12 August 2013

ECB Opinion on OTC derivatives, central counterparties and trade repositories

On 5 July 2013, the ECB received a request from the Banque Nationale de Belgique for an opinion on Articles 2 to 13 of a draft law implementing Regulation No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.

The purpose of Articles 2 to 13 of the draft law is to allocate responsibilities to the NBB and the Financial Services and Markets Authority (FSMA) with regard to the authorisation and supervision of central counterparties (CCPs) established in Belgium pursuant to Article 22 of Regulation (EU) No 648/2012.

The ECB notes that the allocation of responsibilities between the NBB and FSMA with respect to CCPs reflects the ‘twin peaks’ type model of financial supervisory structures. The ECB commented on the allocation of responsibilities between the NBB and FSMA. The ECB welcomes the draft law, as the NBB’s new tasks complement the NBB’s existing objective to promote the smooth operation of payment and securities settlement systems and ensure their efficiency and soundness , in accordance with Article 127(2) of the Treaty and the fourth indent of Article 3.1 and Article 22 of the Statute of the European Systems of Central Banks and the European Central Bank, as well as the NBB’s tasks of contributing to the stability of the financial system , in accordance with Article 127(5) of the Treaty, as mirrored in Article 3.3 of the Statute of the ESCB.

Full Opinion

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