ESMA Launches Consultation on New EMIR Reporting for Third-Country CCPs

The European Securities and Markets Authority (ESMA) has opened a consultation on 18 August 2026 regarding its proposed annual reporting framework for clearing activity at recognised third-country central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR). The initiative aims to provide EU supervisory authorities with a clearer and more consistent understanding of exposures EU firms have to such CCPs, supporting the supervisory objectives of EMIR 3.

ESMA’s Proposed EMIR Reporting for Third-Country CCPs

ESMA is seeking input on draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) that will introduce a harmonised reporting obligation for clearing activity undertaken by EU clearing members and clients through recognised third-country CCPs. According to the consultation paper, this reporting aims to capture the scale, characteristics, and risk profile of EU counterparties’ activities.

All clearing members and clients clearing transactions in third-country CCPs recognised by ESMA will be subject to the new requirements. The intent is for supervisory authorities to have a structured and uniform view across the bloc, reducing fragmented data collection and improving risk monitoring. The framework follows ESMA’s simplification and burden reduction agenda, focusing on leveraging information already reported via existing channels and limiting new obligations strictly to data not otherwise accessible to ESMA or national authorities.

Scope and Objectives: Enhancing Supervisory Visibility

The consultation emphasises three main objectives:

1. Supervisory Visibility: Supervisors will gain a consistent overview of EU clearing members’ and clients’ exposures to third-country CCPs, supporting regulatory coordination under EMIR 3.
2. Consistency and Harmonisation: The standards aim to enforce a uniform approach for all market participants, enhancing comparability and analysis of cross-border risk.
3. Efficiency and Burden Reduction: By prioritizing use of existing reporting streams, new requirements are minimized and the administrative load reduced.

“The objective is to provide supervisory authorities with a structured and consistent overview of the scale, characteristics and risk profile of EU firms’ exposures to recognised third-country CCPs, contributing to the broader monitoring framework established under EMIR 3.” — ESMA consultation paper

Who Is Affected and What Is Required?

Entities impacted include clearing members and clients within the EU that conduct clearing operations through any CCP located outside the EU that is formally recognised by ESMA. The reporting obligation will:

• Apply on an annual basis
• Require firms to submit data on exposures, transaction characteristics, and risk factors
• Be structured according to templates set out in the RTS and ITS documentation

ESMA has clarified that, wherever possible, existing data sources and reporting formats will be reused. Only information not already available to ESMA or competent authorities will trigger new reporting fields, aligning with the authority’s simplification priorities.

Practical Implications for B2B Stakeholders

For operators, investors, and platforms involved in derivatives clearing, the framework signals a shift towards more regularised disclosure for all clearing through recognised non-EU CCPs. B2B market participants should review the proposed technical standards and prepare for aligning internal data collection processes with the new reporting templates.

Platforms and technology vendors will also need to ensure compatibility with the harmonised templates, while compliance functions will have to monitor for potential gaps between existing reporting and new EMIR requirements. The aim is to reduce compliance duplication and focus reporting efforts on material exposures not already covered by other rules. This aligns with recent regulatory moves to reinforce systemic risk controls in cross-border clearing.

Next Steps for Industry Consultation

Stakeholders are invited to provide feedback on the reporting framework, accompanying templates and proposed reporting format by 12 October 2026. After collecting and reviewing industry responses, ESMA will prepare a Final Report, which will inform the ultimate technical standards governing the reporting obligation.

Contact queries can be directed to Cristina Bonillo, Senior Communications Officer at ESMA, via [email protected].

Industry Context: The Broader EMIR 3 Agenda

This consultation is part of ESMA’s efforts under EMIR 3 to enhance financial stability, simplify regulatory burdens, and strengthen the monitoring of systemic risk associated with cross-border clearing. Implementation of this harmonised framework is expected to facilitate supervisory coordination throughout EU markets and contribute to consistent risk assessment relating to recognised third-country CCP exposure.