On 2 June 2023, the European Securities and Markets Authority (ESMA) published guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of the European Market Infrastructure Regulation (EMIR).

Article 45a of EMIR mandates ESMA to draft guidelines further specifying the circumstances in which the Member State competent authority (NCA) may require a central counterparty (CCP) to refrain from undertaking any of the restricted actions referred to in Article 45a(1) of EMIR, for a period specified by the NCA, that cannot exceed five years. However, the NCA shall not restrict a CCP from undertaking any of the restricted actions, if the CCP is legally obliged to undertake that action.

The guidelines will apply two months after the date of publication on ESMA’s website in the official languages of the European Union.