On 19 May 2022, the European Securities and Markets Authority (ESMA) issued four consultation papers on proposed guidelines for the EU central counterparty (CCP) resolution regime.
The consultation papers cover draft guidelines on:
- The summary of resolution plans. The guidelines provide resolution authorities with guidance as to the type of information that should be included in the summary (and a template of the summary) that would be shared with the CCP in accordance with Article 12(8) of the Regulation on a framework for the recovery and resolution of CCPs (CCPRRR).
- The types and content of the provisions of cooperation arrangements. The guidelines have been developed in accordance with the mandate set out in Article 79(4) of CCPRRR and specify the types and content of the provisions included in the cooperation arrangements between authorities of Member States and relevant third-country authorities.
- The assessment of resolvability. The guidelines have been developed to promote convergence of resolution practices regarding the assessment of the 26 matters set out under Section C of the Annex of CCPRRR that the resolution authorities are to consider when assessing the resolvability of a CCP.
- Written arrangements and procedures for the functioning of resolution colleges. The guidelines concern the written arrangements between members of resolution colleges envisaged in the CCPRRR and in a Commission Delegated Regulation supplementing CCPRRR with regard to technical standards specifying the content of the written arrangements and procedures for the functioning of the resolution colleges.
The deadline for responding to the consultation papers is 1 August 2022. The ESMA will consider the feedback it receives to the consultation with a view to publishing the final reports by Q4 2022.