On 22 January 2021, there was published in the Official Journal of the EU, Regulation 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132.

Regulation 2021/23 lays down rules and procedures relating to the recovery and resolution of central counterparties (CCPs) authorised in accordance with the European Market Infrastructure Regulation and rules relating to arrangements with third countries in the field of recovery and resolution of CCPs. The purpose of the Regulation is to reduce the risk of a CCP failing and to establish procedures for the resolution of a failed CCP to limit the impact on the financial system and on public funds.

Regulation 2021/23 enters into force on 11 February 2021. The majority of its provisions apply from 12 August 2022.