- The GFXC considered the final version of the amendments to the FX Global Code (Code) and the GFXC membership expressed strong support for the
GFXC completes Three-Year Review of the FX Global Code
Published in OJ – EMIR 3 and Directive
- 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
ESMA consults on the conditions for the EMIR 3 Active Account Requirement
On 20 November 2024, the European Securities and Markets Authority (ESMA) issued a consultation on the conditions of the Active Account Requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3).
Background
EMIR 3 addresses financial stability risks caused by EU clearing members and clients being
ESMA final report on CSDR penalty mechanism
On 19 November 2024, the European Securities and Markets Authority (ESMA) published a final report containing technical advice on the Central Securities Depositories Regulation (CSDR) penalty mechanism.
Background
The CSDR contains measures intended to prevent and address failures in the settlement of securities transactions (settlement fails), commonly referred to as settlement
Council adopts revamped rules for EU clearing services
On 19 November 2024, the Council of the EU issued a press release stating that it had adopted the Regulation amending the European Market Infrastructure Regulation and the related Directive amending various directives on the treatment of concentration risk towards central counterparties and the counterparty risk on centrally cleared derivative transactions.
Next steps
The draft
ESMA proposes to move to T+1 by October 2027
On 18 November 2024, the European Securities and Markets Authority (ESMA) issued a final report recommending that the migration to T+1 occurs simultaneously across all relevant instruments and that it is achieved in Q4 2027. ESMA believes that 11 October 2027 would be the optimal date for the transition and that a coordinated
Council publishes text of amending Directive under EMIR 3
On 6 November 2024, the Council of the EU published the text of the draft Directive amending Directives 2009/65/EC, 2013/36/EU and 2019/2034 as regards the treatment of concentration risk arising from exposures towards central counterparties and of counterparty risk in centrally cleared derivative transactions. The proposed amendments to Directives 2009/65/EC, 2013/36/EU and 2019/2034 are intended
EBA survey to entities within scope of EMIR 3 IM model authorisation
On 29 October 2024, the European Banking Authority (EBA), in cooperation with the other European Supervisory Authorities, issued a short survey addressed to entities within the scope of the initial margin (IM) model authorisation regime introduced by the upcoming revised European Market Infrastructure Regulation (EMIR 3).
Background
EMIR 3
ESMA issues survey on LEIs
On 18 October 2024, the European Securities and Markets Authority (ESMA) issued a survey addressed to financial market participants subject to one or multiple reporting regimes concerning legal entities identifiers (LEIs). The purpose of the survey is to collect feedback on the potential impacts of adding other alternatives to LEIs in
CPMI issues two reports offering insights into enhancing cross-border payments
- Linking fast payment systems across borders: governance and oversight – final report. This final report informs owners and operators of