EU CCP convergence
ESMA has a pivotal role in promoting supervisory convergence across EU CCPs and developing a common supervisory culture through the CCP Supervisory Committee (CCP SC).
Supervisory convergence
ESMA, through the CCP SC, is mandated to develop Opinions on a range of NCA decisions, including on topics such as authorisation, extension of services, acquisitions, outsourcing, and interoperability. ESMA also validates significant changes to CCP risk models and parameters.
In addition, ESMA runs annual peer reviews on EU CCPs to support supervisory convergence. The CCP SC will continue monitoring and following-up the application of recommendations of past Peer Reviews. ESMA expects to produce further guidance through recommendations, guidelines and opinions on selected supervisory topics and to develop over time a supervisory handbook.
Finally, the CCP SC will continue to co-ordinate and promote close cooperation work across 14 EU-CCPs colleges by discussing all opinions and recommendations adopted by them to contribute to their correct functioning and to foster coherence in the application of EMIR.
These colleges of supervisors are composed of relevant national regulators, central banks of issue (CBIs) and ESMA and are responsible for granting authorisation and supervising EU CCPs’ activity.
Guidelines
- Guidelines on written agreements between members of CCP colleges
- Guidelines on outsourcing to cloud service providers
- Guidelines on EMIR Anti-Procyclicality Margin Measures for Central Counterparties
- Guidelines on CCP conflict of interest management
- Guidelines and Recommendations regarding the implementation of the CPSS-IOSCO Principles for Financial Market Infrastructures in respect of Central Counterparties
- Guidelines and Recommendations for establishing consistent, efficient and effective assessments of interoperability arrangements
- Guidelines on common procedures and methodologies on supervisory review and evaluation process of CCPs
- Guidelines on restrictions following a non-default event
- Guidelines on CCP recovery indicators
- Guidelines on CCP recovery plan scenarios
- Guidelines on the consistent application of the triggers for the use of Early Intervention Measures
- Guidelines for the methodology to value each contract prior to termination
- Guidelines on the application of the circumstances under which a CCP is deemed to be failing or likely to fail
- Guidelines to promote convergence of resolution practices in resolvability assessments
- Guidelines on cooperation arrangements with third countries
Opinions
- Opinion on portfolio margining requirements
- Opinion on common indicators for new products and services under Article 15 and for significant changes under Article 49 of EMIR
- Opinion on the composition of CCP colleges under EMIR
- Opinion on voting Procedures for CCP colleges under EMIR
- Opinion on CCP Liquidity Risk Assessment
- Opinion on European Commission’s Proposal for EU Regulation on CCP Recovery and Resolution
Peer Reviews
- 2024 CCP Peer Review Report on the Outsourcing and intragroup governance arrangements
- 2022 CCP Peer Review on Due diligence of clearing members
- 2021 Peer Review on CCPs’ Business Continuity in Remote Access Mode
- 2020 EMIR Peer Review on CCPs’ liquidity stress testing
- 2018 EMIR Peer Review on CCPs’ collateral and funding arrangements
- 2017 EMIR Peer Review on Supervisory activities on CCPs’ Default Management Procedures
- 2016 EMIR Peer Review on Supervisory activities on CCPs’ Margin and Collateral requirements
- 2014 EMIR Peer Review on CCP colleges