CCP Supervisory Committee

The CCP Supervisory Committee (CCP SC) has been established in January 2020 with the entry into force of the Review of the European Market Infrastructure Regulation (EMIR 2.2), as a permanent standing committee of ESMA.


The CCP SC is a unique set-up bringing together representatives of National Competent Authorities (NCAs) supervising EU CCPs, as well as the Chair of the CCP SC and two Independent Members, all acting as voting members.

The CCP SC also includes relevant EU Central Banks of Issue as non-voting members when discussing certain topics in relation to TC-CCPs for their relevant currencies (decisions regarding the tiering of TC-CCPs and the supervision of Tier 2 CCPs) or the ESMA CCP Stress Test.

Regarding Ethics and Conflict of Interests, while the Chair and Independent Members are subject to the conflicts of interest policy for ESMA Staff, the other CCP SC Members are subject to the Policy on Independence and Decision-Making Processes for avoiding Conflicts of Interest (Conflict of Interest Policy) for Non-Staff.



The CCP SC is responsible for several tasks in relation to CCPs established in the EU (EU CCPs) and in third countries (TC-CCPs) in order to enhance supervisory convergence and ensure a resilient CCP landscape. It includes:

  • Preparing draft decisions for submission to the Board of Supervisors in relation to the recognition and tiering of TC-CCPs, the supervision of recognised systemically important TC-CCPs (Tier 2 CCPs) and the review of recognition.
  • Monitoring the regulatory, supervisory and market developments in relevant third-country jurisdictions and the activities of TC-CCPs accessing the EU market.
  • Negotiate and update the Memoranda of Understanding (MoUs) and support dialogue with the relevant jurisdictions.
  • Preparing draft decisions for submission to the Board of Supervisors regarding the validation of significant changes to risk models of EU CCPs and Opinions on NCAs’ decisions relating to certain requirements under EMIR, and, where necessary, Guidelines and Recommendation to promote supervisory convergence among EU CCPs.
  • Initiating and coordinating regular CCP stress testing exercises, covering authorised EU CCPs and recognised Tier 2 CCPs.
  • Conducting annual peer reviews of all NCAs’ supervisory activities in relation to the authorisation and supervision of EU-CCPs.
  • Promoting supervisory convergence through exchange of information and discussion on relevant developments relating to EU CCPs.   
  • Terms of Reference

The decisions of the CCP SC are approved by the Board of Supervisors of ESMA and the relevant preparatory work is undertaken by dedicated staff in the CCP Directorate supported by other relevant ESMA staff. All bodies contribute jointly to the fulfilment of ESMA’s mission relating to CCPs.


Klaus Löber

Chair of the CCP Supervisory Committee - Klaus Löber

Klaus Löber is the first Chair of the ESMA CCP Supervisory Committee (CCP SC) and Director for Central Counterparties (CCPs) at the European Securities Markets Authority (ESMA). He took up office on 1 December 2020 and is serving a five year term. His areas of responsibility encompass the tasks attributed by EMIR to the CCP SC, in particular the enhancement of supervisory convergence and ensuring a resilient CCP landscape in the EU as well the monitoring and management of the risk that CCPs established in third countries may pose to the EU. He is also chairing the ESMA CCP Policy Committee contributing to the EU Single Rule Book in the area of CCPs.

Prior to this role, Mr Löber was Head of Oversight of the European Central Bank in charge of the oversight of financial market infrastructures, payments instruments and schemes.

From 2012 to 2016, he was Head of the Secretariat of the Committee on Payments and Market Infrastructures, the global standard setting body in the area of payments, clearing and settlement hosted by the Bank for International Settlement in Basel, Switzerland.

Earlier positions include the European Commission, Deutsche Bundesbank and private practice.

Mr Löber regularly publishes on financial markets legal, regulatory and infrastructure issues and lectures at universities.


Nicoletta Giusto

Independent member - Nicoletta Giusto

Nicoletta Giusto is an Independent Member of the CCP Supervisory Committee and Director for Central Counterparties (CCPs) at the European Securities and Markets Authority (ESMA)

In 1987 she joined Consob to work at the General Secretariat to the Board and subsequently at the International Relations Office. In 1998 she joined the European Commission where she was employed at the Securities Markets Unit of DG Internal Market and Financial Services until 2001. In 2002 and 2003 she was Pre-Accession Advisor at the Romanian Securities Commission (EU funded Phare Project). Afterwards, she returned to Consob and was appointed Head of the International Relations Office in 2006. 

