CCP12 SUBMISSIONS

CCP12 has in place Working Groups to facilitate the discussion and development of responses to regulatory and other industry consultations impacting CCP roles, responsibilities and activities.

CCP12’s public submissions to industry consultations will be made available here.

Latest publications

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By year

2021

September 2021 |CCP12 responds to ESMA’s Consultation Papers on CCP recovery regime

In CCP12’s response to ESMA’s consultation papers on CCP recovery regime, CCP12 provides views on the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources [Consultation on Draft RTS on the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources (europa.eu)] conditions for recompense [Consultation on Draft RTS on order of compensation art. 20 (europa.eu)], circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of EMIR [Consultation on Draft Guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event (europa.eu)], consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) CCPRRR) [Consultation on Draft Guidelines on the consistent application of the triggers for the use of Early Intervention Measures (europa.eu)], CCP recovery plan indicators (Article 9(5) CCPRRR) [Consultation on the Draft Guidelines on CCP recovery plan indicators (europa.eu)], CCP recovery plan scenarios (Article 9(12) CCPRRR) [Consultation on the Draft Guidelines on CCP recovery plan scenarios (Article 9(12) CCPRRR) (europa.eu)], and factors that shall be considered by the competent authority and the supervisory college when assessing the CCP recovery plan (Article 10(12) CCPRRR) [Consultation on Draft RTS further specifying the factors that shall be considered by the competent authority and the supervisory college when assessing the CCP recovery plan (europa.eu)].

September 2021 | CCP12 responds to ESMA Consultation Paper on the clearing and derivative trading obligations in view of the benchmark transition

 

May 2021 | CCP12 responds to the HM Treasury Consultation on Expanded Resolution Regime: Central Counterparties

In CCP12’s response to the HM Treasury’s consultation entitled “Expanded Resolution Regime: Central Counterparties”, CCP12 provides views on the proposed scope of the NCWO safeguard, the proposed second tranche of skin-in-the-game, the proposal to limit the statutory VMGH power to default loss scenarios and the proposed compensation process.

January 2021 | CCP12 responds to the FSB discussion paper on ‘Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships’

In the CCP12 response to FSB’s discussion paper on ‘Regulatory and Supervisory Issues Relating to Outsourcing and Third-Party Relationships’, CCP12 shares the CCP’s perspective on this important topic.

2020

December 2020 | CCP12 responds to the OECD consultation on the Reports on the Pillar One and Pillar Two Blueprints

In the CCP12 response to OECD‘s consultation entitled “Public Consultation Document Reports on the Pillar One and Pillar Two Blueprints“, CCP12 shares the perspective in relation to the exclusion of CCPs and provides reasons warranted on the basis of the key attributes.

July 2020 | CCP12 responds to the FSB consultation on ‘Guidance on financial resources to support CCP resolution and treatment of CCP equity in resolution’

In the CCP12 response to FSB consultation entitled “Guidance on financial resources to support CCP resolution and treatment of CCP equity in resolution“, CCP12 provides comments on adjusting the treatment of CCP equity, scenarios for a financial resources assessment and urges the FSB to avoid undermining the incentives structure of the central clearing model.

July 2020 | CCP12 responds to European Commission Delegated Acts on EMIR 2.2

CCP12 provides responses to “EU Commission’s Delegated Regulations” and emphasizes its support on the steps taken in the tiering process, towards regulatory deference, and towards reducing overall fees, simplifying the fee structure, and providing for proportionality and transparency.

January 2020 | CCP12 Response ESMA Consultation Paper on Procedural rules for penalties imposed on Third-Country CCPs, TRs and CRAs

In the CCP12 response to the “ESMA consultation paper on Procedural rules for penalties imposed on Third-Country CCPs, TRs and CRAs”, CCP12 comments on ESMA’s procedures to impose fines and penalty payments on TC-CCPs, and provides additional technical comments on the procedures proposed in the Consultation Paper.

2019

November 2019 | CCP12 responds to CFTC consultation Exemption From Derivatives Clearing Organization Registration

In the CCP12 response to the CFTC consultation on its SNPR regarding Exemptions from Derivatives Clearing Organization Registration, CCP12 supports the CFTC’s efforts to codify the existing regulatory framework for exempting clearing houses from the DCO registration requirements, makes comments on the supplemental notice of proposed rulemaking, and recommends that the CFTC finalize its current proposals under the SNPR.

November 2019 | CCP12 responds to CFTC consultation Registration With Alternative Compliance for Non-U.S. Derivatives

In the CCP12 response to the CFTC consultation on its NPR regarding Registration with Alternative Compliance for Non-U.S. Derivatives Clearing Organizations, CCP12 supports the CFTC’s efforts to codify the supervisory approach outlined in the CFTC’s White Paper for cross-border swaps regulation version 2.0.1. CCP12 makes comments on the notice of proposed rulemaking and recommends that the CFTC finalize its current proposals under the NPR.

August 2019 | CCP12 responds to CPMI-IOSCO discussion paper on CCP auctions

In the CCP12 response to the CPMI-IOSCO discussion paper entitled “Central Counterparty Default Management Auctions”, CCP12 provides views from different aspects around CCP default management auctions.

