Active Account EMIR Corrected: What Banks and Funds Must Review in 2026

Key data

Banks, funds and investment firms that clear OTC derivatives in the EU face an urgent task: reviewing their compliance procedures in light of the error correction to the Delegated Regulation (EU) 2026/305, published on 21 April 2026 but effective from 6 February 2026. This regulation implements the EMIR Regulation (648/2012) regarding the active account requirement, one of the key mechanisms to reduce dependence on clearing houses outside the EU, such as LCH London.

The particularity of this correction is that its entry into force precedes its publication, creating a window of non-compliance risk for entities that have not detected the change in time.

What does this regulation establish?

The Delegated Regulation (EU) 2026/305 was adopted on 29 October 2025 and published in the Official Journal on 6 February 2026. It implements EMIR Regulation in three specific areas related to the active account requirement:

• Operational conditions: Requirements that must be met by active accounts maintained in central clearing houses established in the EU.
• Representativeness obligation: Thresholds and criteria that determine what volume of transactions must be channelled through active accounts in the EU.
• Information requirements: Formats and contents of the reports that entities must submit to demonstrate compliance with the active account requirement.

The error correction published on 21 April 2026 introduces technical adjustments in one or more of these three areas. Although available data do not detail the exact text of each correction, entities must compare their current procedures with the corrected version of the regulation to detect possible deviations.

The underlying objective of the active account requirement is clear: to reduce the structural dependence of the European financial system on clearing houses in third countries, especially LCH London, which manages a very significant portion of the clearing of interest rate derivatives denominated in euros.

Economic and operational impact

The impact of this correction is not merely technical. It has real operational and compliance consequences for affected entities:

• Review of internal procedures: Entities that have already implemented the active account requirement must verify that their procedures comply with the corrected version, not the original published in February 2026.
• Risk of retroactive non-compliance: Entry into force is 6 February 2026, prior to publication of the correction (21 April 2026). This means that any procedure based on the original version could have generated technical breaches during that period.
• Adaptation costs: Reviewing and updating reporting systems, representativeness thresholds and operational conditions of active accounts requires compliance, technology and operations resources.
• Affected derivatives: The impact is especially relevant for entities that clear interest rate derivatives and credit derivatives in significant volumes.

Who does it affect?

This correction directly affects entities that are subject to the active account requirement under EMIR. Specifically:

• Banks and credit institutions that clear OTC derivatives in central clearing houses.
• Investment funds and asset managers with significant activity in interest rate or credit derivatives.
• Investment firms subject to the mandatory clearing threshold under EMIR.
• Financial counterparties that use or have used LCH London or other third-country clearing houses to clear euro-denominated derivatives.
• Compliance, risk and operations departments of the above entities, responsible for implementing and maintaining compliance procedures.

Practical example

A medium-sized Spanish bank that clears euro interest rate derivatives through LCH London has implemented since February 2026 an active account in an EU clearing house to comply with the EMIR requirement. Its reporting procedures and representativeness thresholds were configured based on Delegated Regulation 2026/305 published on 6 February 2026.

With the publication of the error correction on 21 April 2026, the bank must review whether any of the three affected areas — operational conditions, representativeness thresholds or reporting formats — has changed from what it implemented. If reporting formats, for example, have been corrected, the bank will have been sending reports in incorrect format for more than two months. Detecting and correcting this in time is critical to avoid regulatory consequences with the supervisor.

What should companies do now?

1. Locate and read the corrected version: Access the full text of the error correction CELEX:32026R0305R(01) in the EU Official Journal and identify exactly which articles or sections have been modified.
2. Compare with current procedures: Contrast the operational conditions, representativeness thresholds and reporting formats implemented since February 2026 with the corrected version to detect deviations.
3. Assess the risk period: Analyze whether between 6 February and 21 April 2026 technical breaches have been generated by following the original version of the regulation.
4. Update systems and procedures: Implement necessary adjustments in reporting systems, active account configuration and internal compliance documentation.
5. Document actions taken: Record the review and adaptation process to be able to demonstrate it to the supervisor if necessary.
6. Consult with the supervisor if in doubt: If the interpretation of the corrections is not clear, contact the competent supervisor or seek advice from specialists in financial markets regulation and EMIR.