What does ESMA's "New Q&As available" change?

For CASPs, ESMA clarifies that client funds may be temporarily held in an account with a non-bank payment service provider, such as a payment institution or electronic money institution, provided the funds are transferred to an account with a credit institution or central bank no later than the end of the business day following receipt. Funds may remain beyond that point in a credit-institution account opened and held by the non-bank payment service provider specifically for the CASP only where the account is technically segregated from the provider’s other accounts and the MiCA safeguarding requirements remain satisfied. For crowdfunding providers, charging registration, membership or other access fees does not by itself remove the platform from Regulation (EU) 2020/1503; the provider must assess whether its activities constitute crowdfunding services and comply with ECSPR information, conduct and investor-protection requirements. For EMIR AAR purposes, ESMA clarifies that the Article 7a(4) fifth-subparagraph one-half rule for the 85% exemption is applied across the relevant AAR derivative classes rather than separately to each class. The notional clearing volume outstanding is calculated using the gross notional value of the aggregate month-end average position over the preceding 12 months, generally at group level where applicable and excluding client-clearing activity. The representativeness calculation uses the residual maturity of trades at the relevant measurement point and assigns instruments to the prescribed maturity buckets; the obligation is triggered when the relevant EUR 6 billion threshold is reached, with reporting beginning at the next reporting date. The 85% exemption removes specified operational, stress-testing and related reporting requirements but does not remove the representativeness obligation.

EU-authorised crypto-asset service providers under MiCA that hold client funds Payment institutions and electronic money institutions providing payment accounts or safeguarding structures to CASPs EU crowdfunding service providers authorised under Regulation (EU) 2020/1503 that charge registration, membership or access fees Financial and non-financial counterparties subject to EMIR 3’s active account requirement EU and EEA central counterparties and clearing members supporting AAR compliance

What should firms consider doing?

CASPs should consider mapping each client-funds flow against MiCA Article 70(2) and (3), documenting the end-of-next-business-day transfer control and verifying that any intermediary-held credit-institution account is specifically held for the CASP and technically segregated. CASPs and their payment-service-provider partners may wish to review contractual terms, account mandates, insolvency protections, reconciliation processes and evidence demonstrating clients’ ownership rights and prohibition of proprietary use. Crowdfunding providers using registration, membership or access fees should consider documenting why their model does or does not constitute a crowdfunding service under Regulation (EU) 2020/1503 and reviewing website disclosures, fee descriptions, client communications and investor-protection controls. AAR counterparties should recalculate the 12-month aggregate month-end average gross notional position, including the applicable group perimeter and excluding client-clearing activity, against the EUR 6 billion and EUR 100 billion thresholds. AAR counterparties relying on the 85% exemption should consider testing the one-half rule across the relevant derivative classes, retaining the underlying EU-CCP clearing data and avoiding any assumption that the exemption removes the representativeness requirement. Affected counterparties should review trade-level residual-maturity data, bucket allocation, annual-average trade counts and reporting calendars so that representative clearing can be demonstrated at the applicable reporting date. Compliance teams may wish to update policies, procedures, management information and regulatory inventories to distinguish ESMA Q&A interpretive expectations from directly binding Level 1 and Level 2 requirements.

🇪🇺 ESMA Guidance medium

New Q&As available

Published 16 October 2026 | European Union

AI Analysis

ESMA published five Q&As on 16 October 2026 covering MiCA client-funds safeguarding, ECSPR fee-based crowdfunding models and EMIR 3’s active account requirement (AAR). The update is principally interpretive, but it materially affects CASP safeguarding structures, crowdfunding platforms marketed as “investment clubs” and counterparties calculating the EUR 6 billion and 85% AAR tests.

Key dates

2026-10-16: ESMA published Q&As 2949, 2950, 2936, 2937 and 2938.
2025-06-25: The EMIR 3 active account regime began applying to counterparties already within scope after the six-month implementation period.

Suggested considerations

CASPs should consider mapping each client-funds flow against MiCA Article 70(2) and (3), documenting the end-of-next-business-day transfer control and verifying that any intermediary-held credit-institution account is specifically held for the CASP and technically segregated.
CASPs and their payment-service-provider partners may wish to review contractual terms, account mandates, insolvency protections, reconciliation processes and evidence demonstrating clients’ ownership rights and prohibition of proprietary use.
Crowdfunding providers using registration, membership or access fees should consider documenting why their model does or does not constitute a crowdfunding service under Regulation (EU) 2020/1503 and reviewing website disclosures, fee descriptions, client communications and investor-protection controls.
AAR counterparties should recalculate the 12-month aggregate month-end average gross notional position, including the applicable group perimeter and excluding client-clearing activity, against the EUR 6 billion and EUR 100 billion thresholds.
AAR counterparties relying on the 85% exemption should consider testing the one-half rule across the relevant derivative classes, retaining the underlying EU-CCP clearing data and avoiding any assumption that the exemption removes the representativeness requirement.
Affected counterparties should review trade-level residual-maturity data, bucket allocation, annual-average trade counts and reporting calendars so that representative clearing can be demonstrated at the applicable reporting date.
Compliance teams may wish to update policies, procedures, management information and regulatory inventories to distinguish ESMA Q&A interpretive expectations from directly binding Level 1 and Level 2 requirements.

What changed

For CASPs, ESMA clarifies that client funds may be temporarily held in an account with a non-bank payment service provider, such as a payment institution or electronic money institution, provided the funds are transferred to an account with a credit institution or central bank no later than the end of the business day following receipt. Funds may remain beyond that point in a credit-institution account opened and held by the non-bank payment service provider specifically for the CASP only where the account is technically segregated from the provider’s other accounts and the MiCA safeguarding requirements remain satisfied. For crowdfunding providers, charging registration, membership or other access fees does not by itself remove the platform from Regulation (EU) 2020/1503; the provider mus

Compliance impact

The publication does not create a new standalone authorisation or reporting regime, but it narrows interpretive uncertainty in areas where deficient controls could expose firms to MiCA safeguarding, ECSPR conduct or EMIR supervisory findings. The most consequential points are the restriction of the 85% AAR exemption, the EUR 6 billion trigger for representativeness obligations and the requirement

Who is affected

EU-authorised crypto-asset service providers under MiCA that hold client funds
Payment institutions and electronic money institutions providing payment accounts or safeguarding structures to CASPs
EU crowdfunding service providers authorised under Regulation (EU) 2020/1503 that charge registration, membership or access fees
Financial and non-financial counterparties subject to EMIR 3’s active account requirement
EU and EEA central counterparties and clearing members supporting AAR compliance

Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA), especially Article 70
Directive (EU) 2015/2366 on payment services (PSD2)
Regulation (EU) 2020/1503 on European crowdfunding service providers for business (ECSPR)
Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR), especially Articles 7a and 7b
Regulation (EU) 2024/2987 amending EMIR on the active account requirement

References

AI-generated analysis. May contain errors or omissions — verify with the original ESMA source before acting. Full disclaimer.

What the ESMA said

New Q&As available 16 October 2026 CCP Digital Finance and Innovation The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published the following question and answer: Crypto-Asset Service Provider (CASP) Use by CASPs of payment accounts provided by non-bank payment service…

Extract from ESMA . Read the full notice at the source for the authoritative text.

Sectors

Crypto & Digital Assets Payments & E-Money Capital Markets & Trading

Topics

Consumer Protection / Conduct Authorisation & Licensing Reporting & Disclosure

Relevant Firm Types

Crypto ExchangeFintechPayment ProviderHedge Fund

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