ESMA publishes Guidelines on templates for summary resolution plans and for written arrangements for resolution colleges

ESMA published two Final Reports containing guidelines on the CCPs Resolution Regime. These guidelines provide guidance on the templates for summary resolution plans and written arrangements for resolution colleges. The purpose of these guidelines is to assist NCAs in creating resolution colleges and establishing smooth processes for the resolution college agreement.
– The guidelines on the template written arrangements for resolution colleges aim to ensure a clear and concise summary of the resolution plan, providing key information to the CCP. The summary should distinguish between default events, non-default events, and a combination of both. The CCP has the opportunity to express its opinion in writing on the resolution plan, which will be included in the plan.
– The guidelines on the template summary resolution plans provide resolution authorities with guidance on the type of information that should be included in the summary. The summary should be visually clear and concise, allowing the CCP to easily understand the key elements and core strategies of the resolution plan. It should contain essential information without providing a comprehensive description of the entire plan.
These guidelines take into account responses received during the public consultations (eventid=15809) and the advice of the Securities and Markets Stakeholder Group.
The content of the guidelines is detailed in several sections, covering general considerations, default and non-default events scenarios, and the key elements to be included in the summary. The reports also include annexes with legislative provisions, cost-benefit analysis, and the guidelines themselves, including templates for the summary of resolution plans and standard written arrangements for resolution colleges.