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2 0 1 2 a n n u a l r e p o r t
3.1.2. The integration of the
international supervisory benchmarks
in the EU: the road ahead
a. Regulating the clearing activities
Besides capital requirements, the EBA and
ESMA consulted each other on technical
standards on central clearing. Although man-
datory central clearing is one of the main inno-
vations introduced by the EMIR, a substantial
part of the OTC derivatives will not be subject
to clearing obligations. In order to avoid any
regulatory arbitrage and to incentivise central
clearing, one of the main G20 commitments
requires the implementation of regulations on
additional margin requirements for uncleared
derivative transactions. To guarantee a full
and consistent implementation and conscious
of its potential economic impact, the EBA has
been closely monitoring the development of
the international proposal of the Basel Com-
mittee on Banking Supervision (BCBS) and the
International Organisation of Securities Com-
missions. The EBA and the other ESAs already
joined their efforts, publishing a discussion
­paper in March 2012 outlining their preliminary
views on this topic. As a sign of high interest,
the discussion paper received more than 70
responses from banks, corporates, insurance
companies and supervisors. The ESAs plan
to finalise the technical standards on margin
requirements for uncleared OTC derivatives
as soon as the international principles will be
available. Those technical standards remain
one of the main EBA priorities for 2013.
In December 2012, the EBA delivered an opin-
ion stressing the importance of consistency
between a European framework for resolution
and recovery and the initiatives under way in
the Committee on Payment and Settlement
Systems (CPSS) and the Technical Committee
of the International Organisation of Securities
Commissions (IOSCO) and the Financial Sta-
bility Board (FSB) about globally aligned crisis
management approaches with respect to the
financial market infrastructures and financial
institutions. In a broader sense, the overall
aim is to harmonise the regimes for recovery
and resolution across the European Union, to
avoid regulatory arbitrage and thus potential
customer or taxpayer detriment.
b. The FSB key attributes in Europe: recom-
mendation on recovery plans
As part of the EBA’s general task to ‘contribute
to and participate actively in the development
and coordination of effective and consistent
recovery and resolution plans, procedures in
emergency situations and preventive meas-
ures to minimise the systemic impact of any
failure’ (pursuant to Article 25 of Regulation
(EU) No 1093/2010), already in May 2012, be-
fore the official publication of the recovery
and resolution directive (RRD) proposal by the
Commission, the Authority issued a discussion
paper (DP) presenting its preliminary views on
the structure and key elements of the recov-
ery plans, and a European common template
for drafting recovery plans along the same
standards. The objective of this DP was to en-
courage discussion and gather stakeholders’
opinions regarding the proposed template.
Drawing on the positive feedback received
on this DP, and considering that at least 15
banks within the Union had already started
drafting recovery plans following the initiative
of the FSB and other national initiatives were
under way, in the second half of 2012 the Au-
thority decided to issue a recommendation to
ensure consistency across the Union on the
development of recovery plans, convergence
on the highest standards, and adequate dis-
cussion on these plans within supervisory
colleges. This recommendation is expected to
be published at the beginning of 2013 and it
will require 39 major EU cross-border banks
to develop, by the end of 2013, group recovery
plans and have the plans discussed within the
supervisory colleges, closely monitored by the
EBA. These plans should be drafted in accord-
ance with the international standards, agreed
under the auspices of the FSB, and consist-
ently with the template prepared by the EBA,
following the DP.