ESMA consults on EMIR 3 draft RTS on participation requirements

The European Securities and Markets Authority (ESMA) has published a consultation paper and reply form, setting out draft regulatory technical standards (RTS) on the elements to be considered when central counterparties (CCPs) define participation requirements. The revised European Market Infrastructure Regulation (EMIR 3) revised the participation requirements and mandated ESMA to develop RTS specifying aspects that CCPs should consider when: (i) establishing admission criteria; and (ii) assessing the ability of non-financial counterparties acting as clearing members to meet margin requirements and default fund contributions.

Responses should be submitted by 5 January 2026. Based on the responses received, ESMA will prepare the final report and submit the final draft RTS to the European Commission by the end of Q1 2026.

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