ESMA opened a consultation on 18 August 2026 on the technical standards that turn EMIR Article 7d into a working return, and comments close on 12 October 2026. Article 7d, added to EMIR by Regulation (EU) 2024/2987 (EMIR 3), requires clearing members and clients that clear contracts through a central counterparty recognised under Article 25…
On 3 August 2026 the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, acting together as the ESAs, sent the European Commission a final report and a set of draft regulatory technical standards that rewrite one paragraph of the EMIR bilateral margin requirements. The paragraph is…
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…
The number that decides whether a firm falls inside the EU clearing obligation is about to be measured differently. Under EMIR 3, Regulation (EU) 2024/2987, the EMIR 3 clearing thresholds stop asking how much a counterparty trades over the counter and start asking how much it leaves uncleared. On 25 February 2026 ESMA published its…
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 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…
On 6 July 2026 the European Securities and Markets Authority (ESMA) selected Etrading Software (Netherlands) B.V. to run the EU’s OTC derivatives consolidated tape, naming it the consolidated tape provider for over-the-counter derivatives under the Markets in Financial Instruments Regulation (MiFIR). It is the third and last asset class under Article 27da of MiFIR to…
Luxembourg counterparties that clear euro or Polish zloty interest rate derivatives face their first round of EMIR active account reporting around the end of this month. ESMA’s supervisory guidance sets the first report under Article 7b of the European Market Infrastructure Regulation for 31 July 2026, covering the stretch from 25 June 2025, when the…
On 2 July 2026, ESMA put a price on something reporting teams have grumbled about for years. The regulator published its final report on the transaction reporting simplification agenda and estimated that cutting duplication across EMIR, MiFIR and SFTR could save the industry up to EUR 1 billion a year. The figure sits at the…