Consob and Bank of Italy has announced that they comply the “Guidelines on scenarios for CCP recovery plans (Article No. 9 (12) of the CCPRR)” and the “Guidelines on indicators for CCP recovery plans (Article No. 9 (5) of the CCPRR)” issued by the European Securities and Markets Authority (ESMA), incorporating them into their respective supervisory practices.
The Guidelines, published on ESMA’s website in all official EU languages on March 24, aim to specify respectively the range of scenarios and the minimum list of qualitative and quantitative indicators to be taken into account by CCPs when drafting and keeping recovery plans up-to-date, and by competent authorities when assessing those same plans.
ECB has published new Guide on qualifying holding procedures.
The guide aims to clarify supervisory practices for the assessment of applications for acquisitions and increases in qualifying holdings in banks, making them more predictable. In addition, the guide is intended to support applicants in acquisitions of qualifying holdings in a bank, typically triggered by merger and acquisition projects.
In particular, the guidance clarifies the supervisory approach adopted by the National Supervisory Authorities and ECB in the assessment of qualifying holdings procedures, specifying:
  • the manner in which the assessment criteria are applied,
  • the entities falling within the scope of the assessment,
  • further guidance on certain key documents required for valuation purposes.
In addition, the guide provides guidance on complex acquisition structures, the principle of proportionality and specific procedural aspects.
The guide complements, as complementary, the Guidance on the Supervisory Approach to Consolidation in the Banking Sector.
ESMA has launched a consultation on draft regulatory technical standards (RTS) under the revised ELTIF Regulation.

The RTS will specify the way the new requirements of the revised ELTIF regulation, in particular on the redemption policy and matching mechanism, will apply.
In the consultation paper ESMA is seeking stakeholders’ views on:
  • the circumstances in which the life of a European long-term investment fund (“ELTIF”) is considered compatible with the life-cycles of each of the individual assets, as well as different features of the redemption policy of the ELTIF;
  • the circumstances for the use of the matching mechanism, i.e. the possibility of full or partial matching (before the end of the life of the ELTIF) of transfer requests of units or shares of the ELTIF by exiting ELTIF investors with transfer requests by potential investors;
  • the costs disclosure.
The consultation will end on 24 August 2023.