meta_id 3306823

On July 8, 2026, the European Securities and Markets Authority (ESMA) published its final report containing draft Regulatory Technical Standards (RTS) specifying elements that central counterparties (CCPs) must consider when establishing admission criteria for clearing members and assessing non-financial counterparties' (NFCs) ability to meet margin and default fund obligations. The RTS implements requirements introduced by Regulation (EU) 2024/2987 (EMIR 3), which amended Article 37 of Regulation (EU) 648/2012 (EMIR) on participation requirements. ESMA conducted a public consultation from October 9, 2025, to January 5, 2026, receiving 13 responses from CCPs, clearing members, and clients. The final RTS incorporate feedback addressing concerns about proportionality, operational feasibility, and avoiding duplication of existing supervisory functions. The draft RTS establish principles-based requirements organised into four articles. Article 1 sets general principles requiring CCPs to calibrate admission criteria by membership category, product type, and counterparty type, with documented risk rationales for any access restrictions. Article 2 addresses financial counterparties, requiring consideration of financial resources, operational capacity, creditworthiness, legal capacity, and other risks. Article 3 tailors requirements for NFCs, focusing on their ability to meet margin and default fund contributions under stress, recognising their different business models and regulatory status. Article 4 addresses sponsored models, requiring CCPs to assess arrangements between sponsored clearing members and sponsors, including contingency measures. The RTS emphasise transparency, requiring CCPs to publish admission criteria, application procedures, and risk-based rationales for additional requirements. CCPs retain flexibility in assessment methods, including legal opinions, attestations, and operational testing. The framework preserves CCP discretion while ensuring fair, non-discriminatory access consistent with prudent risk management. The European Commission has three months to decide whether to adopt the RTS as a Commission Delegated Regulation, subject to non-objection by the European Parliament and Council.