Planning of the steps of the joint decision process on the resolution plan and the resolvability assessment
1. Prior to the start of the joint decision process on the resolution plan in accordance with Article 14(2) of Regulation (EU) 2021/23, the resolution college members shall agree on a timetable of steps to be followed in that process (‘joint decision timetable for a resolution plan’).
In case of a failure to agree on the joint decision timetable for a resolution plan, the resolution authority of the CCP shall set that timetable after considering the views and reservations expressed by the resolution college members.
2. The joint decision timetable for a resolution plan shall be updated at least annually by the resolution college members and shall include all of the following steps, to be implemented in a sequence that is agreed by the resolution college or set by the resolution authority of the CCP as set out in paragraph 1, second subparagraph:
(a)
preliminary dialogue at the resolution college on the resolution strategy of the CCP, in preparation of the joint decision on the resolution plan and the resolvability assessment;
(b)
request to the CCP for the information necessary for the drawing up of the resolution plan in accordance with Article 12 of Regulation (EU) 2021/23 and the performance of the resolvability assessment in accordance with Article 15 of that Regulation;
(c)
submission by the CCP of the information requested in point (b) directly to the resolution authority of the CCP;
(d)
transmission of the information that the resolution authority of the CCP receives from the CCP to the resolution college and indication of a deadline for any additional information requests;
(e)
submission of contributions for the development of the resolution plan and the resolvability assessment by the resolution college members and observers to the resolution authority of the CCP;
(f)
submission of the draft resolution plan and draft resolvability assessment from the resolution authority of the CCP to the resolution college members and observers;
(g)
submission of possible comments on the draft resolution plan and on the draft resolvability assessment from the resolution college members to the resolution authority of the CCP;
(h)
discussion with the CCP on the draft resolution plan and resolvability assessment, where it is deemed appropriate by the resolution authority of the CCP;
(i)
dialogue at the resolution college on the draft resolution plan and resolvability assessment;
(j)
circulation of the draft joint decision on the resolution plan by the resolution authority of the CCP to the resolution college;
(k)
dialogue on the draft joint decision on the resolution plan and on the resolvability assessment where it is deemed necessary by the resolution authority of the CCP;
(l)
reaching of the joint decision on the resolution plan and the resolvability assessment;
(m)
communication of the conclusion of the joint decision to the CCP along with a summary of the key elements of the resolution plan.
3. The joint decision timetable for a resolution plan shall:
(a)
reflect the scope and complexity of each step of the joint decision process;
(b)
take into account the timetable of other joint decisions to be reached by the resolution college;
(c)
take into account, to the extent possible, the timetable of other joint decisions to be reached by the relevant supervisory college, in particular the timetable for the joint decision on the review and assessment of the recovery plan in accordance with Article 10 of Regulation (EU) 2021/23.
Elements of a joint decision timetable for resolution plan
1. When drafting the joint decision timetable for a resolution plan, the authorities involved, or the resolution authority of the CCP when acting alone, shall take into account Article 16(2) of Regulation (EU) 2021/23 on the need for simultaneous assessment of resolvability and suspension of the process to address material impediments and shall ensure that the relevant deadlines provided in the joint decision timetable for a resolution plan are adjusted accordingly.
2. When drafting the joint decision timetable for a resolution plan, the resolution authority of the CCP shall have regard to the terms and conditions for the participation of observers as set out in the resolution college written arrangements and procedures referred to in Article 4(4) and in Article 5 of Regulation (EU) 2021/23.
3. The following aspects of the joint decision timetable for a resolution plan shall be communicated from the resolution authority of the CCP to the CCP:
(a)
an estimated date when the request for the information necessary for drawing up the resolution plan and performing the resolvability assessment is expected to be made in accordance with Article 12(2), point (b) of this Regulation, and the deadline for submission of that information in accordance with Article 12(2), point (c) of this Regulation;
(b)
an estimated date for the organisation of the discussion referred to in Article 12(2), point (h) of this Regulation, where relevant;
(c)
an estimated date for the communication referred to in Article 12(2), point (m) of this Regulation.
