Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport Końcowy Regulacyjne Standardy Techniczne precyzujące warunki otrzymania rekompensaty dla wykonujących zobowiązania członków rozliczających (art. 20 ust. 2 CCPRRR)

31 January 2022

ESMA91-372-1705

Final Report

Regulatory technical standards specifying the conditions for recompense (Article 20(2) of CCPRRR)

1 Executive Summary

Reasons for publication

Article 20(1) of Regulation (EU) 2021/23 (‘CCPRRR’) introduces a recompense mechanism, where a CCP in recovery caused by a non-default event has applied the arrangements and measures to reduce the value of any gains payable to non-defaulting clearing members set out in the recovery plan, and as a result has not entered into resolution. In that case, the CCP’s competent authority may require the CCP to compensate the clearing members for their losses or require the CCP to issue instruments recognising a claim on its future profits. This recompense mechanism only applies to losses not contractually committed in the default management or recovery phases.

Article 20(2) of CCPRRR mandates ESMA to develop draft regulatory technical standards (RTS) to specify the conditions of this recompense mechanism. The RTS...