Source: European Union 2 Published on: 2026-07-08
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Final Report on the Regulatory Technical Standards (RTS) concerning the central counterparties’ (CCPs) admission criteria elements, following the review of the European Market Infrastructure Regulation (EMIR 3).
EMIR 3 introduces amendments to the provisions on participation requirements in CCPs, including for non-financial counterparties (NFCs).
The RTS specify the elements which CCPs should consider when establishing their admission criteria for clearing members. This includes considerations related to NFC clearing members and sponsored membership models. The RTS do not set the actual admission criteria but instead define the elements for CCPs to consider.
ESMA conducted a public consultation on the draft RTS in the last quarter of 2025 and held a public hearing in November 2025. The Final Report considers the feedback received during this process.
The RTS will now be submitted to the European Commission for endorsement, following which they will be subject to scrutiny by the European Parliament and the Council.
Further information:
Communications Officer
press@esma.europa.eu
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