There are already high regulatory standards in place for EU CCPs, set out in the European Market Infrastructure Regulation ("EMIR", see MEMO/12/232). However, no EU wide rules are in place for the unlikely scenario where CCPs face severe distress or failure and therefore need to be recovered or resolved in an orderly manner. Today's proposal aims to put into place a recovery and resolution framework to CCPs which are systemically important for the financial system.
6th October 2021
9th July 2021