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ESMA consults on standards for CCP activities and model amendments

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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultation on draft Regulatory Technical Standards (RTS) related to changes to central counterparties’ (CCPs) activities and models.

Specifically, the RTS relate to the conditions for a CCP to add new additional services or activities to its business, that are not already covered by the initial authorisation. The RTS also set out the conditions under which changes to CCP models and parameters are significant under EMIR.

A recent amendment to the European Markets Infrastructure Regulation (EMIR) requires a CCP wishing to extend its business to additional services or activities to submit a request for authorisation to its competent authority. Furthermore, prior to making any significant change to its risk models or parameters a CCP must obtain the prior authorisation of the competent authorities and ESMA. For this reason, ESMA seeks input to its draft regulatory technical standards (RTS) regarding:

  • the conditions under which additional services or activities require an extension of authorisation and the corresponding college consultation procedure;
  • the conditions under which changes to the models and parameters are significant and therefore require the such authorisation and the corresponding college consultation procedure

The European System of Central Banks, European Banking Authority and other relevant authorities contribute to the drafting of the new RTS.

Next steps

The closing date for responses is 16 November 2020. ESMA will consider the responses to this consultation and will publish the final report in Q1 2021 with a view to submitting draft technical standards to the European Commission for endorsement.

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Regulator Information

Abbreviation: ESMA
Jurisdiction: ESMA

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