Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Wytyczne doprecyzowujące okoliczności tymczasowego ograniczenia w przypadku istotnego zdarzenia niezwiązanego z niewykonaniem zobowiązania zgodnie z art. 45a rozporządzenia EMIR

31 January 2022

ESMA91-372-1704

Final Report

Guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of EMIR

1 Executive Summary

Reasons for publication

Article 87 of the Regulation (EU) 2021/23 (‘CCPRRR’) introduces a new Article 45a in Regulation (EU) 648/2012 (EMIR), which allows a competent authority to request a CCP to limit or restrict dividends payments, shares buy-backs and payments of bonuses to the CCP’s senior management following a significant non-default event.

The new Article 45a(3) of EMIR mandates ESMA to draft guidelines in accordance with Article 16 of Regulation (EU) 1095/2010 (‘ESMA Regulation’), to specify the circumstances in which the competent authority may require the CCP to implement the restrictions (the ‘Guidelines’).

ESMA published a Consultation Paper with its draft Guidelines under Article 45a of EMIR on 12 July 2021. The consultation ended on 20 September 2021. ESMA...