ESMA · ESMA_QA_2776 Answer Published
AAR representativeness obligation
- Regulation
- Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
- Article
- Article 7a
- Topic
- EU-CCPs
- Submitted
- 2026-02-16
- Answered
- 2026-02-27
Question
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?
Answer
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.
This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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