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October 04, 2017

ECB published its opinion on proposal for a regulation about the procedures and authorities involved for the authorization of central counterparties (CCPs) and the recognition of third-country CCPs; this proposal for regulation amends EU Regulation No 1095/2010 and Regulation No 648/2012 on over-the-counter (OTC) derivatives, CCPs, and trade repositories (EMIR).

In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB, the Governing Council has adopted the opinion. ECB strongly supports the initiative set out in the EC proposal to enhance the role of the relevant members of the European System of Central Banks (ESCB), as central banks of issue of the currencies of financial instruments cleared by CCPs, in the process for the supervision of Union CCPs and the recognition of third-country CCPs. ECB strongly welcomes and supports the proposal that the Eurosystem, as the central bank of issue of the euro, should play a more meaningful role with respect to EU and third-country CCPs. The proposed regulation envisages an enhanced role for the Eurosystem as central bank of issue for the euro in the framework under EMIR. Where ECB recommends that the proposed regulation is amended, specific drafting proposals are set out in a separate technical working document accompanied by an explanatory text to this effect.

On August 22, 2017 and September 15, 2017 respectively, ECB had received requests from the Council of the EU and the European Parliament, respectively, for an opinion on the proposal for a regulation of  amending Regulation (EU) No 1095/2010 establishing an ESA (ESMA) and amending Regulation (EU) No 648/2012 on the procedures and authorities involved for the authorization of CCPs and requirements for the recognition of third-country CCPs. The competence of ECB to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the EU.

 

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Keywords: Europe, EU, Securities, CCP, Regulation 648/2012, Regulation 1095/2010, OTC Derivatives, ESMA, EC, ECB

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