pc
nid 94092
Jul 20, 2026
arahman@vixio.com
European Union
European Parliament
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1835 charsEuropean Parliament Begins Examination of European Commission Delegated Act on Securities Clearing Thresholds
On July 14, 2026, the European Parliament initiated examination of a delegated act from the European Commission (C(2026)04861) concerning clearing thresholds and the mechanisms triggering their review in securities and financial markets.
The delegated act supplements Regulation (EU) 2010/0250(COD) and falls under the delegated acts procedure (DEA). The European Parliament's Committee on Economic and Monetary Affairs (ECON) has assumed responsibility for the matter. The examination period runs for three months from the publication date, during which the Parliament will assess the Commission's proposal before determining whether to approve, reject, or request amendments to the delegated act.
Clearing thresholds establish the point at which certain financial instruments and transactions must be cleared through authorised central counterparties. The review mechanisms embedded in this delegated act will determine how and when these thresholds are reassessed to reflect evolving market conditions and regulatory objectives. This development is significant for market participants, including investment firms, credit institutions, and central counterparties, as changes to clearing requirements directly affect operational compliance obligations and risk management frameworks.
The Parliament's ECON Committee will lead the technical assessment of the proposal. The three-month initial examination period provides the Parliament with an opportunity to scrutinise the Commission's rationale for the proposed thresholds and review mechanisms before the procedure advances to subsequent stages. Stakeholders should monitor the Parliament's documentation gateway and committee proceedings for further developments, including any proposed amendments or formal positions adopted by the ECON Committee during this preparatory phase.
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1952 charsEuropean Parliament Begins Examination of European Commission Delegated Act on Securities Clearing Thresholds
On July 14, 2026, the European Parliament initiated examination of a delegated act from the European Commission (C(2026)04861) concerning clearing thresholds and the mechanisms triggering their review in securities and financial markets.
The delegated act supplements Regulation (EU) 2010/0250(COD) and falls under the delegated acts procedure (DEA). The European Parliament's Committee on Economic and Monetary Affairs (ECON) has assumed responsibility for the matter.
The main elements of the proposed compromise are the following:
The obligation to report all derivative contracts to trade repositories (i.e., central data centres) and the clearing of standardised over-the-counter (OTC) derivative contracts through central counterparties (CCPs) in order to reduce counterparty risk (i.e. the risk of default by one party to the contract).
If a contract is not eligible for clearing by a CCP, the draft regulation would require the application of different risk management techniques, including, for instance, exchange of collateral and the holding of additional capital.
Trade repositories would have to publish aggregate positions by class of derivatives, thereby offering market participants a clearer view of the OTC derivatives market. The European Securities and Markets Authority (ESMA) would be responsible for the surveillance of trade repositories and for granting and withdrawing their registration.
ESMA would be responsible for the identification of contracts subject to the clearing obligation, while national competent authorities, in coordination with a college of supervisors, would be responsible for authorising and supervising CCPs, except in the case of CCPs from third countries, which would have to be recognised by ESMA provided they meet certain conditions.
The regulation is in its final stages, with only technical revisions and formal approval by the European Parliament and the Council remaining before adoption.