Global Trustee and Fiduciary Services Bite-Sized Issue 5 2025

4 QUICK LINKS AIFMD (UK) CRYPTOASSETS DATA EMIR FINTECH FSB IOSCO MARKET ABUSE REGULATION MICA MIFID II/MIFIR SUSTAINABLE FINANCE/ ESG ASIA PACIFIC AUSTRALIA EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 5 | 2025 EMIR ESMA Consults on Clearing Thresholds Under EMIR 3 On 8 April 2025, the European Securities and Markets Authority (ESMA) published a consultation paper, asking for input on the new clearing thresholds under the review of the European Market Infrastructure Regulation (EMIR 3). ESMA says the consultation paper is part of its mandate to develop Regulatory Technical Standards (RTS) on clearing thresholds, and covers the following areas: • Proposals for a revised set of clearing thresholds; • Considerations for hedging exemptions for non-financial counterparties; and • A trigger mechanism for reviewing the clearing thresholds. ESMA says that the revised clearing threshold methodology focuses on the activity in over-the- counter (OTC) derivatives not cleared at an authorised or recognised central counterparty (CCP) and that this approach assesses the risk associated with uncleared activity to determine if entities should be mandated to clear their OTC derivatives. ESMA states that the newmethodology aims at ensuring a proportionate clearing obligation regime, focusing on entities with significant OTC derivatives activity and large uncleared positions. The consultation will remain open until 16 June 2025. Based on the feedback received, ESMA says it will publish a final report and submit the draft technical standards to the European Commission by the end of 2025. Link to Consultation Paper here ESMA Publishes the Annual Peer Review of EU CCP Supervision On 2 April 2025, ESMA published its annual peer review report on the supervision of European Union (EU) Central Counterparties (CCPs) by National Competent Authorities (NCAs). The peer reviewmeasures the effectiveness of NCA supervisory practices in assessing CCP compliance with EMIR requirements on outsourcing and intragroup governance arrangements. For this exercise, ESMA says that the review of the functioning of CCP colleges remains positive overall. ESMA states that the NCAs participating in the current peer review have overall met the supervisory expectations in relation to the supervision of CCP’s outsourcing and intragroup governance arrangements. In particular, the NCAs consistently assessed the CCPs’ ongoing compliance of outsourcing and intragroup governance arrangements with the respective regulatory requirements in EMIR. In cases where NCAs only partially met supervisory expectations, ESMA has issued recommendations to address the shortcomings identified. The peer review has also identified the need to promote further supervisory convergence in respect of the definition of major activities linked to risk management. ESMA says it will follow up on the implementation of the recommendations made to NCAs and work to identify, where relevant, the most appropriate tools to further enhance supervisory convergence on the identification of major activities linked to risk management. Link to ESMA’s 2024 CCP Peer Review Report here