ESMA: Open hearing on resolution mandates under CCPRRR

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, launched on 18 November 2021 six public consultation papers on the resolution regime established under CCPRRR, with the aim to gather stakeholders feedback on how to implement the resolution mandates that ESMA has been given under CCPRRR.

The six consultation papers (CPs) contain proposals for Draft Regulatory Technical Standards on:

• resolution colleges;
• the valuation of CCPs’ assets and liabilities in resolution;
• the safeguards for clients and indirect clients; and
• the content of resolution plans.

They also contain proposals for Draft Guidelines on:

• the valuation in termination of contracts; and
• the application of the circumstances under which a CCP is deemed to be failing or likely to fail.

The closing date for responses is 24 January 2022. ESMA will consider the responses to the consultation with a view to publishing the final reports by Q2 2022.

This open hearing, chaired by Nicoletta Giusto (CCP SC Independent member), aims at providing an opportunity for interested stakeholders (such as CCPs, clearing members, and other entities that are subject to or impacted by the resolution regime as set out under the CCPRRR) to discuss the proposals in advance of providing consultation responses.