Preliminary dialogue on the resolution strategy
The resolution authority of the CCP shall organise a preliminary dialogue with the relevant resolution college members and observers to perform all of the following:
(a)
discuss a preliminary proposal on the resolution strategy for the CCP;
(b)
check whether any of the information necessary for the development of the resolution plan and resolvability assessment is already available to any of the competent authorities, and share this information in accordance with Article 14 of Regulation (EU) 2021/23;
(c)
determine the additional information to be requested from the CCP;
(d)
agree on any contributions needed from the relevant authorities, whether resolution authorities or not, by the resolution authority of the CCP for the development of the resolution plan and the performance of the resolvability assessment.
Information from the CCP
1. The resolution authority of the CCP shall request to the CCP all the necessary information in accordance with Article 13 of Regulation (EU) 2021/23, taking into account the outcome of the dialogue provided for in Article 14 of this Regulation.
2. The resolution authority of the CCP shall clearly communicate to the CCP the deadline for the provision of such information.
3. The CCP shall provide the information requested to the resolution authority of the CCP in a timely manner, but no later than by the deadline set under paragraph 2.
Transmission of information from the resolution authority
1. The resolution authority of the CCP shall, without undue delay, transmit information received in accordance with Article 15, and subject to Article 8 of this Regulation, to the resolution college members and shall invite them to provide comments on whether additional information is required within a specific time frame.
2. Any resolution college member receiving information may request additional information from the resolution authority of the CCP within the time frame specified under paragraph 1 of this Article, where the receiving authority deems the additional information to be relevant to the development and maintenance of the resolution plan of the CCP or to the performance of the resolvability assessment. In such case, the relevant provisions of Article 15 of this Regulation shall apply accordingly.
3. The transmission of information from the resolution authority of the CCP to the resolution college members referred to in paragraph 2 shall not be deemed complete until the actual transmission of both the initial and the subsequent information.
4. The resolution authority of the CCP shall, taking into account paragraph 3 of this Article, communicate to the resolution college the starting date of the four-month period for reaching the joint decision on the resolution plan and the resolvability assessment in accordance with Article 14(2) of Regulation (EU) 2021/23.
5. The resolution college members shall exchange additional information necessary to facilitate the drawing up of the resolution plan and the performance of the resolvability assessment, subject to the confidentiality requirements laid down in Articles 8, 73 and 80 of Regulation (EU) 2021/23.
Development and circulation of the draft resolution plan and the draft resolvability assessment
1. All resolution college members and observers shall provide the resolution authority of the CCP with their contributions to the resolution plan of the CCP and the resolvability assessment in a timely manner and in any event by the deadline set in the joint decision timetable for a resolution plan pursuant to Article 12(2), point (e) of this Regulation.
2. The resolution authority of the CCP shall develop the draft resolution plan in accordance with Article 12 of Regulation (EU) 2021/23, taking into account any contributions submitted by the relevant resolution college members and observers.
3. The resolution authority of the CCP shall circulate the contributions referred to in paragraph 1, the draft resolution plan and the draft resolvability assessment to the resolution college members and observers in a timely manner, however no later than the deadline set in Article 12(2), point (j) of this Regulation.
Discussion with the CCP
When the resolution authority of the CCP organises a discussion with the CCP on the key elements of the draft resolution plan, based on the opinion received from the CCP in accordance with Article 12(8) of Regulation (EU) 2021/23, and the resolvability assessment of the CCP pursuant to Article 12(2), point (h), of this Regulation, it shall do so in a timely manner and in any event within the deadlines set in the relevant step of the joint decision timetable for a resolution plan. The resolution authority of the CCP shall communicate to the resolution college any observations submitted by the CCP regarding the key elements of the resolution plan, including the resolvability assessment, during this consultation.
