Compliance with the Guidelines issued by ESMA under Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR) and Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories

As the competent authorities for the supervision of Italian central counterparties (CCPs), Consob and the Bank of Italy comply with the ‘Guidelines on the consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) of the CCPRRR)’, the ‘Guidelines on the application of the circumstances under which a CCP is deemed to be failing or likely to fail (Article 22(6) of the CCPRRR)’ and the ‘Guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of EMIR’, issued by the European Securities and Markets Authority (ESMA), by incorporating them into their respective supervisory practices.

The Guidelines, published on ESMA’s website in the official languages of the European Union on 1 and 2 June 2023, aim to further specify certain provisions of the CCPRRR and of the EMIR in order to ensure their common, uniform and consistent application.

In accordance with Regulation No (EU) 1095/2010, ESMA has been informed of the decision to comply with these Guidelines.