Commission Delegated Regulation (EU) 2023/1193 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 contents of the resolution plan (Text with EEA relevance)

New Commission Delegated Regulation (EU) 2023/1193 providing regulatory technical standards for the content of resolution plans of central counterparties (CCPs) was published in the Official Journal (OJ) of the EU. Specifically, the delegated regulation defines those key elements that shall be part of CCP resolution plans, including the following:
– a brief summary providing an overview of the content of the plan.
– a description of the functions of a CCP which are viewed as critical by the resolution authority and a description of dependencies on third parties.
– a description of the timeframe for the implementation of a resolution plan and related activities.
– a description of the key aspects as regards an „assessment of resolvability“ and a description of impediments to resolvability.
– the definition of the methodologies to be applied for „determining the value and marketability of the critical functions and assets“.
– a detailed description of the resolution strategies as prescribed in the delegated regulation.
– a summary of the expected impact of a CCP resolution upon its employees.
– a detailed description of the communication to be made in case a resolution scenario occurs, including an assessment of the impact of such communication upon the financial market and financial market stability.
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As the above summary only presents the main elements outlined in the delegated regulation, please refer to the original legal text for more detailed, comprehensive information.