Financial, Consob Notice regarding compliance with the Guidelines issued by ESMA with regard to limiting the procyclical nature of the margins of central counterparties

Consob and the Bank of Italy, as competent authorities for the supervision of Italian central counterparties, comply with the “Guidelines on EMIR anti-cyclical margin measures for central counterparties” issued by the European Securities and Markets Authority (ESMA ), integrating them into their supervisory practices.

The Guidelines, published by the ESMA on April 15th, provide detailed indications on the measures that the central counterparties must implement to limit the procyclical nature of margins, in order to favor a common, uniform and coherent application of European standards (art 41 of Regulation (EU) No. 648/2012 and articles 10 and 28 of Delegated Regulation (EU) No. 153/2013).

ESMA was informed of this compliance pursuant to Regulation (EU) no. 1095/2010.

17 June 2019

Source Consob