July 2019 | CCP12 responds to ESMA consultations

In the CCP12 response to the ESMA’s Consultation Paper on “Technical Advice on Comparable Compliance under article 25a of EMIR”, CCP12 emphasizes its view that an approach of mutual regulatory deference is of the utmost importance in adopting an approach of comparable compliance, and provides comments on comparable compliance, on ESMA fees for TC-CCPs and on criteria for tiering.

February 2019 | CCP12 response to FSB discussion paper Financial resources to support CCP resolution and the treatment of CCP equity in resolution

In the CCP12 response to the FSB Discussion Paper entitled “Financial resources to support CCP resolution and treatment of CCP equity in resolution”, CCP12 supports an agreed framework that benefits CCPs, regulators, and the financial markets at large, and shares the CCP perspective on these important topics.

January 2019 | CCP12 and EACH respond to the BCBS consultative document Leverage ratio treatment of client cleared derivatives

In the CCP12 and EACH response to the “BCBS Consultative Document: Leverage ratio treatment of client cleared derivatives”, CCP12 and EACH believe that appropriate actions should be taken to address the shortcomings of the Leverage Ratio with respect to centrally cleared derivatives and make suggestions on these topics.

2018

September 2018 | CCP12 Response on FSB DAT Incentives to Clear Consultation

In the CCP12 response to the FSB DAT’ report “Incentives to centrally clear over-the-counter (“OTC”) derivatives: A postimplementation evaluation of the effects of the G20 financial regulatory reforms”, CCP12 provides comments on different sections of the report.

August 2018 | CCP12 Response on FSB Cyber Lexicon

In the CCP12 response to the “FSB Cyber Lexicon consultative document”, CCP12 emphasizes its support on the development of a  cyber lexicon, and provides comments to the questions, and proposes the inclusion of new terms.

May 2018 | CCP12 Response to US Agencies Consultation re SLR Standards

In the CCP12 response to the US Agencies Consultation re SLR Standards, CCP12 supports the Agencies initiative to modify the enhanced supplementary leverage ratio (“eSLR”) and shares comments about how the current leverage ratio framework negatively impacts central clearing.

February 2018 | CCP12 Response draft Guidelines on Anti-Procyclicality Margin Measures for CCP’s

In the CCP12 response to the “ESMA Consultative Paper on Anti-Procyclicality margin measures for CCPs”, CCP12 supports the objective of assessing and managing procyclicality holistically, cautions against an overly prescriptive approach, supports efforts to enhance transparency around risk management practices, and makes specific responses to further topics.

2017

September 2017 | CCP12-EACH Response Supervisory Stress Testing

In the CCP12 and EACH response to the “Framework for supervisory stress testing of central counterparties (CCPs)”, CCP12 and EACH provide several key recommendations. The associations believe that CCPs must play an integral role in the design, implementation and ongoing re-assessment of the SST framework.

August 2017 | CCP12 Response Harmonization of Critical OTC Derivatives Data Elements

In the CCP12 response to the CPMI-IOSCO’s Consultative report “Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) – third batch”, CCP12 provides comments for incorporating specific examples pertaining to each data element, eliminating the use of padded zeros and utilizing industry standard.

February 2017 | CCP12-EACH Response FSB Continuity of Access to FMIs

In the CCP12 and EACH response on the FSB consultation “Guidance on Continuity of Access to FMIs for a Firm in Resolution”, CCP12 and EACH provide comments on aspects that include: Affiliate Resolution and Resolution Authority Guarantee.

2016

 October 2016 | CCP12 Response FSB Consultation on CCP Resolution

In the CCP12 response to the FSB discussion note “Essential Aspects of CCP Resolution Planning”, CCP12 provides comments on the following aspects: responses to specific questions, incentive effects of resolution strategies, additional incentives, and timing of entry into resolution.

October 2016 | CCP12 Response CPMI IOSCO CCP Resilience and Recovery

In the CCP12 response to the CPMI-IOSCO consultation report “Resilience and recovery of central counterparties (CCPs): Further guidance on the PFMI”, CCP12 emphasizes the benefits of a principles-driven guidance regulatory directives set at a global level and provides comments on governance, stress testing, coverage, margin and CCP contributions.

  March 2016 | CCP12 Response FSB CCP Resolution Planning

In the CCP12 response to the FSB consultation paper “Guidance on Central Counterparty Resolution and Resolution Planning”, CCP12 provides comments on specific areas of interest and shares the CCP’s perspective on this important topic.

 July 2016 | CCP12 letter to HKMA on consultation re implementation on Basel III LR Framework

In the CCP12 response to the HKMA on consultation “Implementation of Basel III Leverage Ratio Framework”, CCP12 provides comments on a number of different aspects which include Increased Systemic Risk and Margin Period of Risk.

July 2016 | CCP12-EACH Response Revisions to the Basel III Leverage Ratio Framework

In the CCP12 and EACH response to the “Basel Committee on Banking Supervision consultation document Basel III Leverage Ratio Framework”, CCP12 and EACH provide recommendations on Increased Systemic Risk and Margin Period of Risk.

June 2016 | CCP12 Response Single Counterparty Credit Limits for Large Banking Organizations

In the CCP12 response to the Federal Reserve System’s Proposed Rule “Single-Counterparty Credit Limits for Large Banking Organizations”, CCP12 emphasizes its support to the proposal to exempt CCPs that meet the definition of a QCCPP.