She has been involved in several international working groups and activities, including peer reviews at IOSCO and FSB level. Even before joining ESMA she followed closely and took part in various ESMA activities including by chairing several Standing Committees such as the Investment Management Standing Committee, the Post-Trading Standing Committee and the Market Integrity Standing Committee.  

Nicoletta Giusto graduated in Law at the University of Genoa (Magna cum Laude) and achieved a Master in Law & Economics of the EU at the University of Rome La Sapienza.


Froukelien Wendt

Independent member - Froukelien Wendt

Froukelien Wendt is an Independent Member of the CCP Supervisory Committee and Director for Central Counterparties (CCPs) at the European Securities and Markets Authority (ESMA).

Previously, she worked at the IMF and led missions in the area of CCPs, central securities depositories and payment systems in the context of IMF Financial Sector Assessment Program (FSAP) and Technical Assistance projects. She also worked at the World Bank as a Senior Securities Settlement Expert and at De Nederlandsche Bank, where she was responsible for supervision of CCPs, and payment and securities settlement systems. Froukelien started her career at Euronext N.V., where she worked in the strategy and cash market development departments.

She holds a master in Economics from the RijksUniversiteit Groningen, and a master in Financial and Investment Analysis from the Vrije Universiteit Amsterdam.


Members of the CCP Supervisory Committee

Designated National Competent Authorities under Article 22 of EMIR

Country Authority Member/Alternate
Germany Germany  Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin) Thomas Beck (Voting Member)
Johannes Reinschmidt (Alternate)
Greece Greece Ελληνική Επιτροπή Κεφαλαιαγοράς (HCMC) Nikolaos Kontaroudis (Voting Member)
Katia Ntai (Alternate)
Spain Spain Comisión Nacional del Mercado de Valores (CNMV) Javier Ruiz Del Pozo (Voting Member)
Miguel Ángel Herrero Alvite (Alternate)
France France Banque de France (BdF) Claudine Hurman (Voting Member)
Mathieu Gex (Alternate)
Autorité des Marchés Financiers​ (AMF) Delphine Vandenbulcke (Voting Member)
Patrice Aguesse (Alternate)
Autorité de contrôle prudentiel et de résolution
Frédéric Hervo (Voting Member)
Enda Palazzeschi (Alternate)
Italy Italy Banca d'Italia (BdI) Loretta Frettoni (Voting Member)
Barbara Lupi (Alternate)
Commissione Nazionale per le Società e la Borsa (CONSOB) Salvatore Giovanni Lo Giudice (Voting Member)
Diego Monorchio (Alternate)  
Hungary Hungary Magyar Nemzeti Bank ​(MNB) Daniel Rácz (Voting Member)
Miklós Luspay (Alternate)
Netherlands Netherlands De Nederlandsche Bank​ (DNB) Marc de Vor (Voting Member)
Bouke Buitenkamp (Alternate)
Autoriteit Financiële Markten (AFM) Paul-Willem van Gerwen (Voting Member)
Suzanne Van Scheijen (Alternate)
Austria Austria Finanzmarktaufsicht (FMA) Roman Bitter (Voting Member)
Ulrike Rhomberg (Alternate)
Poland Poland Komisja Nadzoru Finansowego (KNF) Dorota Ubysz (Voting Member)
Agnieszka Chrząścik-Ciesielska (Alternate)
Portugal Portugal Comissão do Mercado de Valores Mobiliários (CMVM) Elizabetth Sequeira (Voting Member)
Manuela Peixe (Alternate)
Sweden Sweden Finansinspektionen (FI) Karin Jedkvist (Voting Member)
Johan Nilsson (Alternate)
Croatia Croatia Hrvatska agencija za nadzor financijskih usluga (HANFA) Jurica Jednačak (Voting Member)
Ksenija Petričević (Alternate)
Central Banks of Issue
Country Authority Member
EU European Central Bank (ECB) Fiona van Echelpoel (Non-voting Member)
Denmark Denmark Danmarks Nationalbank (DN) Jens Skovsted Halsnæs (Non-voting Member)
Poland Poland Narodowy Bank Polski (NBP) Adam Jankowski (Non-voting Member)
Sweden Sweden Sveriges Riksbank (SR) Johanna Stenkula von Rosen (Non-voting Member)

Conflict of Interests and Policy declarations are available on the Ethics and conflict of interests page.