The European Securities and Markets Authority has launched a public consultation following the review of the European Market Infrastructure Regulation (EMIR 3), seeking stakeholder input on how central counterparties should apply key requirements on eligible collateral, investment policy and the handling of emission allowances posted to CCPs. The consultation covers the conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted by CCPs as collateral, the conditions for treating debt instruments as eligible financial instruments for CCP investment policies, and the “highly secured” arrangements for depositing emission allowances used as margin or default fund contributions. ESMA is encouraging responses from all interested stakeholders, including non-financial counterparties, reflecting EMIR 3’s permanent widening of both the types of guarantees that CCPs may accept and the range of entities that can use them, including CCP clients that are non-financial counterparties. Responses are due by 30 April 2026. ESMA will submit a final report and the final draft technical standards to the European Commission by the end of 2026.

Original source View in tracker