Eurex Clearing Rules & Regulations

The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties. 

Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.

Attachments:

• 1 – Amended sections of Chapter I of the Clearing Conditions of Eurex Clearing AG
• 2 – Amended sections of the Statutes for the EMIR Risk Committee

Further information