The European Securities and Markets Authority (ESMA) as required under the European Markets Infrastructure Regulation (EMIR) has published:
A report containing guidelines and recommendations for establishing consistent, efficient and effective assessments of interoperability arrangements
The guidelines and recommendations apply to national competent authorities
(NCAs) and define what NCAs should analyse in assessing an interoperability
arrangement. They focus on the risks that might arise from these arrangements
and outline the areas on which central counterparties (CCPs) should focus, and
which NCAs should verify, to mitigate those risks. The guidelines and
recommendations applied from 10 June 2013
Regulatory technical standards (RTS) on colleges for CCPs
The RTS address the organisation and governance of supervisory colleges that must be set up to scrutinise the application of a CCP for authorisation under EMIR. The provisions also address: issues relating to participation in the college; exchange of information
among regulatory authorities; conditions relating to delegation and sharing of tasks by members of the college; and how to determine which are the most relevant currencies (this is used to decide which central banks should
participate in each college). The RTS will enter into force on the
twentieth day following publication in the Official Journal of the European
Union.
Related Links:
Guidelines
http://www.esma.europa.eu/content/Guidelines-and-Recommendations-establishing-consistent-efficient-and-effective-assessments-0
RTS
http://register.consilium.europa.eu/pdf/en/13/st10/st10611.en13.pdf