On 7 June 2013, the EU Commission published regulatory technical standards (RTS) on colleges for central counterparties (CCPs), as required by Article 18 of EMIR.
The RTS addresses operational aspects related to the organisation and governance of supervisory colleges that must be set up to assess applications by CCPs for authorisation under EMIR. In particular, the RTS details rules regarding:
- the methodology for determining the most relevant currencies for the purposes of identifying the central banks which may participate in each college;
- the execution of written agreements between college members governing the establishment, organisation and functioning of colleges (for further details on this issue see the guidelines published by ESMA in June 2013);
- college participation, particularly the number of delegates entitled to attend meetings of colleges;
- governance of colleges, including the organisation and calling of meetings, and the circulation of information to college members;
- exchange of information among authorities regarding the CCP;
- voluntary sharing and delegation of tasks; and
- the entry into force of the RTS (20 days following publication in the Official Journal of the European Union).