EMIR Reporting: CSSF’s & ESMA’s guidance on what market participants need to know for the 2025-2026 reporting cycle

I. ESMA’s Statement on new EMIR 3 reporting obligations

Following the entry into force of Regulation (EU) 2024/2987¹ (EMIR 3) on 24 December 2024, which has amended Regulation (EU) No 648/2012² (EMIR), new reporting obligations were introduced. In its 12 December 2025 communication, the CSSF refers to ESMA’s Statement of 11 December 2025, in which it has clarified two key reporting obligations introduced by EMIR 3. 

1. Reporting under the active account requirement (AAR) (Article 7a(1) of EMIR) 

The active account requirement (AAR) for counterparties meeting the conditions of Article 7a(1) of EMIR has been applicable since 25 June 2025. For further details, we refer to our newsflash dated 2 July 2025, EMIR: application of active account requirement (AAR). 

In order to ensure a consistent and effective implementation of the AAR for counterparties subject to this obligation, ESMA submitted to the European Commission draft Regulatory Technical Standards (RTS) specifying the AAR conditions including information on reporting obligations for entities subject to the AAR. These RTS were adopted by the European Commission on 29 October 2025 and are currently under scrutiny by the European Parliament and Council. 

In its Statement, ESMA expects entities subject to AAR to make their first reporting submission by July 2026. This first submission must cover any backlog data evidencing compliance with the AAR for the period starting 25 June 2025, along with data for 2026.

In the interim, ESMA will issue further guidance on how to complete reports using the templates set out in the RTS. 

2. Reporting of information on clearing activity at recognised third-country CCPs (Article 7d of EMIR)

Counterparties subject to the new reporting obligation concerning the clearing activities at recognised third-country CCPs pursuant to Article 7d of EMIR are expected to report to their competent authorities annually. ESMA will specify the content and details of this reporting through RTS and Implementing Technical Standards (ITS). 

Given that these RTS and ITS have not yet been published, ESMA has indicated that the first reporting under Article 7d of EMIR (covering 2025 data) is expected to be submitted alongside the 2026 reporting cycle, once the necessary RTS/ITS have been implemented. This will avoid inconsistencies in the way reporting will be performed by supervised entities.

II. CSSF’s expectation on the reconciliation controls on transaction reports by trade repositories 

In its communication dated 12 December 2025, the CSSF reminds market participants that following the entry into force of Commission Delegated Regulation (EU) 2022/1858 of 10 June 2022 (RTS) on 29 April 2024, trade repositories (TRs) must perform reconciliation controls on transaction reports based on a subset of fields subject to reconciliation.

The CSSF highlights that new fields will be applicable as of 29 April 2026, namely two years from the initial starting date of the reporting obligation. A detailed list of those newly applicable fields is set out in Table 2 of the RTS.

In line with the above, the CSSF expects market participants to ensure high data quality and coherence in the data reported by themselves and their counterparties. 

According to Article 9(3) of Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022, the CSSF emphasises that counterparties, the entities responsible for reporting and the report submitting entities, as applicable, shall have in place arrangements which ensure that the feedback on the reconciliation failures provided under Article 3 of the RTS is taken into account.

If you have any questions, please contact your usual contact at Elvinger Hoss Prussen.