The European Commission has opened infringement procedures against 21 Member States for failing to fully transpose the EMIR Targeted Review Directive (EU) 2024/2994 by the 25 June 2026 deadline. The Directive updates the UCITS, Capital Requirements, and Investment Firms Directives to strengthen counterparty risk management, improve supervision of concentration risk in derivatives clearing, and promote consistent application of EMIR rules. The Member States have two months to complete transposition and notify the Commission; otherwise, the Commission may issue a reasoned opinion.