Dialogue on the draft resolution plan and the draft resolvability assessment
1. The resolution authority of the CCP shall organise a dialogue on the draft resolution plan and the draft resolvability assessment with the resolution college members in a timely manner pursuant to Article 12(2), point (i) of this Regulation, however no later than within the deadlines set in the joint decision timetable for a resolution plan.
When the CCP is part of a corporate group which contains (an)other CCP(s), the resolution authorities of the CCPs shall organise among themselves a discussion on the draft resolution plans and the draft resolvability assessments.
2. Based on the dialogue referred to in paragraph 1, the resolution authority of the CCP shall finalise the corresponding CCP resolution plan and the performance of the resolvability assessment.
3. Where material impediments to resolvability are identified, Article 24(1) of this Regulation shall apply.
Drafting of the joint decision on the resolution plan and the resolvability assessment
The resolution authority of the CCP shall prepare a draft joint decision on the resolution plan and the resolvability assessment of the CCP. The draft joint decision shall set out all of the following:
(a)
the names of the resolution authority of the CCP and the resolution college members reaching the joint decision on the resolution plan and the resolvability assessment of the CCP;
(b)
the names of the observers where those observers were involved in accordance with the terms and conditions for the participation of observers as set out in the written arrangements and procedures referred to in Article 5 of this Regulation;
(c)
a summary of the views expressed by the authorities consulted in the joint decision process on the resolution plan and the resolvability assessment;
(d)
the references to the applicable Union and national law relating to the preparation, finalisation and application of the joint decision on the resolution plan and the resolvability assessment;
(e)
the date of the adoption of the joint decision on the resolution plan and the resolvability assessment, and of any relevant update thereof;
(f)
the resolution plan and the resolvability assessment, including any measures to address or remove material impediments to resolvability in accordance with Articles 15 and 16 of Regulation (EU) 2021/23, subject to which the joint decision is taken. Where the CCP is in the process of implementing those measures, information on the timeline for their implementation shall also be provided.
Reaching joint decision on the resolution plan and the resolvability assessment
1. The resolution authority of the CCP shall send the draft joint decision on the resolution plan and the resolvability assessment to the resolution college members without undue delay, setting a deadline for the resolution college members with voting rights to provide their written agreement to that joint decision, in accordance with Article 8(6) of this Regulation.
2. Upon receipt of the draft joint decision, the resolution college members with voting rights who do not disagree shall transmit their written agreement to the resolution authority of the CCP within the deadline set under paragraph 1.
3. The final joint decision shall consist of the joint decision document drafted in accordance with Article 20 of this Regulation, the written agreements referred to in paragraph 2 of this Article, and the agreement of the resolution authority of the CCP.
4. The resolution authority of the CCP shall communicate the joint decision on the resolution plan and the resolvability assessment to the resolution college members and observers.
Communication of joint decision on and summary of resolution plan to CCP
1. The resolution authority of the CCP shall communicate the joint decision on the resolution plan, and a summary of the key elements of the resolution plan, including of the resolvability assessment, to the management body of the CCP in a timely manner and in any event by the deadline set in the joint decision timetable for a resolution plan.
2. The resolution authority of the CCP shall inform the resolution college members and observers about that communication.
3. The resolution authority of the CCP shall explain the key elements of the joint decision on the resolution plan and the resolvability assessment to the CCP.
Process in the absence of joint decision on the resolution plan and the resolvability assessment
In the absence of a joint decision between the resolution college members within 4 months from the date of transmission of the draft resolution plan in accordance with Article 14(2) of Regulation (EU) 2021/23, the resolution authority of the CCP shall take the decision on the resolution plan and the resolvability assessment, which shall be communicated in writing without undue delay to the resolution college by means of a document containing all of the following items:
(a)
the name of the resolution authority of the CCP;
(b)
the name of the CCP;
(c)
references to the applicable Union and national law relating to the preparation, finalisation and application of the decision;
(d)
the date of the decision;
(e)
the resolution plan and the resolvability assessment, including any measures to address or remove material impediments to resolvability in accordance with Articles 15 and 16 of Regulation (EU) 2021/23, subject to which the decision is taken. Where the CCP is in the process of implementing those measures, the timeline for their implementation shall also be provided;
(f)
the names of the resolution college members involved in the joint decision process on the resolution plan and the resolvability assessment, along with a summary of the views expressed by those members and information on the issues leading to disagreement;
(g)
comments of the resolution authority of the CCP on the views expressed by the resolution college members, in particular on the issues leading to disagreement and the possibility for any of the resolution college members with voting rights to refer those issues to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.
