Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

23 October 2013

ECON(欧州議会の経済通貨委員会)、CCP(中央清算機関)及びCSD(証券集中保管機関)の再建・破綻処理を優先するよう欧州委員会に要求


Default: Change to:


Rapporteur Swinburne has published a report containing a motion for an EU Parliament resolution on a framework for non-bank recovery and resolution plans.


In the motion, ECON:

  • calls on the EU Commission to prioritise recovery and resolution of central counterparties (CCPs) and those central securities depositories (CSDs) which are exposed to credit risk;
  • expresses its belief that resolution plans for cross-border firms should be based on the presumption of cooperation between authorities in different jurisdictions (an assumption that all regulators may not share; and
  • calls on the EU Commission to ensure that a clearing member’s default fund is exhausted before any losses from a defaulting clearing member can be passed on to a client of the clearing member.

However of most interest, according to this blog, is the request that the EU Commission ensure that CCPs “act in the general public interest”. Unfortunately, ECON does not expand on what it would actually mean in practice or how such a requirement would be enforced. This statement is as laudable as it is vague and it is probably this latter aspect which will result in it being quietly buried.  Nonetheless, this is probably just one to log somewhere in the memory bank should there ever be a chance that it sees the light of day at some point in the future.

Swinburne report, 22.10.13

Full blog



© Regulatory Reform WordPress.com


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment