On 22 September 2022, the European Securities and Markets Authority (ESMA) published a consultation paper seeking views on proposed regulatory technical standards (RTS) for central counterparties’ (CCPs) business reorganisation plans. The proposed RTS are part of the CCP resolution regime under the Regulation on a framework for the recovery and resolution of CCPs (CCPRRR).
Specifically, the draft RTS specify the minimum elements that should be included in a CCP’s business reorganisation plan as well as specifying the criteria that a business reorganisation plan has to fulfil for approval by a resolution authority pursuant to Article 38(1) of the CCPRRR in accordance with Articles 37(4) and 38(4) of the CCPRRR.
The deadline for comments on the consultation paper is 1 December 022. ESMA expects to publish a final report and submit of draft RTS to the European Commission for endorsement in Q1 2023.