On 18 August 2026, the European Securities and Markets Authority (ESMA) issued a consultation on a proposed annual reporting framework under the revised European Markets Infrastructure Regulation (EMIR) for clearing activity at recognised third-country central counterparties (TC-CCPs).
Background
Regulation (EU) 2024/2987 introduced Article 7d into EMIR, which mandates ESMA to develop draft regulatory and implementing technical standards (RTS and ITS) specifying the content and format of an annual reporting by clearing members and clients on their activity at recognised TC-CCPs.
Consultation
In the consultation paper ESMA explains its approach to the development of the technical standards. It sets out the scope of the reporting obligation, covering both the entities and products in scope. A gap analysis across derivatives, securities financing transactions and other financial and non-financial instruments is also set out. Furthermore, ESMA sets out its proposals on the content of the reporting (including the specification of instruments, the methodology for average values cleared and the reporting of margins) and the format of reporting. Annexes 3 and 5 of the consultation paper set out draft RTS and ITS.
Next steps
The deadline for responding to the consultation paper is 12 October 2026.
ESMA expects to publish a final report in Q4 2026.