On 29 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report on draft Regulatory Technical Standards (RTS) on business reorganisation plans in accordance with Articles 37(4) and 38(4) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR).

With respect to central counterparties’ (CCPs) business reorganisation plans in accordance with Articles 37(4) and 38(4) of CCPRRRR, ESMA shall by 12 February 2023 develop draft RTS to specify:

• Further the minimum elements that should be included in a business reorganisation plan pursuant to Article 37(2) of CCPRRRR.
• The criteria that a business reorganisation plan is to fulfil for approval by the resolution authority pursuant to Article 38(1) of CCPRRRR.

In addition to setting out the draft RTS the Final Report sets out the background and a cost benefit analysis.

ESMA will submit the Final Report and draft RTS to the European Commission. The Commission has three months to decide whether to adopt the regulatory RTS in the form of a Commission Delegated Regulation.