Regulatory Alerts2022-11-25
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Commission Delegated Regulation (EU) 2023/451 specifying factors for assessing central counterparty recovery plans
The European Commission adopted Delegated Regulation (EU) 2023/451 to specify the factors competent authorities and supervisory colleges must consider when assessing the recovery plans of central counterparties (CCPs). The regulation mandates detailed evaluations across nine areas, including capital structure, default waterfalls, organizational complexity, substitutability of activities, risk profiles, preparedness, business models, communication, and impacts on clearing members and linked infrastructures. These requirements apply to the assessment process for CCPs within the European Union to ensure the adequacy and feasibility of their recovery measures.
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