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.

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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.

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EMIR

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European Commission Implementing/Delegated Regulation

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Active Account Notification

Starting on 24 December 2024, where a financial counterparty (FC) or a non-financial counterparty (NFC) becomes subject to the obligation to hold an active account in accordance with Article 7a(1) of EMIR, that FC or NFC shall notify ESMA and its relevant competent authority.

For the purpose of notifying ESMA when counterparties are subject to the active account requirement under Article 7a(1), FCs and NFCs should use this notification template and send it to AAR-notifications@esma.europa.eu. 

Please do not modify the structure of the template file (e.g. number of sheets, sheet names) or the format of the document (i.e. the xlsx Excel file format). Documents sent with a different structure or in a different format (e.g. PDF) will not be considered.

Please note that only notification templates should be submitted through AAR-notifications@esma.europa.eu. This inbox is not monitored for queries. ESMA has a specific tool to process Q&As. 

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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.

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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.

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European Commission Implementing/Delegated Regulation

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