On 17 March 2025, the European Securities and Markets Authority (ESMA) announced that it was prolonging the tiering determination decisions and recognition decisions for the three UK central counterparties (CCPs) that were adopted by the European Supervisory Authority on 25 September 2020. The application of the tiering determination decisions and recognition
On 24 January 2025, the Global Foreign Exchange Committee (GFXC) issued a press release announcing that it had completed its review of the FX Global Code (Code).
This latest version of the Code will supersede the July 2021 version. Updates have been made to five of the Code’s fifty-five principles to
On 17 December 2024, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing on central counterparties (CCPs) ongoing monitoring of operational capacity of clearing members under Article 37(2) of the European Market Infrastructure Regulation (EMIR).
The Supervisory Briefing is addressed to Member State competent authorities (NCAs
The Global Foreign Exchange Committee (GFXC) has issued a press release following its virtual meeting on 5–6 December 2024.
Among other things the press release notes that:
On 4 December 2024, there was published in the Official Journal of the EU (OJ):
On 20 November 2024, the European Securities and Markets Authority (ESMA) issued a consultation on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).
Background
EMIR 3 addresses financial stability risks caused by EU clearing members and clients being
On 19 November 2024, the European Securities and Markets Authority (ESMA) published a final report containing technical advice on the Central Securities Depositories Regulation (CSDR) penalty mechanism.
Background
The CSDR contains measures intended to prevent and address failures in the settlement of securities transactions (settlement fails), commonly referred to as settlement
On 19 November 2024, the Council of the EU issued a press release stating that it had adopted the Regulation amending the European Market Infrastructure Regulation and the related Directive amending various directives on the treatment of concentration risk towards central counterparties and the counterparty risk on centrally cleared derivative transactions.
Next steps
The draft
On 29 October 2024, the European Banking Authority (EBA), in cooperation with the other European Supervisory Authorities, issued a short survey addressed to entities within the scope of the initial margin (IM) model authorisation regime introduced by the upcoming revised European Market Infrastructure Regulation (EMIR 3).
Background
EMIR 3
On 15 October 2024, the Committee on Payments and Market Infrastructures (CPMI) issued the following reports which offer insights into enhancing cross-border payments by facilitating the interlinking and interoperability of payment systems: