On February 22, the European Securities and Markets Authority (ESMA) published its final report on guidelines to clarify common procedures and methodologies for the supervisory review and evaluation process of central counterparties (CCPs) by their national competent authorities (NCAs) (the Report).
The proposed guidelines addressed in the Report by ESMA include:
- capital and organizational requirements;
- business continuity;
- outsourcing and conduct of business requirements;
- prudential requirements; and
- interoperability arrangements.
The guidelines will apply from the date they are published on ESMA’s website in the official EU languages. After publication, NCAs have two months to inform ESMA whether they comply or intend to comply with the guidelines.