Recovery and resolution of central counterparties

22-03-2017

This impact assessment builds a convincing case for action. It is mainly based on expert judgement by the Commission's departments and is backed up by relevant references, public consultation and coordination with international work-streams. The Commission states that the proposal, published in November 2016, is fully in line with the latest policy discussions and orientation by the Financial Stability Board and the G20, quoting a document from August 2016. Notwithstanding this, the Impact assessment itself does not appear to have been fully updated since the summer of 2015. Therefore, some potentially important developments do not seem to be properly reflected in the IA. These include the recognition of non-EU central counterparties, the publication of new material, and the scenarios opened in the clearing world by the UK referendum of 23 June 2016.

This impact assessment builds a convincing case for action. It is mainly based on expert judgement by the Commission's departments and is backed up by relevant references, public consultation and coordination with international work-streams. The Commission states that the proposal, published in November 2016, is fully in line with the latest policy discussions and orientation by the Financial Stability Board and the G20, quoting a document from August 2016. Notwithstanding this, the Impact assessment itself does not appear to have been fully updated since the summer of 2015. Therefore, some potentially important developments do not seem to be properly reflected in the IA. These include the recognition of non-EU central counterparties, the publication of new material, and the scenarios opened in the clearing world by the UK referendum of 23 June 2016.