The Guidelines and Recommendations concern the implementation of the CPSS-IOSCO Principles for Financial Market Infrastructure (PFMIs) by competent authorities as part of the exercise of their duties resulting from EMIR for the authorisation and supervision of CCPs under Article 22(1) of EMIR.
The report discusses the rationale for issuing these Guidelines and Recommendations regarding the implementation of the PFMIs in respect of CCPs. Given that the Guidelines and Recommendations have limited impact on market participants, ESMA has consulted only competent authorities when drafting these Guidelines and Recommendations and has decided that, given the necessity to articulate the implementation of the PFMIs by competent authorities as soon as possible, it is not appropriate to conduct a public consultation.
These Guidelines and Recommendations will apply after their publication by ESMA on its website in the EU official languages. Competent authorities should comply with the Guidelines and Recommendations. Competent authorities must notify ESMA whether they comply or intend to comply with these Guidelines and Recommendations, including with a justification of the reasons for any non-compliance, within two months of publication by ESMA on its website of the final Guidelines and Recommendations in all EU official languages. Financial market participants are not required to report to ESMA whether they comply with these Guidelines and Recommendations, as they are not addressed to them.
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