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The impending EU CCP recovery and resolution regime and its impact on EU and non-EU firms

24 September 2020

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On 24 September, representatives from Allen & Overy's Global Financial Services Regulatory and Bankruptcy practice in London and New York provided an overview of the EU legislative framework for the recovery and resolution of CCPs operating in the EU, which has now been finalized. The aim of the framework is to reduce the risk of a CCP failing and to establish procedures for the resolution of a CCP that has failed in order to limit impact on the financial system and on public funds. The regime and the changes it will require to EU CCP practices will be relevant to all direct and indirect participants in EU CCPs. The New York team moderated and highlighted the impact of the EU CCP Recovery and Resolution Regime on US clearing members and contrasted the EU framework with the US position for CCP bankruptcy and resolution under the CFTC’s proposed Part 190 bankruptcy regulations and other recovery and resolution initiatives for CCPs.

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