Tuesday May 24 2022
News Source: Global Exchanges
Focus: General - Global Exchanges
Country: European Union
The European Securities and Markets Authority (ESMA) published four Consultation Papers on its proposed Guidelines for the EU central counterparty (CCP) resolution regime.
The four Consultation Papers (CP) cover two mandated proposals for Guidelines on the assessment of resolvability by resolution authorities and on the type and content of the provisions included in the cooperation arrangements between Member States and third-country authorities. The CPs also include two non-mandated proposals for Guidelines on the summary of the resolution plan to be shared with CCPs, as well as on a template for the standard written arrangement referred to in the Regulatory Technical Standards for resolution colleges.
The aim of these consultations is to further advance on the recovery and resolution regime for CCPs where the proposed Guidelines complement the new Recovery and Resolution Regulation and will provide further guidance on cooperation as well as provide EU regulators with the necessary tools to ensure supervisory convergence across the EU.
The additional Guidelines are required because ESMA identified the need for further guidance on those two aspects to ensure a common, uniform and consistent application of Union law.
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