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ESMA launches public consultations on CCP resolution regime

18 November 2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today launched six public consultations to gather stakeholder feedback on how to implement its central counterparty (CCP) resolution mandates.

The six consultation papers (CPs) contain proposals for Draft Regulatory Technical Standards on:

  • resolution colleges;
  • the valuation of CCPs’ assets and liabilities in resolution;
  • the safeguards for clients and indirect clients; and on
  • the content of resolution plans.

They also contain proposals for Draft Guidelines on:

  • the valuation in termination of contracts; and on
  • the application of the circumstances under which a CCP is deemed to be failing or likely to fail.

Harmonised CCP resolution measures will allow CCPs and the relevant regulators to be prepared for the measures and actions taken in a resolution process.

Nicoletta Giusto, Independent Member of the CCP Supervisory Committee, said:

“The launch of ESMA’s public consultations, on the implementation of the CCP resolution mandates, is another important step towards ensuring consistency of EU central counterparties resolution regimes at EU level in line with the highest international standards.’’

‘’The proposed Regulatory Technical Standards and Guidelines complement the new Recovery and Resolution Regulation and will provide further guidance on the resolution phase, as well as giving EU regulators the necessary tools to ensure supervisory convergence across the EU.”

The closing date for responses is 24 January 2022. ESMA will organise an open hearing on the CPs on 14 January 2022 (registrations to open in December). ESMA will consider the responses to these consultations with a view to publishing the final reports by Q2 2022.