03 October 2013

ESMA publishes guidelines on written agreements between members of CCP colleges

The Guidelines and Recommendations do not introduce new requirements for CCPs in addition to the ones specified in EMIR or the relevant technical standards. Instead they specify requirements for national supervisors in the establishment, management and chairing of CCP supervisors colleges under EMIR.

Considering the requirement in Article 18(5) of EMIR such that the establishment and functioning of a CCP college shall be based on a written agreement between all its members, and in line with Recital 5 of the draft RTS on CCP colleges, NCAs should propose a written agreement in accordance with the standard written agreement included in Guideline and Recommendation One of these Guidelines and Recommendations when establishing a CCP college under Article 18(5) of EMIR.

Similarly, members of a CCP college, when presented with a written agreement under Article 18(5) of EMIR should agree to such written agreement.

GUIDELINE AND RECOMMENDATION ONE: STANDARD WRITTEN AGREEMENT (Article 18(5) of Regulation (EU) No 648/2012)

When establishing a CCP college under Article 18 of EMIR, a NCA should propose a written agreement in accordance with the standard written agreement included in Annex I.

GUIDELINE AND RECOMMENDATION TWO: ADOPTION OF WRITTEN AGREEMENT BY COLLEGE MEMBERS (Article 18(5) of Regulation (EU) No 648/2012)

When presented with a written agreement for the establishment and functioning of a CCP college that does not depart from the standard written agreement included in Annex I, an NCA should agree to such written agreement within 12 calendar days from receipt and should avoid requesting changes to the written agreement that introduce a departure from the standard written agreement.

For the purposes of this guideline, a proposal to entrust additional tasks on one or more members of the college relating to the specific circumstances of an individual CCP should not be considered as a departure from the standard written agreement.

Press release

Guidelines and Recommendations

© ESMA