In a short statement to the hearing Mr. Maijoor shared his views on this key legislative draft - recovery planning, resolution tools and governance of the resolution process - and also some considerations inspired by ESMA’s practical experiences in relation to CCPs’ resilience - particularly on the progress made in establishing a regulatory framework for this sector and CCP stress testing.
“Although the current regulatory framework established with EMIR represent a successful story in terms of European integration, consistent application of rules and safety for the financial sector, it needs to be complemented with a recovery and resolution framework to ensure the viability of CCPs in crisis events beyond severe and plausible market conditions. I therefore very much welcome the European Commission’s legislative proposal, which introduces a sound regime for CCPs recovery and resolution.”
Full statement
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