On 28 April 2023, the European Central Bank (ECB) published an opinion in response to the European Commission’s (the Commission) proposal for a regulation amending Regulation (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards excessive exposures to third-country central counterparties (CCPs) and improve the efficiency of Union clearing markets, along with a proposal for a directive amending Directives 2009/65/EU, 2013/36/EU and (EU) 2019/2034 as regards the treatment of concentration risk to CCPs and the counterparty risk on centrally cleared derivative transaction.

In its opinion, the ECB sets out general and specific observations on the proposal. This includes that the ECB supports the package proposed by the Commission. Furthermore, the ECB welcomes the proposed steps to enhance the safety and resilience of EU central clearing by strengthening cooperation among authorities and, in view of evolving risks, updating prudential requirements for CCPs and bank exposures. The ECB also supports the proposed measures to streamline CCP supervisory processes with a view to enabling EU CCPs to respond more swiftly to new market developments. Finally, the ECB agrees with the need for additional action to reduce excessive exposures of EU clients and clearing members to third-country CCPs with a view to limiting potential risks outside the full control of Union authorities.

In response to the Commission’s proposal, the opinion contains a technical working document outlining the ECB’s proposed amendments to the text proposed by the Commission.