The Guidelines and Recommendations define what NCAs should analyse in assessing an interoperability arrangement and therefore on what aspects of the interoperable arrangement the relevant CCPs will need to focus their attention.
They do not introduce new requirements for CCPs in addition to the ones specified in EMIR or the relevant technical standards. However, they specify how those requirements should be met for the purpose of establishing robust and stable interoperability arrangements.
They focus on the risks that might arise from interoperability arrangements and outline the areas on which CCPs should focus, and which NCAs should verify, to mitigate those risks.
These Guidelines and Recommendations apply from 10-06-2013. NCAs to whom they apply should comply by incorporating them into their supervisory practices.
The Guidelines and Recommendations are set out as follows (see link below for full details):
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LEGAL RISK
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OPEN AND FAIR ACCESS
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IDENTIFICATION, MONITORING AND MANAGEMENT OF RISKS
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DEPOSIT OF COLLATERAL
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COOPERATION BETWEEN NCAS
Full Guidelines and Recommendations
© ESMA
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