- Consultation Paper on EMIR 3 draft regulatory technical standards (RTS) on margin transparency requirements. EMIR 3 strengthens the requirements on the margin
ESMA consults on margin transparency and cost of clearing
ESMA issues Final Report on the conditions of the Active Account Requirement
On 19 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report setting out draft regulatory technical standards (RTS) on the conditions of the Active Account Requirement (AAR).
Background
Regulation (EU) 2024/2987 seeks to address financial stability risks caused by EU clearing members and clients being
Council and Parliament agree on shorter settlement cycle
On 18 June 2025, the Council of the EU issued a press release stating that it had reached provisional agreement with the European Parliament on a proposed amendment to the Central Securities Depositories Regulation which will shorten the settlement cycle from no later than two business days (the so-called ‘T+2’) to no later than one
The Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025
On 10 June 2025, the Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 were made together with an explanatory memorandum.
These Regulations come into force on 11 June 2025.
These Regulations relate to the temporary exemption which pension scheme arrangements, or ‘pension funds’, currently have from the obligation to clear certain derivative contracts through
Commission Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the functioning and management of colleges for CCPs
On 11 June 2025, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing the European Market Infrastructure Regulation (EMIR) as regards changes to the functioning and management of colleges for central counterparties (CCPs).
The Delegated Regulation makes limited amendments to Commission Delegated Regulation (EU) No 876/2013
Joint BoE / FCA consultation on amendments to the UK EMIR Trade Repository reporting requirements
On 6 June 2025, the Bank of England (BoE) and the Financial Conduct Authority (FCA) jointly issued a consultation paper setting out minor changes to the UK European Markets Infrastructure Regulation (UK EMIR) reporting regime to make it work more smoothly.
Background
The BoE and the FCA share supervisory
FCA welcomes statement supporting faster settlement of trades in funds
- The settlement period for transactions in
Corrigendum to Regulation (EU) 2024/2987
On 26 May 2025, there was published in the Official Journal of the EU, a Corrigendum to Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and
ECON report on proposed Regulation to shorten EU settlement cycle
On 20 May 2025, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee had adopted a report on the proposed Regulation to shorten the settlement cycle in the EU through an amendment to the Central Securities Depositories Regulation. The final text of the proposed Regulation will have to be
Member States agree position on shorter settlement cycle
On 7 May 2025, the Council of the EU issued a press release stating that Member States’ representatives had approved its position on a European Commission proposal to shorten the settlement period for transactions in transferable securities. Among other things the Council amended the Commission’s proposal by exempting securities financing transactions from the settlement cycle