ECB calls on Commission to rethink CCP resolution and recovery plans
Proposals need to shift focus from stand-alone recovery, ECB says
The European Central Bank has said the European Commission (EC) should consider changing its proposals for the recovery and resolution of central counterparties, or CCPs.
The ECB says it “strongly supports the Commission’s initiative” to create a European Union-wide framework for CCP recovery and resolution. But it makes several detailed criticisms of the EC’s proposals in a formal legal opinion, dated September 20.
The Commission adopted proposals in November 2016 for CCP resolution, which
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