EMIR recognizes that CCPs, competent authorities and ESMA should adopt measures to prevent and control possible procyclical effects arising from the risk-management practices adopted by CCPs. To this end, Article 41 of EMIR and Article 28 of the RTS set out requirements for CCPs to monitor the procyclicality arising from margin revisions and margin parameters and adopt at least one of three anti-procyclicality margin measures.
In August 2015, ESMA published a report on its Review of EMIR on the efficiency of margining requirements to limit procyclicality. The guidelines seek to address the findings in the report and to promote a consistent implementation of the relevant EMIR and RTS provisions. This Final Report follows from the Consultation Paper on the draft guidelines issued in January 2018. A total of twelve responses were received and considered by ESMA to finalize the guidelines.