Regulatory Alerts2026-01-16
FSMA Guidance on EMIR
The Belgian Financial Services and Markets Authority (FSMA) and National Bank of Belgium (NBB) issue guidance clarifying the application of the European Market Infrastructure Regulation (EMIR) to financial and non-financial counterparties. The document details core obligations including the mandatory central clearing of standardized OTC derivatives, transaction reporting to trade repositories, and risk mitigation techniques for uncleared contracts. It further explains recent amendments under EMIR Refit and EMIR 3, specifically highlighting the new active account requirement for clearing and the validation procedures for initial margin models.
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