Many existing steel multi‐storey frame buildings worldwide were designed prior to the introduction of modern seismic design provisions or based on outdated hazard maps considering low values of seismic intensity. This often resulted in buildings showing low performances with respect to earthquake loads. Assessment codes, such as the Eurocode 8 Part 3 and the ASCE 41, have been conceived to provide tools to assess the seismic performance of existing structures, to evaluate their adequacy with respect to the current safety standards and the need for seismic retrofit. However, recent research studies have revealed the necessity for a revision of these codes. In particular, for steel moment resisting frames, the current European regulation shares many similarities with older versions of the American codes, but has failed to incorporate changes based on the state‐of‐the‐art knowledge. In addition, the undergoing update of other parts of the Eurocode motivates a full revision of the current standards. This paper compares the assessment procedures of the European and American codes. Two low‐code steel Moment Resisting Frames were considered for case study purposes and the assessment was performed based on three local Engineering Demand Parameters (EDPs), i.e., column's rotation, beam's rotation and panel zone's shear distortion, and the inter‐story drift as global EDP. Incremental Dynamic Analyses were performed for the development of component and system fragility curves. The present work aims to identify some challenges and to provide some preliminary insights for the revision of the Eurocode 8 Part 3.