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Recital 39

Regulation (EU) 2024/2987 of the European Parliament and of the Council of 27 November 2024 amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (Text with EEA relevance) · European Union

(39) The 2020 market turmoil as a result of the COVID-19 pandemic and the 2022 high prices on energy wholesale markets following Russia’s unprovoked and unjustified war of aggression against Ukraine showed that, while it is essential for competent authorities to cooperate and exchange information to address ensuing risks when events with a cross-border impact emerge, ESMA still lacks the necessary tools to ensure such coordination and a convergent approach at Union level. ESMA should therefore be empowered to act in an emergency situation at one or more CCPs that has or is likely to have destabilising effects on cross-border markets. In such emergency situations, ESMA should be entrusted with a coordination role between competent authorities, colleges and resolution authorities in order to build a coordinated response. ESMA should be able to convene meetings of the CCP Supervisory Committee, either on its own initiative or upon request, potentially with an enlarged composition, to coordinate effectively competent authorities’ responses in emergency situations. ESMA should also be able to request information from relevant competent authorities where necessary for ESMA to perform its coordination function in those situations and for ESMA to be able to issue recommendations to the competent authority, and ESMA should be able to request such information directly from the CCP or market participants where the competent authority does not provide answers within the appropriate timeframe. The role of ESMA in emergency situations should be without prejudice to the final responsibility of the CCP’s competent authority to take supervisory decisions in respect of the CCP it supervises, including emergency measures. It is also essential that college members are able to forward the information they receive in an emergency situation to the public bodies, including ministries, responsible for the financial stability of their markets.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.