SECTION 2 — Joint decisions on identification of material impediments to resolvability and on measures to address or remove such impediments
Suspension of the joint decision process on the resolution plan and the resolvability assessment
1. When the resolution authority of the CCP, in cooperation with the resolution college, identifies material impediments to resolvability, or assents to an opinion on identified material impediments expressed by any resolution college members or observers on the resolution plan and the resolvability assessment, it shall submit a report to the resolution college members and observers in accordance with Article 16(1) of Regulation (EU) 2021/23. The resolution authority of the CCP shall thereby indicate the suspension of the joint decision process in accordance with Article 16(2) of that Regulation.
2. The resolution authority of the CCP shall recommence the joint decision process on the resolution plan, including the performance of the resolvability assessment, upon completion of the joint decision processes referred to in Article 17(3) and (4) of Regulation (EU) 2021/23 on measures to address or remove material impediments to resolvability either proposed by the CCP in accordance with Article 16(3) of that Regulation or on alternative measures from the resolution authority pursuant to Article 16(4) of that Regulation.
Planning of the steps of joint decision processes on identification of material impediments to resolvability and on measures to address or remove such impediments
1. Prior to the start of the joint decision processes on the identification of material impediments to resolvability, and measures to address or remove such impediments in accordance with Article 17(2), (3) and (4) of Regulation (EU) 2021/23, the resolution college members shall agree on a timetable of steps to be followed in that process (‘joint decision timetable for the identification of material impediments’).
In case of a failure to agree on the joint decision timetable for the identification of material impediments, the resolution authority of the CCP shall set that timetable after considering the views and any reservations expressed by the resolution college members.
2. The joint decision timetable for the identification of material impediments shall include the following steps:
(a)
preparation and circulation of the report on the material impediments identified in accordance with Article 16(1) of Regulation (EU) 2021/23 by the resolution authority of the CCP in consultation with the competent authority of the CCP;
(b)
submission of the report pursuant to Article 16(1) of Regulation (EU) 2021/23 from the resolution authority of the CCP to the CCP and the resolution college;
(c)
the date when the CCP submits to the resolution authority of the CCP its observations and alternative measures to remedy the material impediments, if any, in accordance with Article 16(3) of Regulation (EU) 2021/23;
(d)
dialogue between the resolution authority of the CCP and the resolution college members and observers on any relevant observations or alternative measures to remedy the material impediments proposed by the CCP pursuant to Article 16(3) of Regulation (EU) 2021/23;
(e)
development of the draft joint decisions on the identification of material impediments to resolvability and measures to address or remove such impediments pursuant to Article 17(1), points (a), (b) and (c), of Regulation (EU) 2021/23;
(f)
finalisation of the joint decisions on the identification of material impediments to resolvability and measures to address or remove such impediments pursuant to Article 17(1), points (a), (b) and (c), of Regulation (EU) 2021/23;
(g)
communication to the CCP of the joint decisions on the identification of material impediments to resolvability and measures to address or remove such impediments pursuant to Article 17(1), points (a), (b) and (c), of Regulation (EU) 2021/23.
3. The joint decision timetable for the identification of material impediments shall be reviewed and updated by the resolution authority of the CCP in order to reflect the extension of the joint decision process where the CCP submits observations and proposes any alternative measures to address or remove material impediments to resolvability in accordance with Article 16(3) of Regulation (EU) 2021/23.
4. When drafting the joint decision timetable for the identification of material impediments, the resolution authority of the CCP shall have regard to the terms and conditions for the participation of observers as set out in the resolution college written arrangements and procedures and in Article 4(4) of Regulation (EU) 2021/23.
