CCP Policy

The European Markets Infrastructure Regulation (EMIR) introduced a harmonised set of organisational, business conduct and prudential requirements for clearing service providers.

Subsequent reviews of EMIR have continuously enhanced the regulatory and supervisory arrangements for CCPs to mitigate the negative systemic effects, potentially EU-wide of such disruption. This framework was recently complemented by the CCP Recovery and Resolution Regulation (CCP RRR) to ensure the continuity of critical clearing services in the remote case of a CCP failure.

primary_grey_background

ESMA as a standard setter

ESMA has been mandated to develop a wide range of technical standards and guidelines to support the robustness and resilience of CCPs. ESMA’s policy role in this respect is that of a standard-setter who further clarifies the CCP provisions under EMIR and CCP RRR. ESMA continues updating the CCP Single Rulebook by reviewing when necessary existing CCP requirements to address market developments requiring regulatory intervention.

white_background

EMIR

primary_grey_background

European Commission Implementing/Delegated Regulation

white_background
primary_grey_background
primary_grey_background

For a more complete view of the regulatory standards and supervisory convergence guidance developed by ESMA and the European Commission, please consult the Interactive Single Rulebook (ISRB) on EMIR.

primary_grey_background
white_background

CCP Recovery and Resolution

The CCP Recovery and Resolution Regulation (CCP RRR) came into force in February 2021 including a wide range empowerments to ESMA, to develop RTS and Guidelines, to ensure the continued provisions of critical services, even in the remote case of a CCP failure.

primary_grey_background

European Commission Implementing/Delegated Regulation

white_background
primary_grey_background
primary_grey_background