Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy. Środki nadzwyczajne dotyczące wymogów dotyczących zabezpieczeń – projekt regulacyjnych standardów technicznych zmieniających rozporządzenie delegowane Komisji (RTS) 153/2013

14 October 2022

ESMA91-372-2466

Final Report Emergency measures on collateral requirements – draft Regulatory Technical Standards amending Commission Delegated Regulation (RTS) 153/2013

1 Executive Summary

Reasons for publication

The recent political and market developments have led to significant price and volatility increases on energy markets, which have triggered substantial margin increases by CCPs to cover the related exposures. These margin increases have created liquidity strains on non-financial counterparties (NFCs), which typically have fewer and less liquid assets to meet margin requirements, forcing them to either reduce their positions or leaving them unproperly hedged and exposed to further price variations.

On 13 September 2022, the European Commission requested that ESMA consider whether the applicable Level 2 provisions, in particular the Commission Delegated Regulation(EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament...