On 9 February 2024, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on the summary of resolution plans to be disclosed to central counterparties (CCPs) subject to resolution planning under Article 12(8) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of CCPs (CCPRRR). The guidelines apply to resolution authorities of CCPs as defined in point (3) of Article 2 of the CCPRRR.
The guidelines are intended to provide clarity on the key elements of the resolution plan that should be included in the summary referred to in Article 12(7), point (a), of the CCPRRR and disclosed to the CCP in accordance with Article 12(8) of the CCPRRR. Resolution authorities may adapt the summary to the conditions and organisation of each particular CCP. The guidelines set out a non-exhaustive list that the resolution authority should at least consider in establishing the summary of the resolution plan. Annex A to the guidelines contains a template for the summary.
The guidelines apply from two months after the date of publication on ESMA’s website.
Within two months of the date of publication of the guidelines on ESMA’s website, resolution authorities to which the guidelines apply must notify ESMA where they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines. In instances of non-compliance, resolution authorities must also notify ESMA within two months their reasons for non-compliance.