Following its July 2016 consultation, ESMA has published a final report that proposes to postpone by two years the phase-in date for central clearing of OTC derivatives applicable to Category 3 firms (i.e. financial counterparties with a limited volume of derivatives activity) under EMIR. The final report proposes new RTS to amend the Delegated Regulations on the clearing obligation under EMIR to delay the phase-in date for Category 3 firms until 21 June 2019. ESMA launched the consultation in recognition of the difficulties that these counterparties are facing in establishing the necessary clearing arrangements under EMIR.