Commission Delegated Regulation (EU) 2026/305 of 29 October 2025 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards specifying the operational conditions, the representativeness obligation and the reporting requirements related to the active account requirement

• CELEX: Delegated Regulation (EU) 2026/305
• Articles: 14

Article 1 Requirements for the contractual arrangements, policies and procedures and the IT connectivity

Counterparties subject to the obligation set out in Article 7a(3), point (a), of Regulation (EU) No 648/2012 shall demonstrate to their competent authorities that they have in place:

(a)

a contractual arrangement, detailing how an active account with an authorised CCP can be accessed and used, including in relation to cash and collateral accounts, either directly, through a clearing member or through a client providing client clearing services in the categories of derivative contracts referred to in Article 7a(6) of Regulation (EU) No 648/2012;

(b)

internal policies and procedures pertaining to the contractual arrangements referred to in point (a);

(c)

an IT environment sufficient to connect to the active account either directly with an authorised CCP, or through a clearing member or a client providing client clearing services and withstand the volumes mandated by that Regulation.

Article 2 Requirements for the operational capacity of the counterparty to support a large increase in clearing activity and a large flow of transactions in a short period of time

1.   Counterparties subject to the obligation set out in Article 7a(3), point (b), of Regulation (EU) No 648/2012 shall demonstrate to their competent authorities that they have:

(a)

internal systems that monitor the counterparty’s exposures;

(b)

internal arrangements to support a large flow of transactions from positions held in a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012 under different scenarios assessing any potential legal and operational barriers that would prevent those positions from being transferred;

(c)

the necessary human resources to support the proper functioning of the clearing arrangements at all times, including where the account has to support:

(i)

a large shift in positions from a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012;

(ii)

a large inflow of new trades in the derivative contracts referred to in Article 7a(6) of Regulation (EU) No 648/2012;

(d)

a written statement from either the CCP, the clearing member or the client clearing services provider, confirming that the CCP has the operational capacity to clear either of the following:

(i)

three times the gross notional value cleared by the CCP across all clearing members for the previous 12 months in the derivative contracts referred to in Article 7a(6) of Regulation (EU) No 648/2012;

(ii)

the sum of the total gross notional value cleared by the CCP and by CCPs with a substantially systemically important clearing service identified pursuant to Article 25(2c) of Regulation (EU) No 648/2012 across all clearing members for the previous 12 months, in the derivative contracts referred to in Article 7a(6) of that Regulation;

(e)

a written statement from the counterparty confirming that the counterparty itself or its clearing service provider has the operational capacity to clear either of the following:

(i)

three times the gross notional value cleared in the account by the counterparty for the previous 12 months in the derivative contracts referred to in Article 7a(6) of Regulation (EU) No 648/2012;

(ii)

the total gross notional value cleared by the counterparty for the previous 12 months in the derivative contracts referred to in Article 7a(6) of Regulation (EU) No 648/2012.

2.   The written statements referred to in paragraph 1, points (d) and (e), shall confirm that the increase of clearing activity can take place within one month.

3.   The requirement of written form laid down in paragraph 1, points (d) and (e) may be fulfilled by an appropriate electronic document with a qualified electronic signature.

Article 3 Stress-testing of the operational conditions of the active account

The stress testing referred to in Article 7a(4), fourth subparagraph of Regulation (EU) No 648/2012 shall consist of technical and functional tests that verify the operational capacity and the functioning of the IT connectivity with the CCP, directly or indirectly, with the clearing member or client providing client clearing services in accordance with Article 1.

Those technical and functional tests shall demonstrate to the competent authority that the account of the counterparty can withstand a substantial increase in clearing activity as referred to in Article 2(1), points (d) and (e).

The tests shall take place annually.

Article 4 Representativeness obligation for interest rate OTC derivatives denominated in euro

1.   Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing interest rate OTC derivatives denominated in euro, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in each of the five most relevant subcategories at an authorised CCP for each class of derivatives denominated in euro set out in Annex I to Commission Delegated Regulation (EU) 2015/2205  ( 3 ) .

2.   For each class of derivatives referred to in paragraph 1 of this Article, counterparties referred to in that paragraph shall identify the five most relevant subcategories in which they clear the most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The five most relevant subcategories shall be selected, for each class of derivatives referred to in paragraph 1 of this Article, among the subcategories set out respectively in Table 1, Table 2 and Table 3 of Annex I to this Regulation, and over the reference period referred to in paragraph 3.

