The European Securities and Markets Authority (ESMA) has issued a consultation paper on draft guidelines on anti-procyclicality margin measures for central counterparties.

The draft guidelines are addressed to Member State competent authorities designated under Article 22 of the European Market Infrastructure Regulation (EMIR) that supervise central counterparties (CCPs) authorised under Article 14 of the EMIR. The draft guidelines relate to the application of the margining requirements to limit pro-cyclicality pursuant to Article 41 of the EMIR and Article 28 of Commission Delegated Regulation (EU) No. 153/2013 of 19 December 2012.

The deadline for comments on the consultation paper is 28 February 2018. ESMA expects to finalise the guidelines by the first half of 2018.

View ESMA consults on CCP anti-procyclicality margin measures, 8 January 2018