- Timing of the entry into force and application of the delegated acts related to CTP
ESMA clarifies some aspects of the CTP for bonds
ECB opinion on shorter settlement cycle
On 1 April 2025, the European Central Bank issued an opinion on the proposed Regulation amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union.
The short opinion only contains general observations which include the ECB welcoming the proposed Regulation’s objective of reducing the maximum duration of the settlement cycle as
ESMA extends the tiering and recognition of the three UK-based CCPs
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
EBA consults on draft RTS on the threshold for prudential risk management requirements of CSDs providing banking-type ancillary services
On 14 March 2025, the European Banking Authority (EBA) issued a consultation paper containing draft Regulatory Technical Standards (RTS) on the determination of the threshold referred to in Article 54(5) of the Central Securities Depositories Regulation (CSDR) and accompanying appropriate risk management and accompanying prudential requirements to mitigate risks
EBA consults on fees to validate pro forma models under the EMIR
On 5 March 2025, the European Banking Authority (EBA) issued a Discussion Paper on fees to be paid by financial and non-financial counterparties requiring the validation of pro forma models under the European Market Infrastructure Regulation (EMIR).
The European Commission previously issued a request for technical advice on a possible delegated
ESMA publishes first set of technical standards on different aspects of CSDR Refit
- Draft technical standards amending Regulation (EU) 2017/392 and Regulation (EU) 2017/394 under CSDR on review
ESMA consults on the amendments to the RTS on settlement discipline
On 13 February 2025, the European Securities and Markets Authority (ESMA) issued a consultation paper on amendments to the regulatory technical standards (RTS) on settlement discipline.
Background
The Central Securities Depositories Regulation (CSDR) Refit (Regulation 2023/2845) introduced certain amendments to Article 6(5) and 7(10) of the CSDR mandating ESMA
ESMA consults on CCP authorisations, extensions and validations
- Consultation paper on the extensions of authorisation conditions and list of documents under the European Market Infrastructure Regulation (EMIR). This consultation paper presents the four draft Regulatory Technical Standards (RTS) that ESMA
Split the Difference podcast: Episode 12 – 2025 outlook
In this latest episode of our podcast series, Split the Difference, Hannah Meakin, Floortje Nagelkerke, Anna Carrier, Lucy Dodson and Simon Lovegrove look ahead at some of the key regulatory topics impacting institutions in the markets space in both the UK and the EU during 2025.
The podcast is here.
Commission extends time-limited equivalence for UK CCPs
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