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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today published six Final Reports on the central counterparties (CCPs) resolution regime under the CCP Recovery and Resolution Regulation (CCPRRR).
The Final Reports set out proposals for Regulatory Technical Standards (RTSs) on:
ESMA’s proposed RTSs and Guidelines provide further details of the CCPRRR that are aimed at guiding resolution authorities in developing effective resolution plans. The overarching goal of ESMA’s reports is to contribute to market preparedness generally and in the unlikely event of a CCP entering into resolution.
The completion of these RTSs and Guidelines is ESMA’s latest output in a series of publications covering the mandates under CCPRRR.
Next steps
ESMA submitted the Final Reports on RTSs to the European Commission which now has three months to decide whether to endorse the proposed standards under a Delegated Regulation.
ESMA will translate these Guidelines into all official languages of the EU, ESMA aims to ensure the consistent application of the Guidelines by national competent or resolution authorities and CCPs where applicable.