While EMIR and the RTS under it establish requirements which consistently implement the PFMIs, the regulatory framework under EMIR does not always employ the same operative language as used in the PFMIs.
ESMA is concerned that differences between the operative language used in the EMIR framework and the operative language used in the PFMIs might prevent the EU from being judged as having consistently implemented the PFMIs in respect of CCPs. While the legislator and ESMA both sought that the PFMIs be implemented consistently, and competent authorities have already been applying the PFMIs in their supervision of CCPs, this is not currently done in a manner that can be measured by CPSS-IOSCO as part of their assessment process. ESMA considers the adoption of a Guideline and Recommendation under Article 16 of the ESMA Regulation to be an appropriate way of doing so.
EMIR and the regulatory and implementing technical standards made under it establish requirements which are consistent with the Principles for Financial Market Infrastructures published by the Committee on Payment and Settlement Systems and the Board of the International Organization of Securities Commissions (PFMIs). When carrying out the duties resulting from EMIR for the authorisation and supervision of CCPs, competent authorities should ensure that CCPs established in their territory comply with these requirements in accordance with the PFMIs and operate in a manner that is consistent with them.
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