On 13 May 2026, the European Securities and Markets Authority (ESMA) published a resolution briefing for central counterparties (CCPs).
The resolution briefing is issued under Article 25 of the ESMA Regulation and Article 5 of Regulation (EU) 2021/23. The objective of the CCP resolution briefing is to provide a methodology to be considered by Member State resolution authorities (NRAs) when drawing up resolution plans for CCPs. The resolution briefing is not subject to any ‘comply or explain’ mechanism for NRAs and is non-binding. The resolution briefing focuses on the operational considerations that NRAs should bear in mind to optimise the effectiveness of the write down and conversion of instruments tool while limiting associated risks. Other related subjects to this resolution tool, such as the application of the non-creditor worse off principle fall outside the scope of the document.