Bank of Italy and Consob Align with ESMA Guidelines on Central Counterparties Supervision

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Summary

La Banca d'Italia and Consob, as competent authorities for supervising Italian central counterparties, align with the European Securities and Markets Authority's (ESMA) guidelines on early intervention measures, situations of insolvency or risk of insolvency, and temporary restrictions in case of a significant event. The guidelines aim to ensure a common, uniform, and consistent application of the Capital Requirements Regulation and the European Markets Infrastructure Regulation. La Banca d'Italia, as a designated resolution authority, also follows ESMA's guidelines on the methodology for determining the value of contracts before their termination. The guidelines were published on ESMA's website on June 1-2, 2023.