Negotiators from the European Parliament, the Council of the EU and the European Commission (see EUROPE 12414/22) met for the second time on Tuesday 11 February to make progress on the proposal for a regulation establishing a single resolution and recovery framework for authorised Central Counterparties (CCPs) in the EU.
"We expect 'trilogues' to take some time due to the high degree of technicality", German MEP Sven Giegold, negotiator for the Greens/EFA group, told Europe on Friday 14 February.
According to a European source, this second 'trilogue' mainly enabled the institutions to exchange views on their respective positions (see EUROPE 12414/22). The discussion is said to have focused on issues relating to recovery and resolution instruments, in particular the issue of cash calls, but would not have addressed, at this stage, the issue of governance, which is likely to be a thorny one.
The major change proposed by the EU Council compared to the Commission proposal concerns the composition of the resolution colleges and resolution authorities foreseen for each CCP in order to undertake the necessary preparatory and resolution actions (see EUROPE 12383/28).
While the initial proposal limits participation in the colleges to members of the relevant CCP, the EU Council would like to see representatives of all interested parties able to participate, in order to accommodate countries such as Luxembourg or Malta that do not have a CCP.
The main differences between the positions of the EU Council and the European Parliament do indeed concern governance, confirmed Mr Giegold, but also the capital buffers of the CCPs and the calculation of liquidity calls.
"On my initiative, the Parliament's negotiating team has requested the Commission to provide us with more quantitative evidence with regard to different policy choices. This will help co-legislators to find balanced solutions", he said.
The next 'trilogue' is expected to take place on 17 March. (Original version in French by Marion Fontana)