On 2 March 2026, the European Securities and Markets Authority (ESMA) published the following final reports on draft regulatory technical standards (RTS) on margin transparency requirements and information on clearing fees and associated costs under the European Market Infrastructure Regulation (EMIR).

Background

On 24 June 2025, ESMA issued consultation papers following the review of EMIR (EMIR 3), which strengthens requirements for central counterparties (CCPs) and clearing service providers (CSPs) on margin transparency requirements and for CSPs to disclose information on clearing fees and associated costs.

Final report on draft RTS on margin transparency requirements

EMIR 3 introduced more detailed requirements on the margin model information and the margin simulation tool to be provided by CCPs. It also introduced new requirements for CSPs to improve transparency on their margin models and to provide a simulation of their margin requirements. In accordance with Article 39(10) of EMIR, ESMA is mandated to further specify these requirements in draft RTS.

The final draft RTS presented in the final report takes into account feedback received from the earlier public consultation along with guidance from the European Banking Authority (EBA) and the European System of Central Banks, outlining the following requirements proposed by ESMA with regard to the information to be provided by:

  • CCPs on their margin models in accordance with Article 38(7) of EMIR and with regard to their initial margin simulation tool in accordance with Article 38(6) of EMIR.
  • CSPs to clients in accordance with points (a) to (c) of Article 38(8) of EMIR.

Final report on draft RTS on information on clearing fees and associated costs

Article 7c of EMIR, as amended by EMIR 3, imposes transparency obligations on CSPs. Specifically, CSPs are required to disclose, in respect of each CCP at which they offer clearing services, the fees they charge to clients for the provision of those services, together with any additional fees and associated costs. ESMA was mandated under Article 7c(4) to develop draft RTS further specifying the scope of the information that CSPs must disclose. The final draft RTS contains provisions on on-boarding fees, fixed fees and transaction fees charged by CSPs.

Next steps

The final reports will be submitted to the European Commission. The Commission has three months to decide whether to adopt the draft RTS in the form of Commission Delegated Regulations. Following adoption, they are then subject to non-objective by the European Parliament and the Council.