The Bank of Italy and Consob, as competent supervisory authorities for Italian central counterparties (CCPs), comply with the 'Guidelines on EMIR Anti-Procyclicality Margin Measures for Central Counterparties' issued by the European Securities and Markets Authority (ESMA) by incorporating them into their supervisory practices.
The Guidelines, published on the ESMA website in all EU official languages on April 15th, detail the measures that CCPs are required to adopt in order to limit the procyclicality of their margin requirements, thus seeking to promote a common, uniform and consistent application of the Union law (Article 41 of Regulation (EU) No 648/2012 and Articles 10 and 28 of Commission Delegated Regulation (EU) No 153/2013).
The Bank of Italy and Consob have notified their compliance with the Guidelines to ESMA, pursuant to Regulation (EU) No 1095/2010.
