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ECON draft report on recovery and resolution of CCPs

18/01/2018

On 27 September 2017, the ECON Committee published its draft report on the proposal for a Regulation on the Recovery and Resolution of CCPs.

On 27 September 2017, the ECON Committee published its draft report on the proposal for a Regulation on the Recovery and Resolution of CCPs. The Report was co-drafted by UK Conservative MEP Kay Swinburne and German Socialist MEP Jakob von Weizsäcker. The draft report makes a number of amendments to the Commission’s proposal including:

  • Explicitly defining default and non-default events;
  • Member States where no CCP is established do not need to designate a resolution authority;
  • Recovery plans should be drawn up in the case of default and non-default events;
  • Provisions in CCP operating rules should outline the procedures to be followed by them in order to achieve the goals of the recovery process;
  • Clearing members do not have unlimited exposures toward the CCP in recovery;
  • In default scenarios CCPs should use additional own resources before using other tools;
  • Recovery plans should be made publicly available; and
  • Resolution authorities should define the amount of the resolution cash call to be included in the operating rules.
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