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ESMA_QA_2938
Topic
EU-CCPs
08/10/2026
Subject Matter
AAR representativeness obligation
Question
For the purpose of the AAR representativeness obligation, how should the maturity of trades be calculated, and how should the instruments be assigned to the individual maturity buckets?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
ESMA_QA_2937
Topic
EU-CCPs
08/10/2026
Subject Matter
AAR thresholds caclulation
Question
How should the “notional clearing volume outstanding”, as referred to in Article 7a, paragraph 4 and 8 of EMIR, be calculated?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
ESMA_QA_2936
Topic
EU-CCPs
08/10/2026
Subject Matter
AAR 85% exemption
Question
Should the “one-half” rule set-out under Article 7a(4), subparagraph 5 of EMIR be applied at the level of the classes of derivatives, or across all classes of derivatives?
Level 1 Regulation
Regulation 648/2012 - OTC derivatives, central counterparties and trade repositories (EMIR) - CCPs
ESMA_QA_2933
Topic
Crypto-Asset Service Provider (CASP)
02/10/2026
Subject Matter
Technical roles of non-EU group entities in transaction signing and signing policies
Question
1. Can a non-EU (group) entity co-sign transactions without being considered to exercise control over EU client assets or provide custody?

2. Can a non-EU (group) entity alter signing policies without being considered to exercise control over EU client assets or provide custody?
Level 1 Regulation
MiCA
ESMA_QA_2932
Topic
Crypto-Asset Service Provider (CASP)
01/10/2026
Subject Matter
Transient exposure of EU client crypto-assets in a non-EU hot wallet during deposits, withdrawals and settlement
Question
In the context of in/out transfers (deposits/withdrawals) from an EU authorised CASP, can assets from EU clients temporarily be held in a (hot) wallet at an entity not authorised as a CASP under MiCA? Under what conditions, if any, would the temporary presence of EU client crypto-assets in that wallet be considered a purely technical/transient transfer step rather than custody, administration or transfer services being provided by the non-authorised entity?
Level 1 Regulation
MiCA