3.   For interest rate OTC derivatives denominated in euro, the reference period referred to in Article 7a(4), fifth subparagraph, first sentence, of Regulation (EU) No 648/2012 shall be:

(a)

one month for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;

(b)

six months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.

4.   For the purposes of paragraphs 1 to 3, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes and maturities between the derivatives cleared at an authorised CCP and derivatives cleared at a clearing service of substantial systemic importance.

Article 5 Representativeness obligation for interest rate OTC derivatives denominated in Polish zloty

1.   Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing interest rate OTC derivatives denominated in Polish zloty, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in the most relevant subcategory at an authorised CCP for each class of derivatives denominated in Polish zloty set out in Annex I to Commission Delegated Regulation (EU) 2016/1178  ( 4 ) .

2.   For each class of derivatives referred to in paragraph 1, counterparties referred to in that paragraph shall identify the most relevant subcategory in which they clear most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The most relevant subcategory shall be selected for each class of derivatives referred to in paragraph 1 among the subcategories set out respectively in Table 4 and Table 5 of Annex I to this Regulation, and over the reference period referred to in paragraph 3.

3.   For interest rate derivatives denominated in Polish zloty, the reference period referred to in Article 7a(4), fifth subparagraph, first sentence of Regulation (EU) No 648/2012 shall be 12 months.

4.   For the purposes of paragraphs 1 to 3, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes and maturities between the derivatives cleared at an authorised CCP and derivatives cleared at a clearing service of substantial systemic importance.

Article 6 Representativeness obligation for short-term interest rate derivatives denominated in euro

1.   Counterparties subject to the obligation set out in Article 7a(1) of Regulation (EU) No 648/2012, and clearing short-term interest rate derivatives denominated in euro, shall clear at least the required minimum number of trades as set forth in the fifth subparagraph of Article 7a(4) in Regulation (EU) No 648/2012 in each of the four most relevant subcategories at an authorised CCP for each class of derivatives in Table 6 set out in Annex I to this Regulation.

2.   For each class of derivatives set out in Table 6 of Annex I to this Regulation, counterparties referred to in paragraph 1 of this Article shall identify the four most relevant subcategories in which they clear the most trades at a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012. The four most relevant subcategories shall be selected, for each class of derivatives set out in Table 6 of Annex I to this Regulation, among the subcategories set out in Table 7 of Annex I to this Regulation for derivatives referencing Euribor over the reference period referred to in paragraph 3 and among the subcategories set out in Table 8 of Annex I to this regulation for derivatives referencing €STR over the reference period referred to in paragraph 4.

3.   For short-term interest rate derivatives referencing the Euro Interbank Offered Rate (Euribor), the reference period referred to in Article 7a(4), fifth subparagraph, first sentence, of Regulation (EU) No 648/2012 shall be:

(a)

one month for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;

(b)

six months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.

4.   For short-term interest rate derivatives referencing the Euro short-term rate (€STR), the reference period shall be:

(a)

six months for counterparties with a notional clearing volume outstanding of more than EUR 100 billion in derivative contracts;

(b)

12 months for counterparties with a notional clearing volume outstanding of less than EUR 100 billion in derivative contracts.

5.   For the purposes of paragraphs 1 to 4, counterparties shall be able to demonstrate to the competent authority concerned that there are no systematic or material differences in average trade sizes of the products cleared at an authorised CCP and products cleared at a clearing service of substantial systemic importance.

Article 7 Reporting on aggregate thresholds for assessing compliance with the active account

1.   Every six months, counterparties shall report to their competent authority the information referred to in Table 1 and Table 2 of Annex II to this Regulation.

2.   The information referred to in Table 2 of Annex II to this Regulation shall be reported at the level of the counterparty. However, where the counterparty belongs to a group subject to consolidated supervision in the Union as referred to in Article 7a(2) of Regulation (EU) No 648/2012, the information referred to in Table 2 of Annex II to this Regulation shall also be reported at the level of any subsidiaries, within and outside the Union.

Article 8 Reporting on the operational conditions of the active account

1.   Every six months, counterparties shall provide their competent authority with a written statement confirming that they comply with Articles 1, 2 and 3 of this Regulation.

