As the competent authorities for the supervision of Italian central counterparties (CCPs), the Bank of Italy and Consob comply with the 'Guidelines on the consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) of the CCPRRR)', the 'Guidelines on the application of the circumstances under which a CCP is deemed to be failing or likely to fail (Article 22(6) of the CCPRRR)' and the 'Guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of EMIR', issued by the European Securities and Markets Authority (ESMA), by incorporating them into their respective supervisory practices.
The Bank of Italy, as the resolution authority designated under Article 3 of the CCPRRR, shall also comply with the 'Guidelines on the methodology to be used by the resolution authority for determining the valuation of contracts prior to their termination as referred to in Article 29(1) of CCPRRR', as well as with the Guidelines already issued under Article 22(6) of the CCPRRR, by integrating them into the national resolution framework.
The Guidelines, published on ESMA's website in the official languages of the European Union on 1 and 2 June 2023, aim to further specify certain provisions of the CCPRRR and of the EMIR in order to ensure their common, uniform and consistent application.
In accordance with Regulation No (EU) 1095/2010, ESMA has been informed of the decision to comply with these Guidelines.