5. The resolution authority of the CCP shall communicate to the CCP those aspects of the joint decision timetable for the identification of material impediments that envisage the involvement of the CCP.
Consultation and communication of report to CCP
1. The resolution authority of the CCP shall prepare a draft report on material impediments to resolvability in accordance with Article 16(1) of Regulation (EU) 2021/23 and shall transmit it to the competent authority of the CCP and to ESMA.
2. Comments and views received on the draft report shall be considered by the resolution authority of the CCP for the purposes of the finalisation of the report.
3. Upon finalisation, the report shall be provided to the CCP and to the resolution college.
4. The resolution authority of the CCP shall communicate to the resolution college the start of the four-month period pursuant to Article 16(3) of Regulation (EU) 2021/23 for the CCP to propose measures to address material impediments to resolvability.
Submission of observations of the CCP and consultation with the authorities
1. Where the CCP proposes to the resolution authority of the CCP, within 4 months of the date of receipt of the report in accordance with Article 16(3) of Regulation (EU) 2021/23, alternative measures to remedy the material impediments to resolvability, the resolution authority of the CCP shall forward those measures to the other resolution college members and observers without undue delay and, in any case, within 10 working days.
2. When circulating the alternative measures submitted by the CCP, the resolution authority of the CCP shall set a deadline for the submission of comments by the resolution college members.
3. Where resolution college members do not provide their comments by the deadline referred to in paragraph 2, the resolution authority of the CCP shall presume that those members do not have any comments on the alternative measures submitted by the CCP and shall proceed accordingly.
4. The resolution authority of the CCP shall circulate, without undue delay, any comments submitted by a resolution college member to all the other resolution college members and shall discuss with them the proposed measures submitted by the CCP to address material impediments to resolvability.
5. The resolution authority of the CCP and resolution college members shall duly discuss and consider the potential impact of the proposed measures on the CCP, on all the Member States where the CCP operates, and on the Union as a whole.
Drafting joint decisions on identification of material impediments to resolvability and measures to address or remove such impediments
1. The resolution authority of the CCP shall, taking into account the outcome of the dialogue referred to in Article 27(5) of this Regulation, prepare draft joint decisions on the identification of material impediments to resolvability and measures to address or remove such impediments.
2. Each draft joint decision shall set out all of the following items:
(a)
the name of the CCP to which the joint decision relates and applies;
(b)
the names of the resolution authority of the CCP and the resolution college members reaching the joint decision;
(c)
the names of the observers where those observers were involved in the joint decision process in accordance with the terms and conditions for the participation of observers as set out in the written arrangements and procedures of the resolution college;
(d)
a summary of views expressed by the authorities consulted in the joint decision process;
(e)
the references to the applicable Union and national law relating to the preparation, finalisation and application of the joint decision;
(f)
the date of the joint decision;
(g)
the identification of the material impediments to resolvability;
(h)
the assessment of the measures proposed by the CCP pursuant to Article 16(3) of Regulation (EU) 2021/23;
(i)
the measures identified pursuant to Article 16(4) of Regulation (EU) 2021/23, and listed in Article 16(7) of that Regulation agreed by the resolution authority of the CCP and the resolution college members and the time period within which the respective entities are to address those measures;
(j)
where the measures proposed by the CCP are not accepted or are partially accepted by the resolution authority of the CCP, an explanation of how the measures proposed by the CCP are assessed as not fit to remove the material impediments to resolvability and how the measures referred to in point (i) would effectively reduce or remove such impediments.
Reaching joint decisions on the identification of the material impediments to resolvability and on the measures to address or remove such impediments
1. The resolution authority of the CCP shall send draft joint decisions on the identification of the material impediments to resolvability and on the measures to address or remove such impediments described in Article 17(1), points (a), (b) and (c), of Regulation (EU) 2021/23 to the resolution college members and observers without undue delay, setting a deadline for the resolution college members with voting rights to provide their written agreement to those joint decisions, in accordance with Article 8(6) of this Regulation.
