ESMA publishes draft regulatory technical standards for CCP colleges
The European Securities and Markets Authority’s (ESMA) has published its Final Report containing draft regulatory technical standards (RTS) for central counterparty (CCP) colleges under the European Markets Infrastructure Regulation (EMIR) 2.2.
The proposed amendments are limited in scope and concern the practical arrangements for the functioning of the college regarding:
· voting procedures;
· the procedures for setting the agenda of college meetings;
· review and evaluation of the arrangements, strategies, processes and mechanisms implemented by the CCP and the risks to which the CCP is exposed;
· the minimum timeframes for the assessment of the relevant documentation by the college members; and
· the modalities of communication between college members.
The draft RTS proposals amend the Commission Delegated Regulation (EU) No 876/2013 (RTS on colleges for central counterparties) and reflect the changes to Article 18(6) of EMIR (Regulation (EU) No 648/2012) introduced by EMIR 2.2 (Regulation (EU) No 2019/2099) which entered into force on 1 January 2020.
Next steps
Following the endorsement of the draft RTS by the European Commission, the Commission Delegated Regulation will then be subject to the non-objection of the European Parliament and of the Council.