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 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
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
On 20 February 2025, the European Securities and Markets Authority (ESMA) issued draft technical standards on different aspects of the Central Securities Depositories Regulation (CSDR) Refit.
The draft technical standards are in the following final reports:
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
On 7 February 2025, the European Securities and Markets Authority (ESMA) issued consultation papers on the following:
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.
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
On 31 January 2025, the European Central Bank (ECB) issued FAQs on Initial Margin (IM) model approvals under the European Markets Infrastructure Regulation 3 (EMIR 3).
Among other things the FAQs deal with the following questions:
On 29 January 2025, the European Securities and Markets Authority (ESMA) issued a speech by Klaus Löber, Chair of the ESMA CCP Supervisory Committee, entitled Shaping the future of EU capital markets.
In his speech Mr Löber touches on ESMA’s work on implementing the European Market Infrastructure Regulation 3.
Key points include: