The European Securities and Markets Authority (Esma), the EU’s financial markets regulator and supervisor, is asking for input on the new clearing thresholds under the review of the European Market Infrastructure Regulation (Emir 3).

On 8 April 2025 Esma published for consultation the second of its draft regulatory technical standards (RTS) supplementing Emir 3.0. These draft RTS set out the proposed new clearing thresholds applicable to financial counterparties (FCs) and non-financial counterparties (NFCs). Emir 3.0 will continue to apply aggregate cleared and uncleared thresholds to FCs but will remove them for NFCs The current clearing obligation under Emir requires both FCs and NFCs to clear in-scope transactions if