ESMA consults on measures for CCPs to manage conflicts of interest
The European Securities and Markets Authority (ESMA) yesterday opened a public consultation on future guidelines, which further clarify provisions stemming from the European Market Infrastructure Regulation (EMIR).
ESMA’s consultation asks stakeholders feedback on a set of proposed provisions regarding the management and avoidance of conflicts of interests by central counterparties (CCPs).
Under EMIR, CCPs have to act in the best interests of their clearing members and the clients. Therefore, CCPs need to put in place robust organisational arrangements and policies to prevent potential conflicts of interest and to solve them should they occur.
ESMA future guidelines deal with provisions on the management of conflicts of interest such as:
- written arrangements to identify and manage any potential conflicts of interest between CCPs, clearing members and clients;
- where written arrangements are not sufficient, disclosure of conflicts of interest to the clearing member or clients prior to new transactions; and
- taking into account possible conflicts with a CCP’s parent undertaking or subsidiary.
Conflicts of interest exist when a stakeholder’s own interests interfere with the CCP’s interests or the CCP’s clearing members’ or clients’ interests.
ESMA will consider all comments received to its consultation by 24 August 2017, which it will use to finalise the guidelines.
Latest News from
EU clears way for the EU Digital COVID Certificate15/06/2021 09:25:00
The Presidents of the three EU institutions, the European Parliament, the Council of the EU and the European Commission yesterday attended the official signing ceremony for the Regulation on the EU Digital COVID Certificate, marking the end of the legislative process.
Council agrees on new rules for cross-border energy infrastructure14/06/2021 16:48:00
The Council recently (11 June 2021) reached a general approach on the revision of the Trans-European Networks for Energy (TEN-E) Regulation.
Council approves conclusions on an EU renovation wave14/06/2021 15:25:00
The Council recently (11 June 2021) approved conclusions on a renovation wave that repairs the economy now, and creates green buildings for the future.
Council approves EU-UK agreement on fishing opportunities14/06/2021 13:25:00
The Council recently (11 June 2021) approved the agreement between the European Union and the United Kingdom on fishing opportunities for 2021 and, for deep-sea stocks, for 2021 and 2022.
EU-U.S Joint statement on the humanitarian emergency in Tigray14/06/2021 09:25:00
EU-U.S Joint statement given recently (10 June 2021) on the humanitarian emergency in Tigray.
Talent Partnerships: Commission launches new initiative to address EU skills shortages and improve migration cooperation with partner countries11/06/2021 16:33:00
Today, the Commission is launching Talent Partnerships, a key initiative under the New Pact on Migration and Asylum that will help to address skills shortages in the European Union and to strengthen mutually-beneficial partnerships on migration with third countries.
Central America and Mexico: EU reaffirms support with €18.5 million in humanitarian and development aid11/06/2021 15:25:00
The EU yesterday announced at the 'Solidarity event for forcibly displaced persons and host communities in Central America and Mexico', that it will allocate €18.5 million in aid. Of this sum, €12 million represents humanitarian funding to Central America, and €6.5 million constitutes development assistance.
Council endorses new EU strategy on adaptation to climate change11/06/2021 14:38:00
The Council yesterday approved conclusions endorsing a new strategy that outlines a long-term vision for the EU to become a climate-resilient society that is fully adapted to the unavoidable impacts of climate change by 2050.
Child Labour: Statement by the European Commission and the High Representative on the World Day against Child Labour11/06/2021 13:25:00
Child Labour: Statement given by the European Commission and the High Representative on the World Day against Child Labour.
Education: EU increases its commitment to Global Partnership for Education with a pledge of €700 million for 2021-202711/06/2021 12:38:00
Ahead of the G7 Summit, President of the European Commission Ursula von der Leyen yesterday announced that the European Union is pledging €700 million for the Global Partnership for Education (GPE) to help transform education systems for more than one billion girls and boys in up to 90 countries and territories.