ESAS-2017-82 │11 January 2017
Contents
Capital requirements for CCPs holding a banking licence 5
Financial resources in accordance with Articles 41 to 44 of the EMIR - clearing activities 7
Capital requirements in accordance with Article 16 of the EMIR 7
Leverage and liquidity for CCPs 11
Abbreviations
CCP
central counterparty
CCR
counterparty credit risk
CM MPoR
clearing member margin period of risk
EAD
exposure at default
IM
initial margin
NSFR
net stable funding requirements
LR
leverage ratio
LCR
liquidity coverage ratio
Executive summary
This report provides the main conclusions from the analysis of the joint functioning of the Capital Requirements Regulation (EU) No 575/2013 (CRR) with the Regulation (EU) No 648/2012 (EMIR).
As requested in the mandate, the European Banking Authority (EBA), together with the European Securities and Markets Authority (ESMA), has focused in particular on those institutions operating as CCPs, and have assessed any potential duplication of requirements for derivative transactions with the ultimate goal of avoiding regulatory risks, as well as undue increased monitoring costs
for competent authorities.
After the review of the issues, the EBA and ESMA would recommend that the Commission clarify the overlap of the capital requirements for CCPs holding a banking licence, as well as clarify the wording of Article 305.
The legal basis of this report is in Article 515 paragraph 1 of the CRR, which requires that: 'By 2 January 2015, EBA, together with ESMA, shall report on the functioning of this Regulation with the related obligations under Regulation (EU) No 648/2012 and in particular with regard to institutions operating a CCP, in order to avoid duplication of requirements for derivative transactions and thereby avoid increased regulatory risk and increased costs for monitoring by competent authorities.'
European Union published this content on 18 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 January 2017 15:11:04 UTC.
Original documenthttps://www.esma.europa.eu/file/21189/download?token=8iATiqJa
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