ECB calls for changes to German draft CCP recovery law
The European Central Bank has called on the German government to significantly revise a draft law on the resolution of distressed central counterparties (CCPs).
The proposed law would give Germany’s financial regulator, Bafin, a wide range of powers. Bafin will regularly check CCPs’ resolution plans and can require that firms make changes to them. The regulator will also take the lead in resolving any distressed CCP.
The ECB welcomed the intention behind the proposed law but said, in an
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