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Central counterparties’ recovery and resolution: AMF complies with ESMA guidelines

Central counterparties’ recovery and resolution: AMF complies with ESMA guidelines

The AMF updates its doctrine with a new position DOC-2023-06 implementing ESMA guidelines on temporary restrictions, early intervention measures and the circumstances under which a central counterparty is failing or likely to fail in accordance with the Regulation relating to central counterparties’ recovery and resolution.

Purpose of the guidelines

Published on 1st and 2nd June 2023, these guidelines aim to ensure consistent and harmonised application by the competent authorities of the provisions set forth under the Regulation relating to central counterparties’ (CCPs) recovery and resolution. In particular, these guidelines provide guidance on the situations under which authorities should consider the application of temporary restrictions or early intervention measures to CCPs. They also detail the procedure to follow by authorities when they determine whether a central counterparty is failing or likely to fail. These guidelines will apply from 1st and 2nd August 2023.

Regulatory framework

CCPs recovery and resolution Regulation provides that competent authorities may apply to CCPs temporary restrictions measures such as the prohibition to make a dividend distribution, as well as early intervention measures such as requesting the removal of senior management or board member, where this is necessary to protect the financial resources of the CCP or to preserve the financial stability. This Regulation also provides that the resolution authorities may implement a resolution plan where a CCP is failing or likely to fail.

ESMA guidelines provide guidance on the circumstances under which authorities may apply such measures. They also clarify how authorities are to assess whether a CCP is deemed as failing or likely to fail.