In our latest briefing note, we explain the upcoming changes to the EU Emissions Trading System (EU ETS) and the UK Emissions Trading Scheme (UK ETS) as carbon pricing enters a new phase through the expansion of their emissions trading systems to cover new sectors while introducing broader carbon measures
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
On 4 March 2026, the Bank of England (BoE) issued a consultation paper on the approach to using its requirements and permissions powers to facilitate mobilisation of new central counterparties (CCPs). The consultation paper is relevant to all prospective UK CCPs seeking recognition by the BoE.
Background
The BoE published its
On February 27, 2026, the German regulator, the Federal Financial Supervisory Authority (BaFin), has partially revoked its general rulings on post‑trade transparency for trading venues and OTC trading.
The decision follows updated European regulatory requirements under the amended Delegated Regulation (EU) 2017/583. As a result, rules governing deferred publication obligations for bonds, structured
On 26 February 2026, the European Securities and Markets Authority (ESMA) issued a consultation paper on regulatory technical standards (RTS) on the post trade risk reduction (PTRR) services exemption.
Background
Regulation (EU) No 2024/2987 (EMIR 3) introduces an exemption from the clearing obligation for transactions resulting from
On 25 February 2026, the European Securities and Markets Authority (ESMA) issued a Final Report on draft technical standards amending Regulation (EU) 149/2013 to further detail the new European Market Infrastructure Regulation (EMIR) clearing thresholds regime.
Background
The Final Report follows an earlier consultation that ESMA issued last April.
Structure of
On 23 February 2026, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft regulatory technical standards (RTS) amending Commission Delegated Regulation 153/2013 in relation to public guarantees, public bank guarantees and commercial bank guarantees as collateral and in relation to certain aspects of investment policy and highly
On 20 February 2025, the European Securities and Markets Authority (ESMA) issued a Supervisory Briefing that aims to clarify and provide examples as to how compliance with the representativeness obligation should be performed and reported by counterparties in accordance with Article 7b of EMIR and Annex III of Commission Delegated Regulation (EU) 2026/305.
On 6 February 2026, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation 2026/305 of 29 October 2025 supplementing the European Market Infrastructure Regulation (EMIR) with regard to regulatory technical standards (RTS) specifying the operational conditions, the representativeness obligation and the reporting requirements related