Clearing and settlement

On 30 June 2025, the European Banking Authority (EBA) published a Final Report containing technical advice on a possible Delegated Act on fees for the validation of pro forma models.

Background

Regulation (EU) 2024/2987 amending the European Market Infrastructure Regulation (EMIR) grants the EBA certain additional tasks on models used by

On 27 June 2025, there was published in the Official Journal of the EU a Corrigendum to 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

On 26 June 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice on the scope of settlement discipline under the Central Securities Depositories Regulation (CSDR).

Background

Article 7(9) of the CSDR, as amended by CSDR Refit (Regulation 2023/2845), empowers the European Commission (Commission)

On 25 June 2025, the European Securities and Markets Authority (ESMA) published its first central counterparty (CCP) resolution briefing.

The briefings are intended to provide a methodology that national resolution authorities (NRAs) may consider when drawing resolution plans for CCPs. They are not subject to any ‘comply or

On 23 June 2025, the Council of the EU published the final compromise text of the proposed Regulation amending the Central Securities Depositories Regulation as regards a shorter settlement cycle in the Union. The proposed Regulation enters into force on the twentieth day following its publication in the Official Journal of the EU and applies

On 19 June 2025, the European Securities and Markets Authority (ESMA) published its Final Report setting out draft regulatory technical standards (RTS) on the conditions of the Active Account Requirement (AAR).

Background

Regulation (EU) 2024/2987 seeks to address financial stability risks caused by EU clearing members and clients being

On 10 June 2025, the Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 were made together with an explanatory memorandum.

These Regulations come into force on 11 June 2025.

These Regulations relate to the temporary exemption which pension scheme arrangements, or ‘pension funds’, currently have from the obligation to clear certain derivative contracts through

On 11 June 2025, the European Commission adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing the European Market Infrastructure Regulation (EMIR) as regards changes to the functioning and management of colleges for central counterparties (CCPs).

The Delegated Regulation makes limited amendments to Commission Delegated Regulation (EU) No 876/2013