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A fresh look at the three Rs: the EU’s CCP Recovery and Resolution Regulation
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The EU Regulation on Recovery and Resolution of CCPs came into law in February 2021. It sets a clear path for CCPs in near-terminal difficulties, broadly following previous international guidelines. New tools have been created to enable CCPs to recover, and a familiar toolkit has been made available to resolution authorities. Yet problems remain: the purpose of resolution is still unclear, the tools for resolution all have drawbacks, and the checks and balances on the process are weak. Nonetheless, this article concludes that the Regulation is a valuable model law for other jurisdictions, while important unanswered policy questions concerning CCPs should remain on the agenda for debate.
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