CCP Resolution Committee

In accordance with Article 5(2) of CCPRRR, the CCP Resolution Committee gathers all the CCP national resolution authorities designated pursuant to Article 3(1) of CCPRRR.

The CCP ResCo also includes as observers all the national competent authorities responsible for the supervision of EU banks, all the banking national resolution authorities, as well as the European Central Bank, the Single Resolution Board, and where relevant the European Commission and EU Council. 

The CCP ResCo is chaired by a Head of Department within ESMA, with the relevant experience and knowledge but selected outside the CCP Directorate, which is in charge inter alia of supervisory matters.

Regarding Ethics and Conflict of Interests, while the Chair is subject to the conflict of interest policy for ESMA Staff, the other CCP ResCo 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 ResCo is responsible for preparing the decisions entrusted to ESMA in accordance with CCPRRR, promoting the drawing up and coordination of resolution plans, and developing methods for the resolution of failing EU CCPs.

The tasks of the CCP ResCo include in particular:

• Preparing technical standards entrusted to ESMA to fulfil the single rule book in the area of EU CCPs resolution;
• Proposing relevant measures, such as opinions, guidelines or recommendations where any lack of convergence has been identified in relation to resolution plans and methods for the resolution of failing EU CCPs;
• Exchanging information on resolution practices also in areas where no common regulations, standards or guidelines, exist, with a view to identifying best resolution practices;
• Contributing to the work of the CCP Supervisory Committee in the preparation of the conceptual framework for the assessments of the resilience of EU CCPs to adverse market developments, where relevant;
• Assisting the resolution authorities in ensuring a convergent approach on the recognition and enforcement of third-country resolution proceedings and in relation to cooperation arrangements with third country authorities;
• Providing input on resolution aspects within the framework of the Joint Committee of the European Supervisory Authorities.

▸ Terms of Reference

The decisions of the CCP ResCo are approved by the Board of Supervisors of ESMA without discussion.

Sophie Vuarlot-Dignac has been appointed as the first Chair of the ESMA CCP Resolution Committee (CCP ResCo) in March 2023 for a two-year mandate.

Sophie Vuarlot-Dignac has over 20-year experience as a national and European financial regulator and supervisor, in prudential and financial markets’ areas. She began her career at the Banque de France in 1998. She worked for the Committee of European Banking Supervisors in London and held a number of managerial posts at the French Prudential Supervisory and Resolution Authority (ACPR) before joining ESMA in 2013. Sophie gained first-hand experience in CCP supervision as the representative of the French prudential supervisor at the LCH Clearnet college of supervisors in its early days; she built in-depth expertise in capital loss-absorbency instruments and mechanisms gained through CRD/CRR negotiations as the ACPR Head of International Affairs (Banking).

In her current capacity as Head of legal & Enforcement at ESMA, Sophie is in charge of overseeing the provision of legal advice and review of ESMA policy work (all technical standards and guidelines). In this capacity, she is also responsible for mediation, a relevant field for the CCP ResCo, as well as for Ethics and Data Protection matters, which provide her with assurances of independence in the exercise of her missions.

Last, Sophie has a long experience of steering policy or convergence groups, directly or indirectly, at EBA’s predecessor (CEBS), the Joint Committee of the ESAS and ESMA (Review Panel / SCSC / Enforcement working group / ACP).