What EU CCP Recovery and Resolution Regulation 2021/23 - CCP R&R Framework requires
Regulation (EU) 2021/23 establishes a framework for the recovery and resolution of central counterparties (CCPs). It requires CCPs to maintain recovery plans with loss allocation tools (variation margin gains haircutting - VMGH, initial margin haircutting - IMHA, and cash calls), mandates resolution plans by national resolution authorities, and grants special resolution powers including position transfers and write-down/conversion of equity and unsecured debt. CCPs must meet a minimum loss-absorbing capacity specified in their recovery plans.
Pillar: Banking & Global Finance · Authority: European Parliament and Council of the European Union · Version: 1.0.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32021R0023
SHA-256 integrity: ee01dc54be2728adca2c38ca85ff3035139998c161c2a5f940255fdca1aace66
Primary Citations — 5 traced to source
- Arts 9-12 (recovery plans), 22 (resolution trigger), 30-32 (SITG, VMGH, cash calls), 41 (NCWO) — Regulation (EU) 2021/23 of the European Parliament and of the Council on a framework for the recovery and resolution of central counterparties
- Loss allocation tools, adequacy of resolution resources — FSB Guidance on Financial Resources to Support CCP Resolution (2020)
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