On 7 May 2025, the Council of the EU issued a press release stating that Member States’ representatives had approved its position on a European Commission proposal to shorten the settlement period for transactions in transferable securities. Among other things the Council amended the Commission’s proposal by exempting securities financing transactions from the settlement cycle
Clearing and settlement
ECON draft report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union
On 9 April 2025, the European Parliament published a draft report from the Committee on Economic and Monetary Affairs (ECON) on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union. Among other things the Rapporteur welcomes this…
ESMA consults on clearing thresholds under EMIR 3
On 8 April 2025, the European Securities and Markets Authority (ESMA) issued a consultation paper setting out draft regulatory technical standards (RTS) amending the RTS on the clearing thresholds under the European Markets Infrastructure Regulation (EMIR).
Background
Regulation (EU) 2024/2987 amended EMIR and in particular modified the clearing thresholds…
ESMA annual peer review of EU CCP supervision
On 2 April 2025, the European Securities and Markets Authority (ESMA) published its latest annual review of EU central counterparty (CCP) supervision.
The peer review focuses on the effectiveness of Member State competent authorities’ (NCAs) supervisory practices in assessing CCP compliance with the European Market Infrastructure Regulation (EMIR…
ESMA clarifies some aspects of the CTP for bonds
- Timing of the entry into force and application of the delegated acts related to CTP
ECB opinion on shorter settlement cycle

On 1 April 2025, the European Central Bank issued an opinion on the proposed Regulation amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union.
The short opinion only contains general observations which include the ECB welcoming the proposed Regulation’s objective of reducing the maximum duration of the settlement cycle as…
ESMA extends the tiering and recognition of the three UK-based CCPs
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…
EBA consults on draft RTS on the threshold for prudential risk management requirements of CSDs providing banking-type ancillary services
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…
EBA consults on fees to validate pro forma models under the EMIR
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…
ESMA publishes first set of technical standards on different aspects of CSDR Refit
- Draft technical standards amending Regulation (EU) 2017/392 and Regulation (EU) 2017/394 under CSDR on review