The European Securities and Markets Authority (ESMA) has opened two public consultations following the review of the European Market Infrastructure Regulation (EMIR 3), covering transparency on clearing service costs and margin-related disclosures and tools. One consultation addresses what information clearing service providers should disclose to clients on the costs and fees of clearing services. The second covers requirements for central counterparties’ margin simulation tools and clearing service providers’ margin simulations, as well as the information central counterparties and clearing service providers should provide about their margin models. Responses are due by 8 September 2025. ESMA plans to submit final reports and final draft technical standards to the European Commission by 25 December 2025.
European Securities and Markets Authority 2025-06-24
European Securities and Markets Authority launches EMIR 3 consultations on clearing fee disclosures and margin simulation requirements
The European Securities and Markets Authority (ESMA) has launched two public consultations following the review of the European Market Infrastructure Regulation (EMIR 3). The consultations focus on transparency regarding clearing service costs and margin-related disclosures and tools. They address information disclosure requirements for clearing service providers and central counterparties.