On 1 June 2023, the European Securities and Markets Authority (ESMA) published guidelines on the consistent application of the triggers for the use of early intervention measures based on Article 18(8) of the Regulation on a framework for the recovery and resolution of central counterparties (CCPRRR). The guidelines apply to Member State competent authorities designated under Article 22 of the European Market Infrastructure Regulation (EMIR) that supervise central counterparties (CCPs) authorised under Article 14 of EMIR. The guidelines relate to common procedures and methodologies for the supervisory review and evaluation process pursuant to Article 21 of EMIR. They do not introduce new requirements for CCPs in addition to the ones specified in EMIR or its technical standards. The guidelines apply from two months after the date of publication on ESMA’s website in the official languages of the European Union.
