Response to consultation on Guidelines on the authorisation of initial margin models
Q1. Do you have any comments on the proposed Guidelines? If you identify an issue, please describe it an suggest how to address it.
Assogestioni[1] welcomes the opportunity to comment on the EBA draft Guidelines on the authorisation of initial margin models under Article 11(3) of Regulation (EU) No 648/2012 (EMIR).
We broadly support the objective of ensuring a consistent approach across the Union to the authorisation of initial margin models. In particular, we welcome the EBA’s efforts to reflect proportionality considerations in the draft Guidelines, including in relation to other counterparties (OCPs) and to counterparties using pro forma models.
As a targeted drafting point, Assogestioni would welcome an alignment of the explanatory text in the “7. Implementation” section with paragraph 45 of the same section. Paragraph 45 identifies the last category of counterparties covered by the draft Guidelines as those with an aggregate average notional amount of non-centrally cleared derivatives (AANA) above EUR 8 billion and below or equal to EUR 750 billion. However, the corresponding bullet point in the explanatory text of the “7. Implementation” section refers only to Phase 5- and Phase 6-counterparties with an AANA below or equal to EUR 750 billion.
The alignment would avoid any unintended impression that counterparties below the EUR 8 billion AANA threshold are covered by Phase 5 and Phase 6, consistently with the EMIR bilateral margin framework under which such counterparties are not subject to the regulatory initial margin exchange obligation.
Assogestioni therefore suggests amending the relevant bullet point in the explanatory text of the “7. Implementation” section as follows:
“(…) to Phase 5- and Phase 6-counterparties (AANA > EUR 8 bn and <= EUR 750 bn) 12 months later (i.e. from 1 January 2029).”
[1] Assogestioni is the representative association of the Italian Investment Management Industry. Its members include Italian and foreign investment management companies operating in Italy, as well as banks and insurance companies involved in investment management, including pension schemes. Assogestioni’s members manage assets of approx. 2,6 trillion euros as of April 2026.