Global Trustee and Fiduciary Services Bite-Sized Issue 3 | 2026

3 QUICK LINKS AI DIGITAL ASSETS EMIR FINTECH FSB IOSCO MIFID II/MIFIR SUSTAINABLE FINANCE/ESG ASIA PACIFIC EUROPE LUXEMBOURG NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 3 | 2026 EMIR ESMA Sets Out Clearing Thresholds Under EMIR 3 On 25 February 2026, the European Securities andMarkets Authority (ESMA) published its draft Regulatory Technical Standards (RTS) setting out new and revised clearing thresholds (CTs) under the EuropeanMarket Infrastructure Regulation (EMIR 3). ESMA says that the proposed thresholds ensure continuity in the coverage of systemic risk in over‑the‑counter (OTC) derivative markets while avoiding unnecessary complexity and additional compliance burdens for market participants. To reduce unnecessary complexity and burden, ESMA has: • Retained five CTs categories, avoiding additional categories or more granular thresholds; • Clarified the timing of calculation of positions, allowing counterparties to apply the new CTs during their usual assessment window or earlier, if they wish to benefit sooner from the new regime; and • Enhanced stability and visibility in the mechanism triggering the review of the CT. Additionally, ESMA suggests increasing the thresholds in the commodity, interest rate and credit derivatives asset classes compared to what was proposed in the Consultation Paper published in April 2025. These adjustments reflect recent price developments, inflation and other relevant market factors while ensuring a proportionate coverage of the systemic risk. As a reminder, ESMA says that entities active in OTC derivative markets and exceeding one or more CTs are subject to additional requirements, notably the clearing obligation. ESMA has submitted the final draft RTS to the European Commission for endorsement, following which they will be subject to adoption. Link to Draft RTS here ESMA Consults on Guarantees as CCP Collateral and on Certain Aspects of CCP Investment Policy On 20 February 2026, ESMA launched a public consultation following the review of 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. ESMA says that 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. The deadline for responses is 30 April 2026. Based on the responses received, ESMA says that it will prepare the final report and submit the final draft technical standards to the European Commission by the end of 2026. Link to Consultation here