2. Upon receipt of the draft joint decisions, resolution college members with voting rights who do not disagree with them shall transmit their written agreement to the resolution authority of the CCP within the deadline referred to in paragraph 1.
3. Each final joint decision shall consist of the joint decision document drafted in accordance with Article 28 of this Regulation, the written agreements referred to in paragraph 2 of this Article and the agreement of the resolution authority of the CCP. It shall be provided to all resolution college members.
4. The resolution authority of the CCP shall communicate the joint decisions on the identification of the material impediments to resolvability and on measures to address or remove such impediments to the resolution college members.
Communication of the joint decisions on the identification of the material impediments to resolvability and on measures to address or remove such impediments to the CCP
1. The resolution authority of the CCP shall communicate the joint decisions on the identification of the material impediments to resolvability and on measures to address or remove such impediments to the management body of the CCP in a timely manner and, in any event, by the deadline set in the joint decision timetable for the identification of material impediments. The resolution authority of the CCP shall inform the resolution college members and observers of the communication.
2. Where some of the measures taken in accordance with Article 16(7) of Regulation (EU) 2021/23 are addressed to entities other than the CCP, the resolution authority of the CCP shall ensure that it, or the competent authorities of those entities, provide the management bodies of those entities under their jurisdiction with the respective parts of the joint decision on measures to address material impediments to resolvability, in a timely manner and, in any event, by the deadline set in the joint decision timetable for the identification of material impediments.
3. Where necessary, the resolution authority of the CCP may discuss with the CCP details of the content and the application of the joint decisions on the identification of the material impediments to resolvability and on measures to address or remove such impediments described in Article 17(1), points (a), (b) and (c), of Regulation (EU) 2021/23.
Monitoring the application of the joint decisions
1. The resolution authority of the CCP shall communicate the outcome of the discussion, if any, referred to in Article 30(3) of this Regulation to the resolution college.
2. The resolution authority of the CCP shall communicate the outcome of the discussion, if any, referred to in Article 30(2) of this Regulation to the resolution authority of any other CCP, central securities depositaries or credit institutions which is part of the same group or with which the CCP has an interoperability link.
3. The resolution authority of the CCP and, where relevant, resolution college members, shall monitor the application of the joint decisions on the identification of the material impediments to resolvability and on measures to address or remove such impediments that are relevant to each of the entities referred to in paragraph 2 for which they are respectively responsible, as the case may be.
Process in the absence of a joint decision on measures to address material impediments to resolvability
In the absence of a joint decision on measures to address material impediments to resolvability as referred to in Article 17(8) of Regulation (EU) 2021/23, the decision taken by the resolution authority of the CCP shall be communicated in writing without undue delay to the resolution college by means of a document containing all of the following:
(a)
the name of the resolution authority of the CCP taking the decision;
(b)
the name of the CCP and entities to which the decision relates and applies;
(c)
references to the applicable Union and national law relating to the preparation, finalisation and application of the decision;
(d)
the date of the decision;
(e)
the identification of the material impediments to resolvability;
(f)
the measures identified pursuant to Article 16(7) of Regulation (EU) 2021/23 decided by the resolution authority of the CCP and the deadline within which those measures are to be addressed;
(g)
where the measures proposed by the CCP are not accepted, or are partially accepted, by the resolution authority of the CCP, an explanation as to how the measures proposed by the CCP are assessed as not fit to remove the material impediments to resolvability and how the measures set out in point (f) of this paragraph would effectively reduce or remove the material impediments to resolvability;
(h)
the names of the resolution college members involved in the joint decision process on the identification of the material impediments to resolvability and on measures to address or remove such impediments, along with a summary of the views expressed by those members and information on the issues leading to disagreement;
(i)
comments of the resolution authority of the CCP on the views expressed by the resolution college members, in particular on issues leading to disagreement;
(j)
the possibility for any of the resolution college members with voting rights to refer those issues to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010.
Entry into force and application
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union .
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.
