The European Securities and Markets Authority has launched two public consultations under the European Market Infrastructure Regulation (EMIR 3) review, seeking input on how central counterparties should apply for authorisations and for approvals of model and parameter changes. The consultation papers cover the conditions for extending a central counterparty’s authorisation and the required documentation and information for initial authorisations and extensions, as well as the conditions for validating changes to a central counterparty’s models and parameters and the required application package for those validations. ESMA linked the work to EMIR 3 measures intended to streamline and shorten supervisory procedures to improve the efficiency and competitiveness of EU clearing services and EU CCPs. Responses are due by 7 April 2025. ESMA will use the feedback to prepare a final report and intends to submit final draft technical standards to the European Commission by 25 December 2025.
European Securities and Markets Authority 2025-02-07
European Securities and Markets Authority launches consultations on CCP authorisation extensions and model change validations under EMIR 3
The European Securities and Markets Authority (ESMA) has initiated two public consultations under the European Market Infrastructure Regulation (EMIR 3) review. These consultations seek input on authorisation processes and model and parameter change approvals for central counterparties. The initiative aims to streamline supervisory procedures to enhance the efficiency and competitiveness of EU clearing services and central counterparties.