Post Trading

The European Securities and Markets Authority (ESMA) has published the responses received to its Consultations on tiering, comparable compliance and fees under EMIR 2.2

To view the responses, please click the links below:

Criteria for tiering

Comparable Compliance

ESMA fees for Third-Country CCPs

The European Securities and Markets Authority (ESMA) has today published its annual peer review report on the overall supervision of EU Central Counterparties (CCPs) by National Competent Authorities (NCAs).

The review focused on the effectiveness of NCAs supervisory practices to assess CCPs’ compliance with EMIR’s requirements on collateral and funding arrangements.

Overall, the review found that NCAs’ supervisory activities on CCPs’ collateral and funding arrangements, is satisfactory. However, the review found that the use by NCAs of quantitative metrics to assess the liquidity and low market risk of collateral was quite limited. While, regarding funding arrangements, the degree of convergence on the basic conditions that identify committed credit and repo lines is in general high, different supervisory practices apply for pre-arranged funding arrangements involving repos and liquidity generation from outright sales of securities.

The report also identifies several best practices and considerations to further enhance supervisory convergence with respect to CCPs’ collateral and liquidity arrangements.  

On the functioning of the colleges, ESMA acknowledges the efforts of chairing NCAs to meet the expectations and best practices highlighted in past peer reviews in this area.

ESMA will follow up on the report’s findings to identify, where relevant, the most appropriate tools to further enhance supervisory convergence.


ESMA is required, at least annually, to conduct a peer review analysis of the supervisory activities of all NCAs in relation to the authorisation and the supervision of CCPs in accordance with Article 30 of Regulation (EU) No 1095/2010 (ESMA Regulation).

ESMA’s peer reviews under EMIR assess the overall functioning of CCP colleges and provide an in-depth analysis of supervisory activities by NCAs on CCPs in relation to EMIR’s requirements. The reviews also assess if NCAs are following the relevant guidelines and opinions agreed at ESMA and identifies best practices.


The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).

Following the entry into force of the EMIR review (so-called EMIR Refit), ESMA is reviewing the existing Q&As to align them, where necessary, with the new text requirements. A new Q&A not related to the entry into force of EMIR Refit has been added too.

The changes refer to:

  • Removal of references to the frontloading requirement, as frontloading is no longer a requirement under EMIR Refit;
  • Removal of references relating to backloading, following the elimination of the backloading requirement;
  • Identification and reporting obligations for funds, and block trades and allocations;
  • Clarification on the applicability of reporting to intragroup transactions;

Reporting of notional amount field for credit index derivatives

he purpose of this document is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. The content of this document is aimed at competent authorities under the Regulation to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It should also help investors and other market participants by providing clarity on the requirements under EMIR

The European Securities and Markets Authority (ESMA) has today published a public statement addressing the misalignment between the scope of counterparties subject to the EMIR clearing obligation (CO) and those subject to the MiFIR derivatives trading obligation (DTO). 

Following the entry into force of EMIR Refit on 17 June 2019, some counterparties are exempted from the clearing obligation while still being subject to the trading obligation. ESMA’s statement addresses the possible implementation challenges that this misalignment creates for counterparties exempted from the CO. In addition, ESMA clarifies the application date of the trading obligation for those counterparties impacted by the modified application date of the clearing obligation under EMIR Refit.

ESMA’s statement addresses two areas:

  • Clearing and trading obligations for small financial counterparties and non-financial counterparties; and,
  • Date of application of the trading obligation for financial counterparties (FC) which are in Category 3 and subject to the CO.

The statement advises National Competent Authorities (NCAs) not to prioritise their supervisory actions in relation to the DTO towards counterparties exempted from the CO following the entry into force of EMIR Refit.

Additionally, for financial counterparties (FC) in Category 3 which are subject to the CO, the date of application of the DTO should be the same as the new date of application of the CO as amended by EMIR Refit. This date of application should hence be four months following the notification from FC to ESMA and NCA as required under EMIR Refit, rather than 21 June 2019.