On 7 February 2025, the European Securities and Markets Authority (ESMA) issued consultation papers on the following:

  • 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 is mandated to develop under Articles 14(6), 15(3), 17a(5) and 15a(2) of EMIR (as amended by Regulation (EU) No 2024/2987). These draft RTS specify: the list of documents that are to accompany an application for authorisation and an application for an extension of authorisation; the conditions for the accelerated procedure referred to in Article 17a(1), points (a) to (e), of EMIR and also the procedure for consulting ESMA and the college on whether or not those conditions are fulfilled; and the type of extension of services or activities that could benefit from an exemption from authorisation.
  • Consultation paper on the validations of changes to models and parameters conditions and list of documents under EMIR. This consultation paper presents the draft RTS that ESMA is mandated to prepare under Article 49(5) of EMIR (as amended). These draft RTS specify what constitutes a significant increase or decrease for the purposes of Article 49(1i), points (a) and (c) to (h), of EMIR; the elements to be considered when assessing whether one of the conditions referred to in Article 49(1i) of EMIR is met, what constitutes other changes that can be considered as already covered by the approved model and therefore not subject to the validation procedures under Articles 49 or 49a of EMIR, as well as the list of required documents and information that are to accompany an application for validation pursuant to Articles 49(1c) and 49a of EMIR.

Next steps

The deadline for comments on both consultation papers is 7 April 2025.

ESMA will consider the feedback received to the consultations in Q2 2025 and expects to publish final reports and submit the draft RTS to the European Commission for endorsement by Q3 2025.