[ESMA91-372-1701 ] Guidelines on CCP recovery plan scenarios (Article 9(12) of CCPRRR)

Following the Final Report (eventid=14542), the European Securities and Markets Authority (ESMA) has now published the final „Guidelines on CCP recovery plan scenarios (Article 9(12) of CCPRRR)“. The Guidelines provide competent authorities and CCPs with guidance on the range of scenarios to be considered for the purposes of CCP recovery plans.
The Guidelines apply to competent authorities and CCPs authorized under Article 14 of EMIR. They specify the range of recovery plan scenarios that should be considered for the purposes of CCP recovery plans referred to in Article 9(1) of CCPRRR. The Guidelines should be read in conjunction with the ESMA Guidelines on CCP recovery plan indicators (eventid=20389). They aim to establish consistent, efficient and effective supervisory practices within the ESFS and to ensure the common, uniform and consistent application of Article 9(1) of CCPRRR. The objective of preparing the range of recovery plan scenarios is to identify a range of forward-looking events of severe distress that a CCP may face, against which the effectiveness of recovery measures and the adequacy of indicators contained in the CCP recovery plan can be tested.