On August 5, ESMA published a report setting out guidelines and recommendations for the implementation of the principles for financial market infrastructures in respect of central counterparties (CCPs) published by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO).

The guidelines and recommendations apply to competent authorities and trade repositories when carrying out their duties under EU Regulation 648/2012 on OTC derivative transactions, central counterparties and trade repositories (EMIR). As is explained in the report, the purpose of the guidelines and recommendations is to ensure that EMIR, and the regulatory technical standards made under it, is fully harmonized and compliant with the CPSS and IOSCO principles. Report.