Chair and Independent Members of the CCP Supervisory Committee formally appointed at ESMA

Following our previous regulatory update which was released on the 25th August, 2020, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator; has now officially appointed Klaus Löber as Chair of the CCP Supervisory Committee and Nicoletta Giusto and Froukelien Wendt as Independent Members.

The public statement released last Wednesday 23rd September 2020, states that the selected individuals were approved by the European Parliament (EP) on 14th September 2020 following a hearing by the EP’s Committee on Economic and Monetary Affairs.

Steven Maijoor, the Chair of ESMA, said: “The appointment of Klaus Löber as Chair and Nicoletta Giusto and Froukelien Wendt as Independent Members marks the conclusion of a successful selection procedure. It is an important step in completing the implementation of the EMIR 2.2 regime to ensure consistent and effective supervision of EU and global clearing infrastructures.”

Klaus Löber and the independent chairs will have a vital role to play for the committee as ESMA has been granted further regulatory powers in relation to the supervision of third country CCPs and the convergence in the supervision of EU-based CCPs.

All three will serve a five-year mandate which can be extended once.

Maijoor concluded: “The new organisational set-up of the CCP Supervisory Committee will strengthen ESMA’s role in enhancing the safety and efficiency of CCPs both in the EU and in third countries.’’

The appointed Chair and Independent Members now complete the set-up of the CCP Supervisory Committee and, coupled with the finalisation of the delegated acts by the European Commission; concludes the initial preparatory steps for the implementation of the European Market Infrastructure Regulation 2.2 (EMIR 2.2).

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