ESMA publishes Guidelines on resolvability and cooperation arrangements for central counterparties
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published two Final Reports including guidelines on the central counterparties (CCPs) Resolution Regime under the CCP Recovery and Resolution Regulation (CCPRRR).
The Guidelines on the assessment of resolvability set out common aspects to be assessed by resolution authorities when evaluating the extent to which a CCP may be resolved without relying on certain types of external financial support, including public financial support or central bank assistance.
The Guidelines on the cooperation arrangements specify provisions to be included in cooperation arrangements that shall be entered into between competent or resolution authorities and third-country authorities. These arrangements relate to EU CCPs that provide services to clearing members and clients located in third countries as well as to third-country CCPs that provide services to clearing members and their EU-based clients.
Next steps
The Final Reports take into account responses received to the two Public Consultations published in May 2022. ESMA also sought the advice of the Securities and Markets Stakeholder Group.
The Guidelines will apply following their publication by ESMA on its website in the official languages of the European Union. The comply or explain procedure will follow, in accordance with Article 16(3) of ESMA Regulation.
Further information:
Sarah Edwards
Senior Communications Officer
@ press@esma.europa.eu