Revised RTS for CCPs published

The European Securities and Markets Authority (ESMA) has published its opinion on the Regulatory Technical Standards (RTS) for colleges for central counterparties (CCPs).  This RTS sets out the framework for authorisation of CCPs in Member States.  ESMA had failed to obtain Commission endorsement for the original RTS as it had exceeded the its mandate by specifying details of the practical arrangements for the agreement for the establishment and functioning of CCP colleges.  The opinion and revised RTS appended now detail that any National Competent Authority that does not agree to the terms for the operation of a college for CCPs, thus preventing the authorisation of a CCP, will be required to justify such a decision as it would entail a breach of European Union law.

Related Link: http://www.esma.europa.eu/content/Regulatory-technical-standards-colleges-central-counterparties-supplementing-Regulation-EU-N