COMMISSION DELEGATED REGULATION (EU) .../... amending Delegated Regulation (EU) No 876/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards change...

EUROPEAN COMMISSION Brussels, 11.6.2025 C(2025) 3626 final COMMISSION DELEGATED REGULATION (EU) …/... of 11.6.2025 amending Delegated Regulation (EU) No 876/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards changes to the functioning and management of colleges for central counterparties (Text with EEA relevance) EXPLANATORY MEMORANDUM 1. CONTEXT OF THE DELEGATED ACT As required by Article 18(6) of Regulation (EU) No 648/2012 of the European Parliament and of the Council(‘EMIR’)1, the European Securities and Markets Authority (ESMA) developed draft regulatory technical standards (RTS) specifying (i) the conditions under which the Union currencies of the central bank of issues of the instruments cleared by the central counterparty (CCP) are to be considered as the most relevant and (ii) the details of the practical arrangements for the functioning of the CCP colleges. On September 2012, ESMA submitted those draft RTS to the Commission for adoption, which the Commission did on 28 May 2013 and which became Commission Delegated Regulation (EU) No 876/20132. Commission Delegated Regulation No 876/2013 was amended by Commission Delegated Regulation (EU) 2020/21453 to reflect the amendments to EMIR introduced by Regulation (EU) No 2019/2099 of the European Parliament and of the Council (‘EMIR 2.2’)4, EMIR was amended again by Regulation (EU) 2024/2987 of the European Parliament and of...