2.   The counterparties referred to in the paragraph 1 shall keep at the disposal of their competent authority the documentation necessary to prove that the counterparties comply with Articles 1, 2 and 3 of this Regulation.

Article 9 Reporting on the representativeness obligation

1.   Every six months, counterparties shall report to the competent authority:

(a)

the most relevant subcategories, as referred to in Articles 4(2), 5(2) and 6(2) of this Regulation;

(b)

the number of trades cleared, in each of the most relevant subcategory referred to Articles 4(2), 5(2) and 6(2), per class of derivative contracts and per reference period at clearing services of substantial systemic importance as specified pursuant to Article 25(2c) of Regulation (EU) No 648/2012;

(c)

the number of trades cleared, based on the average of the 12 previous months, in each of the most relevant subcategory referred to in Articles 4(2), 5(2) and 6(2), per class of derivative contracts and per reference period at an authorised CCP;

(d)

the duration of the reference period referred to in Articles 4(3) and 5(3) and Article 6(3) and (4).

2.   Counterparties shall report to the competent authority when the number of trades cleared in a subcategory of the derivative contracts referred to in Article 7a(6) of Regulation (EU) No 648/2012 exceeds half of that counterparty’s total trades of the previous 12 months.

3.   For the purposes of paragraph 1, counterparties shall use for each class of derivatives the Tables set out in Annex III to this Regulation, as appropriate.

Article 10 Reporting arrangements from counterparties to competent authorities

1.   Without prejudice to competent authorities requesting more frequent reporting pursuant to Article 7b(3) of Regulation (EU) No 648/2012, counterparties shall submit reports compliant with the templates set out in Annex II and III to this Regulation to competent authorities on the last day of January and on the last day of July each year. Each report shall contain the information pertaining to the previous 12 months.

2.   By way of derogation from paragraph 1, the first submission to the competent authorities of data compliant with the templates set out in Annex II and III shall occur on the first reporting date falling no earlier than six months from 26 February 2026. The data shall contain information pertaining to the whole period starting from that date until the reporting date.

Article 11 Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .

Schedules & Appendices

ANNEX I Classes of derivatives and relevant subcategories for the representativeness obligation

ANNEX I

Classes of derivatives and relevant subcategories for the representativeness obligation

Table 1

Subcategories for EUR Fixed-to-float

Trade size (in EUR million)

Maturity

[0-25M]

(25M-50M]

(50M+]

[0-5Y]

(5Y-10Y]

(10Y-15Y]

(15Y+]

Table 2

Subcategories for EUR OIS

Trade size (in EUR million)

Maturity

[0-25M]

(25M-100M]

(100M+]

[0-1Y]

(1Y-2Y]

(2Y-5Y]

(5Y+]

Table 3

Subcategories for EUR FRA

Trade size (in EUR million)

Maturity

[0-75M]

(75M-200M]

(200M+]

[0-6M]

(6M-12M]

(12M-18M]

(18M+]

Table 4

Subcategories for PLN Fixed-to-float

Trade size (in PLN million)

Maturity

Any trade size

Any maturity

Table 5

Subcategories for PLN FRA

Trade size (in PLN million)

Maturity

Any trade size

Any maturity

Table 6

Classes of derivatives for EUR STIR

Execution

Underlying

Reference index

Settlement currency

Settlement currency type

Optionality

EU or third-country exchange

3-month interest rate

Euribor

EUR

Single currency

Excluded

EU or third-country exchange

3-month interest rate

€STR

EUR

Single currency

Excluded

Table 7

Subcategories for EUR STIR referencing Euribor

Trade size (in EUR million)

Maturity

Any trade size

[0-6M]

(6M-12M]

(12M-24M]

(24M+]

Table 8

Subcategories for EUR STIR referencing €STR

Trade size (in EUR million)

Maturity

Any trade size

[0-6M]

(6M-12M]

(12M-24M]

(24M+]

ANNEX II Templates referred to in Article 7

ANNEX II

Templates referred to in Article 7

Table 1

Counterparty information

Field

Details to reported

1

Reporting date

Date of the submission of the report to the competent authority

2

Counterparty subject to the AAR

The Legal Entity Identifier (LEI) of the counterparty to a derivative transaction who is fulfilling its reporting obligation via the report concerned.

In the case of an allocated derivative transaction executed by a fund manager on behalf of a fund, the fund and not the fund manager shall be reported as the counterparty.

