ESMA selects candidates for the CCP Supervisory Committee

On the 25th August 2020 the European Securities and Markets Authority (ESMA); the EU’s securities markets regulator, announced their selection of candidates for the CCP Risk Supervisory Committee.

The ESMA Board of Supervisors have submitted their selection to the European Parliament and now await confirmation of an approval or rejection of the proposed candidates within one month’s time.

The candidates are identified as follows:

Chair of the CCP Supervisory Committee: Mr Klaus Löber, Head of the Oversight Division at the European Central Bank (ECB);

Two independent members: Ms Nicoletta Giusto, Senior Director and Head of International Relations at Commissione Nazionale per le Società e la Borsa (CONSOB); and Ms Froukelien Wendt, Senior Financial Sector Expert at the International Monetary Fund (IMF).

In addition to the selected candidates, national competent authorities which are responsible for the supervision of CCPs and (where applicable) central banks of issue of Union currencies, will also be integral to the committee.

The CCP Risk Supervisory Committee will carry out the responsibilities and tasks assigned to ESMA in relation to EU and third-country CCPs (TC-CCPs). Furthermore, the committee will be in charge of preparing draft opinions or decisions in relation to EU and TC-CCPs for adoption by the Board of Supervisors.

The announcement mentions: “The finalisation of this process in conjunction with the finalisation of the delegated acts by the Commission will conclude the preparatory steps for the full implementation of the EMIR 2.2 regime.”

The enhancements of the European Markets Infrastructure Regulation (known as EMIR 2.2) regime sets to strengthen ESMA’s role as the EU’s securities markets regulator in order to manage the activities in relation to: “supervisory convergence among the activities of national competent authorities, and to the recognition of TC-CCPs, entrusting ESMA with direct supervision of systemically important third country CCPs.”

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