Question to the HM Treasury:

To ask Her Majesty’s Government what assessment they have made of the proposed EU-wide recovery and resolution frameworks for failed central counterparties, and whether in their assessment there are any outstanding issues.

The government welcomes the European Commission’s commitment to publish a legislative proposal on a recovery and resolution framework for central counterparties (CCPs) and will assess the proposals once published. Given the global nature of CCPs, the recovery and resolution framework will need to take into account ongoing work by the Financial Stability Board, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).