ESMA Consultation on CCP Collateral and Investment Policy

ESMA Consultations

Published February 23rd, 2026

Detected March 14th, 2026

Summary

The European Securities and Markets Authority (ESMA) has launched a consultation on proposed changes to rules regarding guarantees as CCP collateral and certain aspects of CCP investment policy. The consultation period is open until April 30, 2026, and seeks input from all interested stakeholders, particularly central counterparties (CCPs), clearing members, and their clients.

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What changed

ESMA has initiated a public consultation concerning proposed regulatory technical standards (RTS) related to the use of guarantees as collateral for Central Counterparties (CCPs) and specific elements of CCP investment policies. The consultation paper, released on February 23, 2026, outlines the specific questions and areas for feedback, including Annex 1, and provides a reply form for submissions. This action is part of ESMA's ongoing efforts to enhance the stability and resilience of financial markets within the EU.

Interested parties, including CCPs, clearing members, and non-financial counterparties, are invited to submit their comments by April 30, 2026. ESMA will publish all received responses unless confidentiality is requested. The outcome of this consultation will inform the finalization of these RTS, potentially leading to new requirements or amendments affecting how CCPs manage collateral and investments. Compliance officers should ensure their organizations review the consultation paper and prepare timely submissions to influence the final regulatory framework.

What to do next

Review the ESMA consultation paper on CCP collateral and investment policy.
Prepare and submit comments by the deadline of April 30, 2026.
Assess potential impacts of proposed changes on collateral management and investment strategies.

Source document (simplified)

Consultation on guarantees as CCP collateral and on certain aspects of CCP investment policy

From

23 February 2026

30 April 2026

Respond CCP Details

Responding to this paper

ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:

respond to the question stated;
indicate the specific question to which the comment relates;
contain a clear rationale; and
describe any alternatives ESMA should consider. ESMA will consider all comments received by 30 April 2026.

All contributions should be submitted online using the provided reply form in docx format.

Publication of responses

All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.

Data protection

Personal data contained in the file will be published as submitted. If you don't wish such personal data to be publicly available, you should not include personal data within the document you upload to a public consultation. Alternatively, you may choose the option to not have your response published on the ESMA website. For further details on data processing, please refer to the record register.

Information on data protection can be found in the Legal Notice and Data Protection section.

Who should read this paper?

All interested stakeholders are invited to respond to this Consultation Paper. In particular, responses are sought from central counterparties (CCPs) and clearing members and clients of CCPs (particularly those clearing members and clients that are non-financial counterparties).

Response Form

Activity - None - Asset Management Data Reporting Services Providers (DRSPs) Banking Central Counterparty (CCP) Central Securities Depository (CSD) Credit Rating Agencies Fintech Government, Regulatory and Enforcement Individuals Insurance and Pension Investment Services Investor Relations Issuers Legal and Accountancy Press Sovereign Issuers Others Trade Repository Regulated markets, exchanges and trading systems Institution First name Surname Email Attach files to this response to a consultation Personal data contained in the file will be published as submitted. If you don't wish such personal data to be publicly available, you should not include personal data within the document you upload to a public consultation. Alternatively, you may choose the option to not have your response published on the ESMA website. For further details on data processing, please refer to the record register. Format and size Maximum 5 files.
200 MB limit.
Allowed types: pdf, txt, doc, docx, xls, xlsx, ppt, pptx, pps, ppsx, odt, ods, odp. I do not wish to have my response published on the ESMA website Please check this box if you wish that your response is treated as confidential. The response will not be made publicly available through ESMA website. This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.