On May 28, the European Securities and Markets Authority (ESMA) published its final report with guidelines on the European Market Infrastructure Regulation (EMIR) anti-procyclicality margin measures for central counterparties (CCPs). The guidelines aim to establish consistent, efficient and effective supervisory practices and to ensure a common, uniform and consistent application of EMIR in order to limit procyclicality of CCP margins.

Coverage of the consultation phase for the guidelines is contained in the January 12 edition of Corporate & Financial Weekly Digest. The final report includes details of the feedback ESMA received in relation to the consultation.

ESMA’s final report is available here.

ESMA’s accompanying press release is available here.