Plans de redressement des chambres de compensation : l’AMF applique les orientations de l’ESMA

The AMF has issued its new position DOC-2023-04, implementing guidelines from ESMA regarding recovery plan indicators and scenarios for clearing houses.
These guidelines, published on 23 March 2023, aim to regulate CCPs and help them prepare for potential financial and operational difficulties to mitigate systemic risk. They also serve as a reference for competent authorities when assessing CCPs‘ recovery plans.
Indeed, according to Article 9 of the CCPRRR, CCPs are required to develop and maintain a recovery plan. This plan should include measures to be taken in the event of default, non-default events, and combinations of both, with the objective of restoring the financial and operational stability of the CCPs. Competent authorities are responsible for assessing these plans.
ESMA’s guidelines provide detailed instructions on how to prepare the recovery plan, particularly regarding the scenarios that should be considered when formulating the plan. Additionally, the guidelines offer guidance on the indicators that should be used to identify the situations in which the plan should be implemented.
The implementation of these guidelines follows a „comply or explain“ procedure, meaning that CCPs are expected to adhere to the guidelines starting from 24 May 2023 unless they can provide a reasonable explanation for not doing so.