On 14 October 2026 the BIS Committee on Payments and Market Infrastructures (CPMI) and the Board of IOSCO published their final report on FMIs’ management of general business risks and general business losses, a 29-page set of further guidance to Principle 15 of the Principles for financial market infrastructures (PFMI). The PFMI general business risk…
On 9 October 2026 ESMA opened a call for evidence on CCP collateral tokenisation (ESMA91-1505572268-4934), asking whether tokenised securities and tokenised cash could be posted as margin and default fund contributions at EU central counterparties without weakening the safeguards EMIR builds around collateral. Comments are due by 15 January 2027. ESMA says it will assess…
On 8 September 2026 the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published for public comment a discussion paper, “FMIs’ reliance on third-party service providers: challenges and risks,” and set a comment deadline of 1 December 2026. It is the clearest signal yet of where CPMI-IOSCO third-party risk work…
On 8 September 2026, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published the CPMI-IOSCO cyber resilience toolkit for public comment. It sets out four voluntary tools and asks central counterparties, central securities depositories, securities settlement systems, payment systems and trade repositories to look hard at how…
On 6 May 2026 the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) opened a consultation that would rewrite parts of two documents every central counterparty already works to: the 2017 CCP resilience guidance and the 2015 public quantitative disclosure standards. The CPMI-IOSCO initial margin package folds six…
On 23 February 2026 ESMA opened a consultation (paper reference ESMA91-1505572268-4513) on the draft regulatory technical standards that set the conditions for using guarantees as CCP collateral at an EU central counterparty. The consultation closed on 30 April 2026. The subject is narrow on paper and wide in practice: the draft RTS amends Commission Delegated…
On 6 July 2026 the CSSF published a single spreadsheet on its website, the active account notification form under Article 7a(1) of EMIR. It carries more weight than its size suggests. This EMIR active account notification is the declaration a Luxembourg financial or non-financial counterparty makes to say whether it has been pulled inside the…
On 9 July 2026, the Financial Stability Board put bank, financial-market-infrastructure and insurance resolution experts in the same room and told them to stop planning in parallel. The occasion was the FSB’s ReSolve event for its Cross-Border Crisis Management working groups, and the framing came from FSB Secretary General John Schindler: the financial system is…
On 8 July 2026 the European Securities and Markets Authority published its final report on the technical standards that flesh out how EU central counterparties must build their CCP admission criteria (ESMA91-1505572268-4692). The standards sit under Article 37(7) of EMIR, the participation-requirements article that Regulation (EU) 2024/2987, better known as EMIR 3, rewrote when it…
On 6 July 2026, the European Securities and Markets Authority (ESMA) published the first stage of its effectiveness assessment of the EMIR Active Account Requirement, together with the first annual report of the Joint Monitoring Mechanism. The rule applies to financial and non-financial EU counterparties that are subject to the EMIR clearing obligation and meet…