Page 49 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

下一步

意见反馈截止日期为 2026 年 4 月 30 日。根据收到的反馈意见，ESMA 将准

备最终报告，并在 2026 年底前向欧盟委员会提交最终的技术标准草案。

ESMA Consults on Guarantees as CCP Collateral and on Certain Aspects of

CCP Investment Policy (2026/2/23)

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

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