On Sep. 25, 2025, EU CMSN issued Reg 2025/1493 of Jun. 11, 2025 amending Reg 876/2013 supplementing Reg 648/2012 of the EP and of EU CNCL as regards changes to the functioning and management of colleges for central counterparties.
In force 20th day following publication in the Official Journal of the EU, Oct. 15, 2025.
On Jan. 28, ESMA issued final report on proposed changes to RTS.
ESMA published final report presenting draft changes to regulatory technical standards (RTS) incorporated in Reg 876/2013 on colleges for central counterparties (CCPs).
Follows ESMA Mar. 2020 issued report on regulatory technical standard, see #74863.
Overview
The proposed changes to the RTS reflect amendments to the EU Market Infrastructure Regulation (EMIR Reg 648/2012) introduced by EMIR 3 (EMIR 3 Reg 2024/2987).
Regarding measures to mitigate excessive exposures to third country central counterparties and improve the efficiency of European Union clearing markets.
The proposed draft amendments to RTS are limited in scope, concern only competent authorities and do not impose any additional requirements on market participants.
For this reason, and to update college arrangements asap, ESMA did not conduct open consultation on changes, but consulted stakeholder group, competent authorities.
Proposed draft changes concern practical arrangements for functioning of the college with regard to respective roles of the co-chairs and the interaction between them.
Information to be shared with the college, communication between college members.
Next Steps
Final report will be sent to EU CMSN, which has 3 months to decide whether to endorse amendments to RTS, following endorsement subject to non-objection by EP, EU CNCL.
Jun. 2025 Draft Regulation
On Jun. 11, 2025, EU CMSN issued draft Delegated Regulation amending Delegated Regulation (EU) No 876/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards changes to the functioning and management of colleges for central counterparties (C(2025) 3626 final).
Art 2 of Reg 876/2013 is amended to reflect the changes introduced in art 18(1) of EMIR specifying the deadline for establishing a college and the role the co-chairs.
Art 3 and 4 of Reg 876/2013 are amended re the roles of the co-chairs and governance of colleges for effective and consistent functioning of colleges for all CCPs across EU.
Art 5 of Reg 876/2013 is amended to clarify what additional information a CCP’s competent authority should provide to college members, and use of central database.
Sep. 2025 Official Journal
On Sep. 25, 2025, EU CMSN issued Reg 2025/1493 of Jun. 11, 2025 amending Reg 876/2013 supplementing Reg 648/2012 of the EP and of EU CNCL as regards changes to the functioning and management of colleges for central counterparties.
In force 20th day following publication in the Official Journal of the EU, Oct. 15, 2025.
