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EBA, EIOPA and ESMA propose amendments to bilateral margin requirements
EBA, EIOPA and ESMA propose amendments to bilateral margin requirements
Joint CommitteeTradingThe European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a final report on draft Regulatory Technical Standards (RTS), proposing to simplify the bilateral margin requirements of the European Commission’s Delegated Regulation (EU) 2016/2251.
The proposed amendments aim to simplify the bilateral margin framework for counterparties that are subject to initial margin requirements and that are below the €8 billion threshold for exchanging initial margin foreseen by the European Market Infrastructure Regulation (EMIR). The changes are intended to facilitate the phase-out of initial margin requirements for these counterparties. They also support greater consistency with the treatment applied in other jurisdictions.
In the current framework, counterparties that are below the threshold are exempt from exchanging initial margin for new uncleared over-the counter (OTC) derivative contracts but continue to exchange initial margin for existing contracts. With the proposed amendments, counterparties would no longer be required to exchange initial margin for either new or existing contracts if they are below the threshold.
The amendments respond to requests from market participants and support the ESAs' broader objectives of simplification and burden reduction.
Next steps
The Final Report has been submitted to the European Commission together with the draft RTS for endorsement. Following the Commission's review and adoption process, the RTS will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the European Union.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu03/08/2026 ESA 2026 07Final Report on amending RTS on uncleared OTC derivatives EBA, EIOPA and ESMA call for enhanced governance and consistent supervision to mitigate ICT risks from frontier AI models in the EU financial sector
EBA, EIOPA and ESMA call for enhanced governance and consistent supervision to mitigate ICT risks from frontier AI models in the EU financial sector
Digital Finance and InnovationJoint CommitteeThe European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a statement calling for a cross-sectoral, risk-based and consistent supervisory approach to mitigate the ICT risks stemming from frontier AI models.
The statement takes into account existing regulatory requirements, the European Commission’s Action Plan on Cybersecurity and Artificial Intelligence, as well as recent publications by the European Systemic Risk Board (ESRB), the European Union Agency for Cybersecurity (ENISA), the Single Supervisory Mechanism (SSM) and other competent authorities.
The ESAs outline measures to help financial entities strengthen their operational resilience against cyber risks linked to frontier AI models. Particular emphasis is placed on the prevention, detection and management of these risks.
The statement underlines that financial entities should have robust governance and risk management frameworks in place to support the effective management and mitigation of cyber risks associated with frontier AI models. It also updates on ongoing and planned DORA oversight activities for critical ICT third-party providers (CTPPs) to address this risk.
The ESAs encourage both financial entities and competent authorities to use the statement as a basis for supervisory dialogue, taking into account existing supervisory expectations. Such an approach would help ensuring that the EU financial system remains resilient against the risks driven by frontier AI technologies.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.euESMA publishes latest edition of its newsletter
ESMA publishes latest edition of its newsletter
ESMA newsletterThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the latest edition of its Spotlight on Markets newsletter, covering key activities and publications from June and July 2026.
This edition opens with the statement on the end of the MiCA transitional period, calling on unauthorised crypto-asset service providers to wind down their activities in an orderly manner while safeguarding clients’ interests and protecting market integrity.
Top news highlights include the final report on simplifying transaction reporting, identifying up to €1 billion in potential annual savings through a "report once" approach, ESMA’s call on firms to finalise preparations ahead of T+1 settlement deadlines, and the publication of 2025 Annual Report, focusing on stronger supervision, regulatory simplification and innovation.
Key publications featured in this edition include:
- the ESAs’ first annual report on major ICT-related incidents under the Digital Operational Resilience Act (DORA);
- consultation on technical advice to simplify the EU Taxonomy disclosure framework and reduce reporting burdens for market participants.
- ESMA's authorisation of EuroCTP as the Consolidated Tape Provider for shares and exchange-traded funds.
Other updates cover the selection of Etrading Software (Netherlands) B.V. as Consolidated Tape Provider for OTC derivatives, preliminary findings on the Active Account Requirement under EMIR, a report on the supervision of cross-border investment services, and the launch of Common Supervisory Actions on risk management functions and digital operational resilience for CASPs.
The Spotlight on Markets newsletter is published regularly and is available on ESMA’s website. For regular updates, follow ESMA on LinkedIn, X and Instagram.
31/07/2026 ESMA newsletterNewsletter June and July 2026 ESMA authorises EuroCTP as the Consolidated Tape Provider for shares and exchange-traded funds
ESMA authorises EuroCTP as the Consolidated Tape Provider for shares and exchange-traded funds
Market dataPress ReleasesTradingThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has authorised EuroCTP B.V. (EuroCTP) to operate as the Consolidated Tape Provider (CTP) for shares and exchange-traded funds (ETFs).
Natasha Cazenave, ESMA’s Executive Director, said:
“This authorisation marks a key step in the implementation of the consolidated tape framework, strengthening the transparency and efficiency of EU equity capital markets.
By bringing pre-trade and post-trade data from multiple data contributors into a single stream, the CTP for shares and ETFs will give market participants a comprehensive view of trading activity.
It will thus support better price discovery and facilitate more informed investment decisions for EU and international investors, contributing to the objectives of the Savings and Investments Union.”
Retail investors, academics, civil society organisations and regulators will be able to benefit from the data free of charge. Other users will have access to the data for a reasonable fee and will be able to use it for internal purposes and with clients.
ESMA has granted EuroCTP a transition period until 30 September 2026, to allow for the finalisation of operational and technical arrangements required for the start of the service.
After the transition period, EuroCTP will be responsible for operating the consolidated tape for shares and ETFs for a period of five years under ESMA’s direct supervision, in line with the MiFIR framework. The five-year period will begin on the date EuroCTP starts its operations.
ESMA encourages data contributors and other market participants to maintain a high level of engagement with EuroCTP to ensure a smooth and timely launch of the consolidated tape activities.
Further information:
Tayfun Yilmaz
Communications Officer
press@esma.europa.eu27/07/2026 ESMA71-545613100-2975ESMA authorises EuroCTP as the Consolidated Tape Provider for shares and exchange-traded funds - Press release ESMA calls on firms to finalise preparations ahead of T+1 settlement deadlines
ESMA calls on firms to finalise preparations ahead of T+1 settlement deadlines
Post TradingThe European Securities and Markets Authority (ESMA), the EU regulator and supervisor, has published a statement highlighting key deadlines and action points to be ready for the transition to a T+1 settlement cycle in EU financial markets.
With the move scheduled for 11 October 2027, ESMA underlines that 2026 is a critical year for market participants to finalise their preparations.
The statement outlines key milestones, including the first regulatory deadline on 7 December 2026 for allocations and confirmations processes.
Market participants are encouraged to prepare and test their own readiness, and to check the readiness of their entire ecosystem, across the entire trading and settlement chain.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu20/07/2026 ESMA74-2119945926-3773Statement on T+1 preparations: key deadlines and action points
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