On 24 June 2025, the European Securities and Markets Authority (ESMA) issued the following Consultation Papers following the review of the European Market Infrastructure Regulation (EMIR 3):

• Consultation Paper on EMIR 3 draft regulatory technical standards (RTS) on margin transparency requirements. EMIR 3 strengthens the requirements on the margin model information and the margin simulation tool provided by central counterparties (CCPs). It also introduces new requirements for clearing service providers (CSPs) (i.e. clearing members and clients offering clearing services to clients) to improve transparency on their margin models and to provide a simulation of their margin requirements. In the Consultation Paper ESMA proposes requirements regarding the information to be provided by CCPs on their margin models and with regard to the margin simulation tool to be provided by CCPs. ESMA also proposes the information to be provided by CSPs to clients and the simulation to be provided to clients.

• Consultation Paper on the draft RTS on information on clearing fees and associated costs. EMIR 3 requires CSPs to disclose, in a clear and understandable manner, for each CCP at which they provide clearing services, the fees to be charged to such clients for the provision of clearing services and any other fees charged including fees charged to clients which pass on costs, and other associated costs related to the provision of clearing services. In the Consultation Paper ESMA sets out some background on the existing disclosure requirements under EMIR and on the scope of the new disclosure requirement. It also sets out proposals for the type of information to be disclosed by CSPs.

Next steps

The deadline for responses to both Consultation Papers is 8 September 2025.

Based on the responses received, ESMA will prepare Final Reports and submit the final draft RTS to the European Commission by 25 December 2025.