ESMA Consults on CCP Collateral and Investment Policy

ESMA News

Published April 30th, 2026

Detected February 24th, 2026

Summary

The European Securities and Markets Authority (ESMA) has launched a public consultation on proposed changes to central counterparty (CCP) collateral and investment policies, stemming from EMIR 3. The consultation seeks feedback on the acceptance of various guarantees as collateral and the eligibility of debt instruments for CCP investment policies, with a deadline for responses on April 30, 2026.

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What changed

ESMA has initiated a public consultation regarding updates to its regulations concerning central counterparty (CCP) collateral and investment policies, as part of the review of EMIR 3. The consultation specifically addresses the conditions under which public and commercial bank guarantees can be accepted as collateral by CCPs, the criteria for eligible financial instruments in CCP investment policies, and the handling of emission allowances. These proposed changes aim to enhance the efficiency, competitiveness, and accessibility of EU clearing services and CCPs, potentially broadening the types of guarantees accepted and the entities that can utilize them, including clients of CCPs that are non-financial counterparties (NFCs).

Regulated entities, including financial advisers, fund managers, and public companies involved with CCPs, are encouraged to submit their feedback by April 30, 2026. The responses will inform ESMA's final report and the subsequent submission of draft technical standards to the European Commission by the end of 2026. Failure to engage with this consultation may result in the final rules not reflecting the operational realities or concerns of market participants, potentially leading to unforeseen compliance challenges once implemented.

Source document (simplified)

ESMA consults on guarantees as CCP collateral and on certain aspects of CCP investment policy

CCP 23/02/2026 The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has launched a public consultation following the review of the European Market Infrastructure Regulation (EMIR 3).

ESMA is encouraging all interested stakeholders, including non-financial counterparties (NFCs), to share their views about:

the relevant conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted by central counterparties (CCPs) as collateral;
the conditions under which debt instruments can be considered as eligible financial instruments for the purpose of CCP investment policy; and
the highly secured arrangements in which emission allowances posted as margins or default fund contributions can be deposited. EMIR 3 introduces several measures to make EU clearing services and EU CCPs more efficient, competitive and accessible. These include permanent broadening of both the type of guarantees that may be accepted by CCPs as eligible collateral and the scope of entities that may use them, now also covering clients of CCPs that are NFCs.

Next steps

The deadline for responses is 30 April 2026. Based on the responses received, ESMA will prepare the final report and submit the final draft technical standards to the European Commission by the end of 2026.

Further information: