Summary of CySEC's Circular C467
Memo #41-2021
CySEC Circular No: C467
Date: 01/09/2021
Subject: ESMA updated Guidelines on written agreements between members of CCP colleges
Purpose: To inform Regulated Entities that ESMA has issued updated Guidelines on written agreements between members of CCP colleges.
In Summary:
CySEC has issued the Circular C467 on 01/09/2021 to inform the Cyprus Investment Firms (‘CIFs’), Alternative Investment Fund Managers (‘AIFMs’) and UCITS Management Companies (‘UCITS MC’), that the European Securities and Markets Authority (the ‘ESMA’) has issued updated Guidelines on written agreements between members of CCP colleges, published on 1 July, 2021.
The reference number of the Guidelines on written agreements between members of CCP colleges is ESMA70-151-3431 (the “Guidelines”).
The Guidelines refer to the national competent authorities.
These Guidelines replaced the guidelines adopted by ESMA on 4 June 2013 (ESMA/2013/661).
The purpose of these Guidelines is to establish consistent, efficient and effective supervisory practices within the European financial market and to ensure the common, uniform and consistent application of Articles 18 and 19 of the European Market Infrastructure Regulation (EMIR) and of the Delegated Regulation on colleges (Commission Delegated Regulation (EU) No 876/2013 of 28 May 2013 on colleges for central counterparties, as amended by Commission Delegated Regulation (EU) No 2020/2145 of 1 September 2020).
In particular, the Guidelines’ aim is to propose a standard written agreement to ensure the timely establishment and smooth functioning of a CCP college.
The Guidelines apply from July 01, 2021 and CySEC incorporates them into its supervisory practices and written agreements for the establishment and functioning of a CCP college.
The Guidelines can be found on the following link: https://www.esma.europa.eu/sites/default/files/library/esma70-151-3431_guidelines_on_written_agreements_between_members_of_ccp_colleges.pdf
