Public Consultation on Guidelines under Article 21 of EMIR

648/2012 (EMIR) sets out an obligation for the national competent authorities to review the arrangements, strategies, processes and mechanisms implemented by the central counterparties and to evaluate risks central counterparties are or might be exposed to.

Metadata

Provider:

ESMA

URL:

https://www.esma.europa.eu/press-news/consultations/public-consultation-guidelines-under-article-21-emir

Retrieved on:

Saturday, October 24, 2020

Information

Tags:

Financial regulation, Systemic risk, Corporate law, European Market Infrastructure Regulation, Repurchase agreement

Summary

Key Points:

648/2012 (EMIR) sets out an obligation for the national competent authorities to review the arrangements, strategies, processes and mechanisms implemented by the central counterparties and to evaluate risks central counterparties are or might be exposed to.
Frequency and depth of such review and evaluation are to be established by the competent authorities by taking into account certain criteria provided for in Article 21(3) of EMIR.
The consultation will be open until 16 November 2020.
ESMA will consider the feedback it receives to the consultation in Q4 2020 with a view to finalising the proposed guidelines and publishing a final report by Q1 2021.