Reported by Consejeros Editorial Team
The European Securities and Markets Authority (ESMA), the regulatory and supervisory body for the European Union’s financial markets, has published its final report on the regulatory technical standards (RTS) relating to the elements of the admission criteria for central counterparties (CCPs), following the revision of the European Market Infrastructure Regulation (EMIR 3).
EMIR 3 introduces amendments to the provisions relating to the requirements for participation in central counterparties (CCPs), including non-financial counterparties (NFCs).
The regulatory technical standards (RTS) specify the elements that CCPs must take into account when establishing their admission criteria for clearing members. This includes considerations relating to clearing members that are NFCs and sponsored membership models. The RTS do not set out the admission criteria themselves, but rather define the elements that CCPs must take into account.
The European Securities and Markets Authority (ESMA) conducted a public consultation on the draft regulatory technical standards (RTS) in the final quarter of 2025 and held a public hearing in November 2025. The final report takes into account the comments received during this process.
Next steps
The regulatory technical standards (RTS) will now be submitted to the European Commission for approval, after which they will be subject to scrutiny by the European Parliament and the Council.
