On 31 January 2025, the European Commission issued a press release stating that it had adopted a decision to extend the equivalence for UK central counterparties for a period of three years until 30 June 2028. The extension is designed to provide time for the implementation of the European Market Infrastructure Regulation 3. The decision
ECB FAQs on IM model approvals under EMIR 3
On 31 January 2025, the European Central Bank (ECB) issued FAQs on Initial Margin (IM) model approvals under the European Markets Infrastructure Regulation 3 (EMIR 3).
Among other things the FAQs deal with the following questions:
- In light of the European Banking Authority (EBA) opinion on the
DORA – Commission rejects draft RTS on subcontracting ICT services supporting critical or important functions
On 31 January 2025, the European Commission (Commission) published a letter (dated 21 January 2025) it had sent to the Chair of the Joint Committee of the European Supervisory Authorities (ESAs). The letter concerns the draft Delegated Regulation supplementing the Digital Operational Resilience Act (DORA) with regard to regulatory
ESMA speech – Shaping the future of EU capital markets
On 29 January 2025, the European Securities and Markets Authority (ESMA) issued a speech by Klaus Löber, Chair of the ESMA CCP Supervisory Committee, entitled Shaping the future of EU capital markets.
In his speech Mr Löber touches on ESMA’s work on implementing the European Market Infrastructure Regulation 3.
Key points include:
- ESMA
ESMA final report – EMIR RTS on colleges for central counterparties
On 28 January 2025, the European Securities and Markets Authority (ESMA) issued a Final Report which presents draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties.
The draft amendments concern only Member State competent authorities and do not impose
ESRB consultation response to the ESMA consultation on the conditions of the Active Account Requirement following the EMIR review
On 27 January 2025, the European Systemic Risk Board (ESRB) issued its response to the European Securities and Markets Authority’s earlier consultation on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).
Among other things the ESRB believes that
Start of DPE regime on 3 February and end of publication of SI data
On 24 January 2025, the European Securities and Markets Authority (ESMA) issued a new web page reminding market participants that responsibility for reporting over-the-counter (OTC) transactions will shift from systematic internalisers (SIs) to the new Designated Publishing Entities (DPEs) from 3 February 2025.
The DPE regime allows
Delegated Regulation supplementing MiFIR as regards OTC derivatives identifying reference data to be used for the purposes of the transparency requirements
On 24 January 2025, the European Commission (Commission) adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter (OTC) derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21.
The
ESMA statement on the provision of certain crypto-asset services in relation to non-MICAR compliant ARTs and EMTs
On 17 January 2025, the European Securities and Markets Authority (ESMA) issued a statement which provides guidance on how and under which timeline crypto-asset service providers (CASPs) are expected to comply with the requirements of Titles III and IV of the Regulation on markets in crypto-assets (MiCAR). In particular
ESAs report on the feasibility of further centralisation in the reporting of major ICT-related incidents by financial entities
On 17 January 2025, the European Supervisory Authorities (ESAs) issued a report on the feasibility of further centralisation in the reporting of major ICT-related incidents by financial entities according to Article 21 of the Digital Operational Resilience Act (DORA).
Article 21 DORA requires that the ESAs prepare a joint report assessing