Page 49 - 期货和衍生品行业监管动态（2023年7月刊）

期货和衍生品行业监管动态

修订后的监管技术标准旨在协调选择和审查反顺周期性保证金措施的政策

和程序，并为特定反顺周期性工具的设计和使用提供更多细节，同时确保中央

对手方拥有足够的灵活性以适应特定的市场情况。

下一步

最终报告将在 3 个月内以修订授权条例的形式提交欧盟委员会（EC）批

准。若欧盟委员会通过，监管技术标准还要经过欧洲议会和欧洲理事会的无异

议程序。

ESMA Proposes Revised Technical Standards on Anti-procyclicality Margin

Measures（2023/7/19）

The European Securities and Markets Authority (ESMA) the EU’s financial

markets regulator and supervisor, published today a Final Report reviewing the RTS to

further harmonise CCP policies and procedures for selecting, assessing and reviewing

anti-procyclicality (APC) margin measures.

ESMA’s proposals include targeted changes to the existing RTS in order to better

mitigate the potential procyclical effects of big steps margin changes on clearing
members and clients, as well as limit the spread of liquidity stress to other parts of the

financial system.

The revised RTS aim to harmonise the policies and procedures for selecting and

reviewing the anti-procyclicality margin measures and to provide more granularity on

design and use of specific APC tools, while ensuring sufficient flexibility for the CCPs

to adapt to given market situations.

Next steps

The Final Report is submitted to the European Commission for endorsement

within three months in the form of an amending Delegated Regulation. Following their

adoption, the RTS would then be subject to the non-objection of the European

Parliament and of the Council.

https://www.esma.europa.eu/press-news/esma-news/esma-proposes-revised-technical-

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