The update concerns CCP collateral eligibility and investment policy under EMIR 3, which directly relates to clearing and settlement infrastructure governance and risk management.
Low confidence — requires human review. While CCPs facilitate cross-border payments indirectly, this consultation focuses on collateral and investment policy rather than cross-border payment flows themselves.
Specialism
While the update concerns financial market infrastructure (CCPs), it focuses on collateral eligibility and investment policy rather than payment-specific regulation, and does not clearly align with any core payments compliance specialism.
The CCP collateral and investment policy framework relates tangentially to financial soundness, but EMIR 3 is primarily a market infrastructure regulation outside the core payments compliance taxonomy.
2026-02-23 16:12:26·adavies@vixio.com
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TITLE: European Union's Financial Markets Regulator Consults on Central Counterparty Collateral and Investment Policy
BODY:
On 23 February 2026, the European Securities and Markets Authority (ESMA) launched a public consultation on guarantees as central counterparty (CCP) collateral and certain aspects of CCP investment policy, following the review of the European Market Infrastructure Regulation (EMIR 3).
The consultation seeks stakeholder views, including from non-financial counterparties (NFCs), on three key areas: the conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted by CCPs as eligible collateral; the conditions under which debt instruments can be considered as eligible financial instruments for CCP investment policy purposes; and the highly secured arrangements in which emission allowances posted as margins or default fund contributions can be deposited.
EMIR 3 introduces measures to enhance the efficiency, competitiveness and accessibility of EU clearing services and EU CCPs. These include permanent broadening of both the types of guarantees that CCPs may accept as eligible collateral and the scope of entities that may use them, now extending to clients of CCPs that are NFCs. This expansion aims to facilitate broader participation in EU clearing markets while maintaining robust risk management standards.
The consultation response deadline is 30 April 2026. Following review of responses, ESMA will prepare a final report and submit final draft technical standards to the European Commission by the end of 2026. Interested parties can submit responses and access the consultation paper via ESMA's website.