The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, launched two public consultations following the review of the European Market Infrastructure Regulation (EMIR 3).ESMA is encouraging stakeholders to share their views about:

• the type of information to be disclosed by clearing service providers (CSPs) to their clients, in relation to costs and fees for the provision of clearing services; and
• the requirements regarding the central counterparties’ (CCPs) margin simulation tool and CSPs’ margin simulations; and the type of information to be provided by CCPs and CSPs regarding their margin models.

EMIR 3 introduces several measures to make EU clearing services and EU CCPs more efficient and competitive, including by increasing transparency regarding costs and fees for the provision of clearing services and margins called by CCPs and CSPs.

Next steps

The deadline for responses to the consultation papers is 8 September 2025. Based on the responses received, ESMA will prepare the final reports and submit the final draft technical standards to the European Commission by 25 December 2025.