(b)

the following paragraph is added: ‘7. ESMA, after consulting EBA and the ESCB, shall develop draft regulatory technical standards to further specify the elements to be considered when a CCP: When developing those draft regulatory technical standards, ESMA shall take into account: ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 25 December 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’ ; establishes its admission criteria referred to in paragraph 1; assesses the ability of non-financial counterparties acting as clearing members to meet margin requirements and default fund contributions referred to in paragraph 1a. the modalities and specificities through which non-financial counterparties might, or already do, access clearing services, including as direct clearing members in sponsored models; the need to facilitate prudentially sound direct access of non-financial counterparties to CCP clearing services and activities; the need to ensure proportionality; the need to ensure an effective management of risks.

← (a) · All articles · (a) →

Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.