On 28 September 2022, the European Securities and Markets Authority (ESMA) issued a feedback report on the review of the clearing thresholds under the European Markets Infrastructure Regulation (EMIR).

The feedback report has been produced in response to Regulation (EU) 2019/834 (EMIR Refit) which introduced a mandate in EMIR for ESMA to periodically review the clearing thresholds (CTs) and update them when necessary, in order to ensure that the CTs remain appropriate. That periodic review is to be accompanied by a report.

ESMA issued a discussion paper on the CTs last November and subsequently issued a feedback report in June covering aspects linked to commodity derivatives (ESMA also issued draft regulatory technical standards proposing to increase the CT for commodity derivatives). This latest feedback report covers all other aspects covered by the discussion paper.

In the feedback report ESMA is of the view that the more urgent aspects relating to the CT for commodity derivatives have been handled in the June feedback report. For other asset classes ESMA will not advise implementing further changes to the levels of the CTs.

ESMA will continue monitoring the coverage of the CTs, in line with the EMIR mandate to periodically review the CTs, to ensure that they remain well-calibrated. Furthermore, ESMA is aware of the constant changes in particular in the current market circumstances and will monitor the developments on an on-going basis.