This Consultation Paper (CP) covers the technical standards on conditions which require an extension of authorisation for a CCP, conditions which require validations of CCP’s changes to models and parameters by the NCA and ESMA and the procedure for consulting the college on whether or not those conditions are met.
Responding to this paper
All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from central counterparties (CCPs) and their clearing members.
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:
- respond to the question stated;
- indicate the specific question to which the comment relates;
- contain a clear rationale; and
- describe any alternatives ESMA should consider.
ESMA will consider all comments received by 16 November 2020.
All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.
ESMA will consider the feedback it received to this consultation in Q4 2020 and expects to publish the final report and submit the draft technical standards to the European Commission for endorsement in Q1 2021. ESMA Opinion on Common indicators for new products and services under Article 15 and for significant changes under Article 49 of EMIR (ESMA/2016/1574, 15 November 2016) as well as the CCP Question 6 of ESMA Q&A on the implementation of EMIR will be amended depending to the version of the technical standards upon entry into force.