ESMA PUBLISHES DRAFT REGULATORY TECHNICAL STANDARDS ON CHANGES TO CCPS’ ACTIVITIES AND MODELS
The European Securities and Markets Authority, the EU’s securities
markets regulator, today published its Final Report containing draft
regulatory technical standards (RTS) relating to changes to central
counterparty (CCP) services and activities, as well as models and
parameters under the European Markets Infrastructure Regulation
(EMIR).
EMIR requires a CCP wishing to extend its business to
additional services or activities, that are not covered by the initial
authorisation, to submit a request for extension of authorisation to
its competent authority (Article 15). Prior to making any significant
change to its risk models or parameters, a CCP must also obtain
validation from its competent authority and ESMA (Article 49).
The Draft RTS specify: the conditions under which additional
services or activities to which a CCP wishes to extend its business
are not covered by the initial authorisation and therefore require an
extension of authorisation; the conditions under which changes to the
CCP’s models and parameters are significant and therefore require a
validation; and the procedures for consulting the CCP college on
whether those conditions are met.
The European System of
Central Banks, the European Banking Authority and other relevant
authorities have contributed to the drafting of the RTS.
Next
steps
ESMA submits the draft RTS to the European Commission
for endorsement, following which the Commission Delegated Regulation
will be subject to the non-objection of the European Parliament and
the Council.
Further information:
Sarah Edwards
Communications Officer
✆ +33 (1)58 36 64 23
@ [email protected] europa. eu