The European Securities and Markets Authority (ESMA), the regulatory and supervisory body for the financial markets of the European Union, has published its final report on the Regulatory Technical Standards (RTS) regarding the elements of the admission criteria for central counterparties (CCPs), following the review of the European Market Infrastructure Regulation (EMIR 3).
EMIR 3 introduces changes to the provisions related to the participation requirements for central counterparty entities (CCPs), including non-financial counterparties (NFCs).
The Regulatory Technical Standards (RTS) specify the elements that CCPs must consider when establishing their admission criteria for clearing members. This includes considerations related to clearing members that are NFCs and sponsored affiliation models. The RTS do not set out the admission criteria themselves, but define the elements that CCPs must take into account.
The European Securities and Markets Authority (ESMA) conducted a public consultation on the draft Regulatory Technical Standards (RTS) in the last quarter of 2025 and held a public hearing in November 2025. The final report takes into account the comments received during this process.
Next steps
The Regulatory Technical Standards (RTS) will now be submitted to the European Commission for approval, after which they will be subject to scrutiny by the European Parliament and the Council.