The European Securities and Markets Authority (ESMA) has published a final report on guidelines and recommendations on implementing the CPSS-IOSCO Principles for Financial Market Infrastructure in respect of central counterparties (CCPs).
Given that the guidelines and recommendations have limited impact on market participants, ESMA has consulted only competent authorities when drafting them.
The guidelines and recommendations will apply after their publication on ESMA’s website in the EU official languages. Within two months of publication competent authorities must notify ESMA whether they comply or intend to comply with the guidelines and recommendations, including with a justification of the reasons for any non-compliance. Financial market participants are not required to report to ESMA whether they comply with the guidelines and recommendations, as they are not addressed to them.