CCP’s resolution

Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020, on a framework for the recovery and resolution of central counterparties enters into force on 11 February 2021 and the majority of its provisions apply from 12 August 2022.

What is it?

CCPs’ resolution framework lays down rules and provides procedures to reduce the risk of a CCP failing by ensuring the continuity of their critical functions, preserving financial stability and limiting the impact on public funds.

The CNMV has been designated resolution authority for CCPs. under Article 251 of Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión.

Also, article 268 of Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión refers to the rules on administrative penalties and other administrative measures in relation to non-compliance in accordance with the provisions of Article 81(1) of Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020, on a framework for the recovery and resolution of central counterparties.

Regulations

• EU regulations

Guidelines, recommendations, questions and answers

• ESMA guidelines and EBA communications adopted by the CNMV

Relevant documents

• Resolution instruments of central counterparties. Effectiveness and possible systemic impact. (01/2023)
• Central counterparty resolution: How to assess and treat available financial resources (12/2020)
• Resolution of central counterparties: an approach in a post-crisis environment (11/2015)

Activities

CNMV Conference on Recovery and Resolution of Central Counterparties (21/06/2022)