ESMA Regulatory Notices

Key dates

2026-09-03 Deadline

Weekly commodity derivatives position reporting framework goes live; updated weekly reporting requirements apply from this date

2026-08-14

ESMA published the confirmation of the go-live date and availability of updated technical documentation

Suggested considerations

• Compliance teams may wish to confirm whether their commodity derivatives reporting population is in scope for the weekly position reporting regime.
• Firms may wish to validate that their internal reporting logic aligns with XML schema version v2.0 and the updated validation rules.
• Operations and controls teams may wish to complete end-to-end testing against the updated reporting instructions before 2026-09-03.
• Firms may wish to reconcile source data, cut-off processes, and approval workflows to ensure weekly submission can be produced on time.
• Compliance teams may wish to monitor for any national competent authority implementation guidance or venue-specific instructions affecting submission mechanics.

What changed

The publication confirms the go-live date for the weekly commodity derivatives position reporting framework after ESMA’s earlier postponement. The reporting process will move to the updated technical framework, including new reporting instructions, XML schema version v2.0, and associated validation rules. The key change is not a policy redesign but a mandatory implementation milestone: firms in scope will need to file weekly reports in the new format from 2026-09-03.

Key dates

30 April 2023

- ESMA’s withdrawal of recognition decisions for six Indian CCPs, including CCIL, took effect under EMIR, prohibiting EU clearing members and trading venues from using those CCPs for EU‑regulated clearing activity

Earlier 2026

- ESMA and the Reserve Bank of India sign a Memorandum of Understanding establishing supervisory cooperation arrangements for Indian CCPs, including CCIL

30 June 2026

- ESMA’s decision recognising CCIL as a Tier 1 third‑country CCP under EMIR takes effect, and CCIL is added to ESMA’s updated list of recognised TC‑CCPs

Suggested considerations

• Confirm and document that CCIL now appears on ESMA’s official list of recognised third‑country CCPs and that its status is Tier 1 under EMIR, updating internal CCP eligibility lists and counterparty approval registers accordingly.
• Review and update internal clearing policies, procedures and governance documents to reflect that EU entities may again clear eligible products through CCIL, subject to EMIR and firm‑specific risk appetite.
• Reassess and formally approve CCIL within the firm’s CCP due‑diligence framework, including credit risk, operational risk, legal risk and jurisdictional risk assessments, taking account of the RMU with RBI and the Tier 1 classification.
• Update EMIR compliance mappings to ensure that trades cleared via CCIL are correctly treated for clearing obligation, risk‑management, reporting and collateral requirements, and that no activity is undertaken through non‑recognised CCPs in India.
• Coordinate with front‑office, clearing operations and collateral management teams to re‑open or adjust clearing access to CCIL (e.g. membership arrangements, client clearing channels, account structures, margin and collateral workflows).

What changed

• - CCIL is formally recognised as a Tier 1 third‑country central counterparty (TC‑CCP) under Regulation (EU) No 648/2012 (EMIR), allowing it to offer clearing services to EU clearing members and EU...
• The recognition is contingent on an equivalence decision adopted by the European Commission for the Indian regulatory framework applicable to CCPs under EMIR Article 25.
• ESMA has assessed and confirmed effective supervision and enforcement by the Reserve Bank of India (RBI) over CCIL as a prerequisite for recognition.
• ESMA and RBI have put in place cooperation arrangements, formalised through a Memorandum of Understanding, to support ongoing supervisory coordination over CCIL’s activities that affect EU...
• CCIL is now included in ESMA’s updated list of recognised third‑country CCPs, clarifying that EU firms may use CCIL’s clearing services while complying with EMIR’s clearing and risk‑management...

Key dates

February 17, 2026

- ESMA Board of Supervisors adopts decision

February 19, 2026

- ESMA publishes supplementary deferrals list

March 2, 2026

- Original implementation date (subsequently extended)

May 4, 2026

- **Effective date for supplementary deferrals application**

Suggested considerations

• *Immediate Compliance Preparation (by May 4, 2026)
• *System Configuration: Trading venues and investment firms must update post-trade reporting systems to implement volume omission deferrals for Group 1, Category 1 sovereign bonds, with automated end-of-day publication triggers.
• *Instrument Classification: Establish processes to correctly identify which sovereign bonds qualify as Group 1, Category 1 under Commission Delegated Regulation (EU) 2017/583 (RTS 2), referencing Table 2.6 of Annex III.
• *APA Coordination: Approved Publication Arrangements must configure deferral management services to apply volume omission rules consistently across all reporting firms, with fallback procedures for system failures.
• *Policy Documentation: Update post-trade transparency policies, procedures, and client disclosures to reflect the new deferral regime and explain the timing of volume publication.

What changed

Scope of Supplementary Deferrals The decision permits volume omission deferrals for sovereign bonds classified as Group 1, Category 1 instruments (medium-size, liquid instruments) under MiFIR's post-trade transparency framework. Market operators and investment firms may defer publication of transaction volumes until end-of-trading-day, rather than the standard 15-minute deferral period. Regulatory Rationale ESMA determined that these deferrals are necessary to account for specific characteristics of sovereign bond markets, particularly protecting market liquidity and ensuring orderly price...