This Practice Note lists the delegated acts, implementing decisions and guidelines adopted under the European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR). Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulation (EU) No 648/2012, Regulation (EU) No 575/2013 and Regulation (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (EMIR 3) was published in the Official Journal of the EU on 4 December 2024. For information on changes made by EMIR 3 to EU EMIR, see Practice Notes: EU EMIR—essentials and EU regulation of CCPs. Date Title of Document Content of delegated regulation/implementing decision/guideline 18 August 2026 Consultation Paper EMIR Article 7d Reporting ESMA proposes an annual reporting framework for clearing activity at recognised third-country CCPs. The reporting obligation will apply to clearing members and clients that clear transactions through recognised third-country CCPs. 17 August 2026 Commission Delegated Regulation (EU) 2026/1000 of 5 May 2026 supplementing Regulation (EU) No 648/2012 of the

What is EU EMIR? In 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing systemic counterparty risk in the over-the-counter (OTC) derivatives market. The European Market Infrastructure Regulation (EU) 648/2012 (EU EMIR) implements most of the pledged reforms in the EU. EU EMIR covers OTC derivatives, central clearing counterparties (CCPs) and trade repositories (TRs). EMIR 3 Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (EMIR 3) was published in the Official Journal of the EU on 4 December 2024. EMIR 3 enters into force on 24 December 2024 and applies from that date, with the exception of Articles 1(4) (amendment of Article 4a of EU EMIR) and Article 1(9) (amendment of Article 10 of EU EMIR) which shall not apply until the date of entry into force of the RTS referred to in

This timeline shows key developments relating to Regulation (EU) 648/2012 (EU EMIR) from January 2024 onwards. For earlier developments, see European Market Infrastructure Regulation (EMIR)—timeline [Archived]. 2026 Date Source Document Description 2 March 2026 ESMA Final Report on the Draft RTS on Margin Transparency requirementsFinal report on the draft RTS on information on clearing fees and associated costs As part of the review of the European Market Infrastructure Regulation by EMIR 3, the European Securities and Markets Authority (ESMA) has published two final reports containing draft regulatory technical standards (RTS), covering margin transparency requirements, and information on clearing fees and associated costs. 27 February 2026 ESMA New Q&As available ESMA has published or updated Q&As relating to: European crowdfunding service providers for business; Markets in Crypto-Assets Regulation (MiCA); OTC derivatives, central counterparties and trade repositories (EMIR) – CCPs; and the Transparency Directive. 26 February 2026 ESMA ESMA consults on post-trade risk reduction services exemption under EMIR 3Consultation paper on the regulatory standards on the requirements for post-trade risk reduction services for the purpose of the

The European Parliament has published a corrigendum to its position adopted at first reading as regards the EU’s proposed Regulation (EU) 2024/... on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities, and amending the EU Sustainable Finance Disclosure Regulation (EU) 2019/2088 and (EU) 2023/2859 regarding establishment of a European Single Access Point (ESAP) (EU ESG Ratings Regulation).

This Practice Note discusses the Regulation (EU) 2024/3005 on the transparency and integrity of environmental, social and governance (ESG) rating activities (the ESG Ratings Regulation). It briefly explains the scope of the ESG Ratings Regulation, the authorisation and recognition of ESG ratings providers, the key organisational, transparency and conflict of interest requirements applicable to in-scope entities and the supervision and enforcement powers of the European Securities and Market’s Authority (ESMA). For information on the ESG-ratings related work of the International Organization of Securities Commissions (IOSCO) and the developments relating to the regulation of ESG ratings and data product providers in the UK, see Practice Note: ESG ratings regulation—essentials. (The referenced Practice Note is available on the Financial Services module, subscription may be required.) Background The ESG Ratings Regulation forms part of the EU’s broader sustainable finance framework, including the Commission’s action plan on ‘Financing Sustainable Growth’ ( Action Plan) and its renewed sustainable finance strategy in the context of the ‘European

This Practice Note is a horizon scanner tracking key future developments in rules governing environment, social, and governance (ESG) and sustainability matters in the EU. It provides details of key dates for your diary (including forecasted dates where possible) and relevant commentary in relation to legislation-in-progress, legislation subject to future application dates or transposition deadlines, new consultations and calls for evidence, forthcoming guidance, and new EU-level strategies and action plans. ‘Sustainability’ and ‘sustainable business’ have evolved conceptually over recent years. Sustainability initiatives are now typically concentrated on three distinct areas: environment, social, and governance (together, ESG). The EU’s plans and proposals for improving and incentivising sustainable business practices arise out of a number of international agreements and frameworks, including the Paris Agreement, the Task Force on Climate-related Financial Disclosures, the Task Force on Nature-related Financial Disclosures, and the United Nations Sustainable Development Goals. The legislative packages tracked here are closely linked to other cross-sector initiatives launched pursuant to the European Green Deal. For more information on these broader international frameworks, see our ESG and sustainability

