The Bank of Italy takes on role as National Resolution Authority for central counterparties

31 January 2024

As of 31 January 2024, the Bank of Italy will be the national resolution authority for central counterparties (CCPs) based in Italy, pursuant to  Legislative Decree 224/2023, implementing Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCP).

The recovery and resolution framework of central counterparties bolsters the preparedness of CCPs and authorities to handle a crisis and provides authorities with further insight into CCPs' preparations for stress scenarios. It also provides authorities with powers to prepare for the potential resolution of a CCP, with the goals of maintaining the CCP functions that are critical to the real economy, safeguarding financial stability, protecting markets and keeping to a minimum the cost to taxpayers of the crisis.

The Bank of Italy's Resolution and Crisis Management Unit, which is already responsible for overseeing the resolution and management of crises involving bank and non-bank financial intermediaries, will perform these new tasks.

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