Summary of CySEC's Circular C587
Memo #41-2023
CySEC Circular No: C587
Date: 03/07/2023
Subject: ESMA Guidelines on the consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) of CCPRRR)
Purpose: To remind the Regulated Entities that the ESMA has published the Guidelines on the consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) of CCPRRR).
In Summary:
CySEC has issued the Circular C587 on 03/07/2023 to remind the Cyprus Investment Firms (CIFs), UCITS Management Companies (UCITS MC) and the Alternative Investment Fund Managers (AIFMs), that the European Securities and Markets Authority (ESMA) has published the Guidelines on the consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) of CCPRRR [Regulation (EU) 2021/23]) (the ‘Guidelines’) on 01/06/2023.
These Guidelines apply to national competent authorities and to CCPs authorised under Article 14 of Regulation (EU) 648/2012 as amended (EMIR).
The objectives of these Guidelines are to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision (ESFS) and to ensure the common, uniform and consistent application of Article 18(1) of CCPRRR.
Τhe Guidelines seek to provide guidance on the situations under which the application of early intervention measures to CCPs should be considered.
The Guidelines are applicable from 01/08/2023.
CySEC informs that it has adopted these Guidelines by incorporating them into its supervisory practices and regulatory approach.
The Guidelines can be found on the following link: https://www.esma.europa.eu/sites/default/files/2023-06/ESMA91-372-1700_Guidelines_on_EIM_Article_18_8__CCPRRR.pdf
Read the CySEC Circular C587
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