This Practice Note tracks key past developments in rules governing environment, social, and governance (ESG) and sustainability matters in the EU. It provides details of key events and relevant commentary relating to finalised legislation and other key developments, including published guidance and EU-level strategies and action plans. This tracker covers legislative developments from 2025 onwards. ‘Sustainability’ and ‘sustainable business’ have evolved conceptually over recent years. Sustainability initiatives are now typically concentrated on three distinct areas: environment, social, and governance (together, ESG). The EU’s plans and proposals for improving and incentivising sustainable business practices arise out of a number of international agreements and frameworks, including the Paris Agreement, the Task Force on Climate-related Financial Disclosures, the Task Force on Nature-related Financial Disclosures, and the United Nations Sustainable Development Goals. The legislative packages tracked here are closely linked to other cross-sector initiatives launched pursuant to the European Green Deal. For more information on these broader international frameworks, see our ESG and sustainability collection. This tracker is divided into the following sections: • Legislation published in the

This Practice Note discusses the EU environmental social governance (ESG) (also referred to as sustainability) integration measures, which amend delegated acts under the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD), the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive 2009/65/EC and the recast Markets in Financial Instruments Directive 2014/65/EU (MiFID II), including impact on the industry and new concepts. What were the ESG integration measures? In August 2021, a suite of measures (the Delegated Acts) were published in the Official Journal of the EU, see Application of the ESG measures below, which affected UCITS management companies, alternative investment fund managers (AIFMs) and MiFID investment firms (collectively, managers). For practical guidance on managers, see Practice Notes: EU Undertakings for Collective Investment in Transferable Securities (UCITS)—essentials, EU AIFMD—essentials and EU MiFID II and MiFIR—essentials. The Delegated Acts further developed the Commission’s Sustainable Finance Action Plan, originally published on 8 March 2018. The Delegated Acts followed the EU Sustainability Disclosure Regulation (Regulation (EU) 2019/2088) (EU SFDR) and the EU Taxonomy Regulation (Regulation (EU) 2020/852) (together, the Regulations),

EU Emissions Trading System: Formerly referred to as the EU Emissions Trading Scheme, the EU ETS is one of the key policies introduced by the EU to help meet its greenhouse gas emissions target of 8 percent below 1990 levels under the protocol'>Kyoto Protocol. It is a Europewide cap and trade scheme that started in 2005 and is the first of its kind. Each EU member state must develop a National Allocation Plan approved by the European Commission which sets an overall cap on the total emissions allowed from all the installations covered by the System. This is then converted into allowances (1 allowance equals 1 tonne of CO2) which are distributed by EU member states to installations covered by the System. At the end of each year, installations are required to surrender allowances to account for their actual emissions. Installations can emit more than their allocation by buying allowances from the market or can sell surplus allowances to the market.

Originally produced in partnership with Navraj Singh Ghaleigh, Senior Lecturer in Climate Law, University of Edinburgh ARCHIVED: This Practice Note has been archived and is not maintained. The EU Emissions Trading System (EU ETS) is the largest ETS in the world by volume. It works on a cap-and-trade basis, where a limit is set on the total greenhouse gas emissions allowed by all participant sectors covered by the scheme and this limit is converted into tradable allowances. For more information, see Practice Notes: • Emissions trading—overview • EU ETS Directive 2003/87/EC—snapshot • EU Emissions trading system—outline • EU ETS Phase III UK implementation—legal framework, key obligations and administration [Archived] • EU ETS Phase III UK implementation—regulated activities, operators, and installations [Archived] • EU ETS Phase III UK implementation—compliance, enforcement and appeals [Archived] • When is a greenhouse gas permit required under Phase III EU ETS? [Archived] This note focuses on the allocation of allowances in EU ETS Phase III as implemented at the UK. Although specified

Originally produced in partnership with Navraj Singh Ghaleigh, Senior Lecturer in Climate Law, University of Edinburgh ARCHIVED: This Practice Note has been archived and is not maintained. The EU Emissions Trading System (EU ETS) is the largest ETS in the world by volume. The basic mode of operation, legal framework, allocation, scope and coverage of the EU ETS are considered in the following Practice Notes: • Emissions trading—overview • EU ETS Directive 2003/87/EC—snapshot • EU Emissions trading system—outline • EU ETS Phase III UK implementation—legal framework, key obligations and administration [Archived] • EU ETS Phase III UK implementation—regulated activities, operators, and installations [Archived] • EU ETS Phase III UK implementation—allocation of allowances and auctioning [Archived] • When is a greenhouse gas permit required under Phase III EU ETS? [Archived] Phase IV of the EU ETS runs from 2021 to 2030. It sees a cap on the total volume of emissions which will be reduced annually by 2.2%, double the number of allowances to be placed in the market stability

Originally produced in partnership with Navraj Singh Ghaleigh, Senior Lecturer in Climate Law, University of Edinburgh ARCHIVED: This Practice Note has been archived and is not maintained. Brexit 11 pm (GMT) on 31 December 2020 marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements came to an end and significant changes began to take effect across the UK’s legal regime. The UK ceased participation in the EU Emissions Trading System (EU ETS) at the end of the implementation period. The UK has set up its own UK emissions trading scheme (UK ETS) and requirements on UK ETS participants took effect on 1 January 2021, the beginning of the UK ETS’s first trading period. Under the terms of the Withdrawal Agreement, the UK remained in the EU ETS during the transition period and operators therefore had to comply with obligations relating to the 2020 scheme