RegAlertGuidance · AMF
ESMA Guidelines under the Regulation establishing a framework for the recovery and resolution of CCPs
On July 27, 2023, the AMF declared its compliance with ESMA guidelines regarding temporary restrictions under Article 45bis of EMIR, the consistent application of early intervention measures under Article 18(8) of the CCP RRR, and the determination of actual or foreseeable CCP failure under Article 22(6) of the CCP RRR. These orientations aim to ensure uniform regulatory standards across the EU for market infrastructure resilience and crisis management. The AMF references the specific ESMA documents containing these detailed operational guidelines for public access.
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V - Market Infrastructures and other Market Participants
V. 2 - Central Counterparties, Clearing Houses, Settlement and Delivery Systems
Doctrine
Market Infrastructures
ESMA Guidelines under the Regulation establishing a framework for the recovery and resolution of CCPs
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Applicable as of July 27, 2023
Position DOC-2023-06
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Summary
On July 27, 2023, the AMF declared that it complies with the ESMA guidelines concerning:
The circumstances in which temporary restrictions may be applied in the event of a significant event other than a failure, in accordance with Article 45bis of the EMIR Regulation1; The consistent application of the triggering conditions for early intervention measures (Article 18, paragraph 8 of the CCP RRR); and The application of situations in which the failure of a central counterparty is deemed actual or foreseeable (Article 22, paragraph 6 of the CCP RRR). The ESMA guidelines are available at the following addresses:
Guidelines on temporary restrictions:
https://www.esma.europa.eu/sites/default/files/2023-06/ESMA91-372-1704_Final_GLs_on_Restrictions_Article_87_CCPRRR_-_45a_of_EMIR_FR_0.pdf Guidelines on early intervention measures:
https://www.esma.europa.eu/sites/default/files/2023-06/ESMA91-372-1700_Guidelines_on_EIM_Article_18_8__CCPRRR_FR.pdf Guidelines on situations in which the failure of a central counterparty is deemed actual or foreseeable:
https://www.esma.europa.eu/sites/default/files/2023-06/ESMA91-372-2070_Guidelines_FoLTF_Art.22_6__CCPRRR_FR.pdf
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Reference texts
Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties ("CCP RRR"). On the same theme
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Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Financial Markets Authority - 17, place de la Bourse - 75082 Paris Cedex 02
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“Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties”
- Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central…Not in RegAlert
“Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties”
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