Summary of CySEC's Circular C572
Memo #27-2023
CySEC Circular No: C572
Date: 12/05/2023
Subject: ESMA Guidelines on CCP recovery plan scenarios (Article 9(12) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR)
Purpose: To remind the Regulated Entities that the ESMA has published the Guidelines on CCP recovery plan scenarios.
In Summary:
CySEC has issued the Circular C572 on 12/05/2023 to remind the Cyprus Investment Firms (CIFs), UCITS Management Companies (‘UCITS MC’) and Alternative Investment Fund Managers (AIFMs), that the European Securities and Markets Authority (ESMA) has published the Guidelines on CCP recovery plan scenarios (Article 9(12) of CCPRRR) (the ‘Guidelines’) on March 24, 2023.
CySEC notes that these Guidelines apply to national competent authorities and to CCPs authorised under Article 14 of Regulation (EU) 648/2012 as amended (EMIR).
The Guidelines aim at specifying the range of recovery plan scenarios to be considered by CCPs when drawing up and maintaining their recovery plans and by competent authorities when assessing those recovery plans.
The Guidelines are applicable from 24 May 2023.
CySEC further notes that it has adopted these Guidelines by incorporating them into its supervisory practices and regulatory approach.
Read the CySEC Circular C572
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