ESMA’s RTSs and Guidelines provide further specifications of the CCPRRR, such as, for example, the Guidelines covering scenarios and indicators provide the building blocks aimed to guide the CCPs in establishing the relevant suitable scenarios and indicators. The overarching goal of this package is to further assist the preparedness of the market and to ensure CCPs can restore their financial soundness, without any extraordinary public financial support, and allow them to continue to provide critical functions following a significant deterioration of their financial situation or in a situation of financial distress.
The completion of these RTSs and Guidelines is ESMA’s latest output in a series of publications covering the mandates under CCPRRR. ESMA has also recently finalised its consultation on the first set of mandates in relation to the resolution regime. The consultation papers in relation to the resolution related mandates can be found here.
ESMA has submitted the Final Reports concerning the RTSs to the European Commission which now has three months to decide whether to endorse the proposed standards under a Delegated Regulation.
ESMA has submitted the Guidelines for translation and once translated into all official languages of the EU, ESMA will focus on the consistent application of the Guidelines by national competent authorities and CCPs where applicable.