What Changed
- ESMA published a draft RTS and ITS consultation package under EMIR establishing an annual reporting framework for third-country CCP clearing activity.
- The reporting framework targets EU clearing members and clients to provide supervisors with structured data on scale, characteristics, and risk profiles under EMIR 3.
- The proposal aims to limit new reporting requirements by reusing data available through existing reporting channels.
The European Securities and Markets Authority (ESMA), serving as the European Union’s financial markets regulator and supervisor, has published a public consultation paper regarding a proposed annual reporting framework under the European Market Infrastructure Regulation (EMIR). The proposed measures specifically affect EU clearing members and clients that clear financial transactions through recognised third-country central counterparties (CCPs). The initiative matters to market participants because it seeks to enhance supervisory visibility regarding EU firms' exposures to third-country CCPs.
The consultation sets out ESMA's proposed Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) under EMIR. Once finalized and implemented, these standards will establish a fully harmonised approach to reporting clearing activities at recognised third-country CCPs across the European Union.
The central objective of this reporting framework is to supply supervisory authorities with a structured, standardized, and consistent overview of the scale, key characteristics, and risk profile of EU entities' exposures to recognised third-country CCPs. This framework contributes directly to the broader supervisory monitoring regime established under EMIR 3.
To align with ESMA’s overarching agenda of simplification and administrative burden reduction, the proposal is designed to maximise the reuse of data already made available through existing reporting channels. Consequently, new reporting obligations will be limited strictly to information that is not currently accessible to ESMA or competent supervisory authorities.
ESMA is actively inviting stakeholders to provide detailed feedback on the proposed reporting framework, including the associated templates and reporting formats, by 12 October 2026. Following the close of the consultation period, ESMA will assess the responses received from industry participants and prepare a Final Report. The original publication date of the press release, as well as the eventual entry-into-force and application dates for the standards, are not provided in the source material.
Who May Be Affected
Clearing members and clients that clear transactions through recognised third-country central counterparties (CCPs).
Cross-Border Context
Applies to EU firms operating across borders by clearing transactions through non-EU (third-country) CCPs recognised under EU law.
What to check next
- Review the consultation paper, draft templates, and reporting formats on ESMA's official website.
- Submit feedback prior to the consultation deadline on 12 October 2026.
- Monitor ESMA's future publication of the Final Report following the evaluation of consultation responses.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.
Prepared automatically with AI assistance from the official sources linked on this page. Translations and explanations do not replace the official text.