ESMA Consultation on EMIR 3 Draft RTS on Participation Requirements

ESMA Consultations

Published October 9th, 2025

Detected March 14th, 2026

Summary

The European Securities and Markets Authority (ESMA) has opened a consultation on draft Regulatory Technical Standards (RTS) for participation requirements under EMIR 3. The consultation seeks feedback from interested stakeholders, including central counterparties (CCPs) and their participants, on the proposed rules.

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What changed

ESMA has launched a public consultation regarding draft Regulatory Technical Standards (RTS) concerning participation requirements under the European Market Infrastructure Regulation (EMIR 3). This consultation is open to all interested stakeholders, with specific requests for input from central counterparties (CCPs), direct and indirect participants of CCPs, and potential participants, encompassing both financial and non-financial counterparties.

The consultation period runs until January 5, 2026. Stakeholders are encouraged to submit comments via the provided reply form, addressing specific questions outlined in Annex 1. Responses received will be published unless confidentiality is requested. This action represents a crucial step in finalizing the EMIR 3 framework, and regulated entities should prepare to review the draft RTS and formulate their responses to influence the final rules.

What to do next

Review the ESMA Consultation Paper on EMIR 3 draft RTS on Participation Requirements.
Prepare and submit comments by the deadline of January 5, 2026.
Ensure any requested confidentiality is clearly indicated in the submission.

Source document (simplified)

Consultation on the EMIR 3 draft RTS on Participation Requirements

From

09 October 2025

05 January 2026

Read responses 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 5 January 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 direct or indirect participants of CCPs (as well as potential participants of CCPs), both financial counterparties and non-financial counterparties.

Related Documents

Download All Files Download Selected Files
| Date | Reference | Title | Download | Select |
| --- | --- | --- | --- | --- |
| 09/10/2025 | ESMA91-1505572268-4364 | Consultation Paper on the EMIR 3 draft RTS on Participation Requirements | | |
| 09/10/2025 | ESMA91-1505572268-4497 | Consultation Paper on the EMIR 3 draft RTS on Participation Requirements - Reply form | | |

Download selected files

| Activity | Institution | | Download | |
| --- | --- | --- | --- | --- |
| Banking | International Swaps and Derivatives Association | - 214792 | - ESMAPARTISDA_0.docx | |
| Legal and Accountancy | ARGA Observatory | - 214794 | - ESMAPARTARGA_OBSERVATORY.docx | |
| Others | Commodity Markets Council Europe - CMCE | - 214816 | - CMCEresponsetoESMAEMIRCPEMIR3draftRTSonparticipationrequirements_Finalversion.docx | |
| Central Counterparty (CCP) | Deutsche Börse Group | - 214817
- 214818 | - ESMAPARTDeutscheBoerseGroup.docx
- AnnexDBGClearingMembershipTypes.docx | |
| Others | World Federation of Exchanges | - 214826 | - ESMAPARTWFE.docx | |
| Others | LuxCMA | - 214827 | - ESMAPARTLuxCMA.docx | |
| Central Counterparty (CCP) | LSEG | - 214836 | - 20260501LSEGresponsetoESMAconsultationRTSparticipationrequirements-submission.docx | |
| Central Counterparty (CCP) | SIX Group | - 214837 | - ESMAPARTSIXGroup.docx | |
| Central Counterparty (CCP) | Cboe Clear Europe N.V. | - 214848 | - CboeClearResponsetoRTSonParticipation_Requirements.docx | |
| Central Counterparty (CCP) | SKDD-CCP Smart Clear d.d. | - 214845 | - ESMAPARTSKDD-CCPSmartClear.docx | |
| Central Counterparty (CCP) | European Association of CCP Clearing Houses | - 214849 | - ESMAPARTEACH.docx | |
| Others | FIA | - 214850 | - FIAResponsetoESMAconsultationonCCPParticipationrequirements_January2026_.docx | |