Consob Notice of 17 June 2019 - CONSOB AND ITS ACTIVITIES
Consob Notice of 17 June 2019
Notice regarding compliance with the Guidelines issued by ESMA regarding the limitation of procyclical margins of central counterparties
Consob and the Bank of Italy, as competent authorities for the supervision of Italian central counterparties, comply with the "Guidelines on EMIR anti-cyclical margin measures for central counterparties" issued by the European Securities and Markets Authority (ESMA ), integrating them into their supervisory practices.
The Guidelines, published on the ESMA website in all the official languages of the Union on April 15th, provide detailed indications on the measures that central counterparties must implement to limit the procyclicality of margins, in order to favor a common, uniform and consistent application of the European standards (Article 41 of Regulation (EU) No. 648/2012 and Articles 10 and 28 of Delegated Regulation (EU) No. 153/2013).
ESMA was informed of this compliance pursuant to Regulation (EU) no. 1095/2010.
THE CHAIRMAN
Paolo Savona
