The European Securities and Markets Authority has published its final report on draft regulatory technical standards under EMIR 3 that specify the elements central counterparties must consider when setting admission criteria for clearing members and when assessing whether non-financial counterparties can act as clearing members. The draft RTS are designed to support fair and open access while ensuring CCPs assess members’ financial resources, operational capacity and risk profile. They do not prescribe the admission criteria themselves, but set the factors CCPs must reflect in their own frameworks. The final draft is structured around general access principles, separate provisions for financial counterparties and non-financial counterparties, and dedicated provisions for sponsored models. CCPs would need to calibrate their criteria by membership category, product type and counterparty type, publish their admission criteria and application procedures, and document risk-based restrictions. For financial counterparties, the elements cover liquidity and settlement capacity, ability to meet margin and default fund obligations including under stress, capital and creditworthiness, operational capability, legal enforceability and other risks including anti-money laundering and counter-terrorist financing. For non-financial counterparties, ESMA has moved to a tailored framework focused on the ability to meet initial and variation margin and default fund contributions under stressed conditions, using measures such as equity capital, liquidity buffers and rapid access to funds rather than bank-style requirements. The draft also addresses group client clearing by non-financial counterparties and requires CCPs to assess sponsor arrangements, responsibility allocation and contingency measures in sponsored membership models. The draft RTS will now be submitted to the European Commission for endorsement. The Commission then has three months to decide whether to adopt them as a delegated regulation, after which they will be subject to scrutiny by the European Parliament and the Council.
European Securities and Markets Authority2026-07-08
European Securities and Markets Authority finalises RTS on CCP admission criteria under EMIR 3 with tailored rules for non-financial clearing members
The European Securities and Markets Authority has issued final draft RTS under EMIR 3 on the elements CCPs must consider when admitting clearing members, including non-financial counterparties. The framework is principle-based and risk-sensitive, with separate treatment for financial and non-financial members and specific provisions for sponsored models. The draft now goes to the European Commission, followed by scrutiny by the European Parliament and the Council.