Summary of CySEC's Circular C575
Memo #29-2023
CySEC Circular No: C575
Date: 24/05/2023
Subject: ESMA Guidelines on CCP recovery plan indicators (Article 9(5) of Regulation (EU) 2021/23 on Guidelines on CCP recovery plan indicators (CCPRRR)
Purpose: To remind the regulated entities that the ESMA has published the Guidelines on CCP recovery plan indicators on 24/03/2023.
In Summary:
CySEC has issued the Circular C575 on 24/05/2023 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 indicators (Article 9(5) of CCPRRR) (the ‘Guidelines’) on 24/03/2023, translated in all official languages of the EU.
The Guidelines are applicable from 24 May 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 objectives of these Guidelines are to establish consistent, efficient and effective supervisory practices and to ensure the common, uniform and consistent application of Article 9(3) of CCPRRR.
CySEC further notes that it has adopted these Guidelines by incorporating them into its supervisory practices and regulatory approach.
The Guidelines can be found on the following link: https://www.esma.europa.eu/sites/default/files/2023-03/Guidelines_on_Recovery_Plan_Indicators_Article_9%285%29_CCPRRR.pdf
Read the CySEC Circular C575
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