Commission Delegated Regulation (EU) 2023/1192 of 14 March 2023 supplementing Regulation (EU) 2021/23 of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of the written arrangements and procedures for the functioning of the resolution colleges (Text with EEA relevance)

New Commission Delegated Regulation (EU) 2023/1192 setting out a basic framework for the functioning of resolution colleges including general issues around the organization of the colleges and around the decision making on resolution plans of central counterparties (CCPs) was published in the Official Journal (OJ) of the EU.
Resolution colleges are primarily established to ensure the „homogeneous governance of the resolution of CCPs across the European Union“. As resolution colleges bring together relevant stakeholders such as central banks, ministries, regulatory bodies like the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA), and members of the European System of Central Banks for purposes of supervision and resolution of a CCP, they play a crucial role in the EU. Therefore, in order to facilitate the coordination and cooperation among the stakeholders, the now issued delegated regulation specifies some key aspects for the functioning of resolution colleges, including operational, communication, and organizational matters which shall be included in the written arrangements of the colleges. Some of the defined issues are briefly noted below; for all of them, please refer to the original legal document.
Among other things, the delegated regulation specifies
– the identification of college members by a CCP’s resolution authority and the communication of the list of members to relevant stakeholders;
– the communication between the resolution authority and the CCP to ensure proper functioning of the college;
– the „content of written arrangements and procedures for the functioning of the resolution college“, including the assignment of responsibilities, the definition of voting procedures, the definition of the structure of the college, the definition of basic communication requirements of college members, the definition of meeting arrangements, etc.;
– the steps to be followed in the decision making process of the college as regards the adequacy and adoption of a CCP resolution plan and the resolvability assessment, including the setup of appropriate time frames, the definition of the information gathering process, the specification of criteria for the evaluation of a draft plan and subsequent communication and adoption of the draft plan, etc.;
– the steps to be followed if resolution college members could not agree on a CCP resolution plan; and
– the same steps for the „identification of material impediments to resolvability and on measures to address or remove such impediments“ (information gathering, initial drafting, decision making).