Common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR: the AMF complies with ESMA guidelines
The AMF applies ESMA guidelines on common procedures and methodologies on supervisory review and evaluation process of CCPs under Article 21 of EMIR.
Purpose of the guidelines
These guidelines seek to assist competent authorities in the application of article 21 of EMIR in the context of performing the review and evaluation of central counterparties by further specifying common procedures and methodologies in order to ensure consistency in the format, frequency and depth of these reviews and evaluations.
Regulatory framework
In accordance with article 21 of EMIR regulation, the competent authorities in charge of CCPs supervision shall, at least yearly:
- review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with EMIR regulation; and
- evaluate the risks to which CCPs are, or might be, exposed.
ESMA's guidelines provide guidance on the procedure and methodology to be followed by competent authorities in conducting these reviews and evaluations.
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