3

Nature of the counterparty

Indicate whether the counterparty is a CCP, a financial counterparty, or a non-financial counterparty, as defined in Article 2, points (1), (8) and (9), respectively, of Regulation (EU) No 648/2012, or an entity as referred to in Article 1, point (5), of that Regulation.

4

Entities within the group

A list of the Legal Entity Identifiers (LEIs) of the entities within the group.

5

Ultimate parent entity

The Legal Entity Identifier (LEI) of the Ultimate Parent Entity of the group.

6

Clearing member

The Legal Entity Identifier (LEI) of the clearing member.

Table 2

Activities and risk exposures

Field

Details to reported

Total

1

Gross Notional Amount outstanding of the aggregate month-end average position for the previous 12 months in the categories of derivatives contracts cleared under Article 7a(6) of Regulation (EU) No 648/2012

The aggregate sum of the notional amount of leg 1 and, where applicable, the notional amount of leg 2, for the derivatives in scope of this reporting, as referred to in Article 5 of Commission Delegated Regulation (EU) 2022/1855  ( 1 )

2

Dimension 1 – Breakdown total by category of derivative

EUR OTC IRD

PLN OTC ORD

EUR STIR

3

Dimension 2 – Breakdown by CCP (EU/Tier 2/Tier 1) (reporting at CCP LEI level)

CCP1

CCP2

…

CCP1

CCP2

…

CCP1

CCP2

…

( 1 )   Commission Delegated Regulation (EU) 2022/1855 of 10 June 2022 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards specifying the minimum details of the data to be reported to trade repositories and the type of reports to be used ( OJ L 262, 7.10.2022, p. 1 , ELI: http://data.europa.eu/eli/reg_del/2022/1855/oj ).

ANNEX III Reporting for the representativeness obligation

ANNEX III

Reporting for the representativeness obligation

[To be completed with the number of trades per sub-category per class of derivative contracts and per applicable reference period]

Table 1

Subcategories for EUR Fixed-to-float

Reference period

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in EUR million)

Trade size (in EUR million)

Maturity

[0-25M]

(25M-50M]

(50M+]

Maturity

[0-25M]

(25M-50M]

(50M+]

[0-5Y]

[0-5Y]

(5Y-10Y]

(5Y-10Y]

(10Y-15Y]

(10Y-15Y]

(15Y+]

(15Y+]

Table 2

Subcategories for EUR OIS

Reference period

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in EUR million)

Trade size (in EUR million)

Maturity

[0-25M]

(25M-100M]

(100M+]

Maturity

[0-25M]

(25M-100M]

(100M+]

[0-1Y]

[0-1Y]

(1Y-2Y]

(1Y-2Y]

(2Y-5Y]

(2Y-5Y]

(5Y+]

(5Y+]

Table 3

Subcategories for EUR FRA

Reference period

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in EUR million)

Trade size (in EUR million)

Maturity

[0-75M]

(75M-200M]

(200M+]

Maturity

[0-75M]

(75M-200M]

(200M+]

[0-6M]

[0-6M]

(6M-12M]

(6M-12M]

(12M-18M]

(12M-18M]

(18M+]

(18M+]

Table 4

Subcategories for PLN Fixed-to-float

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in PL million)

Trade size (in PL million)

Maturity

Any trade size

Maturity

Any trade size

Any maturity

Any maturity

Table 5

Subcategories for PLN FRA

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in PL million)

Trade size (in PL million)

Maturity

Any trade size

Maturity

Any trade size

Any maturity

Any maturity

Table 6

Subcategories for EUR STIR referencing Euribor

Reference period

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in EUR million)

Trade size (in EUR million)

Maturity

Any trade size

Maturity

Any trade size

[0-6M]

[0-6M]

(6M-12M]

(6M-12M]

(12M-24M]

(12M-24M]

(24M+]

(24M+]

Table 7

Subcategories for EUR STIR referencing €STR

Reference period

Clearing service of substantial systemic importance under Article 25(2c)

Authorised CCP under Article 14

Trade size (in EUR million)

Trade size (in EUR million)

Maturity

Any trade size

Maturity

Any trade size

[0-6M]

[0-6M]

(6M-12M]

(6M-12M]

(12M-24M]

(12M-24M]

(24M+]

(24M+]