The economic and monetary affairs committee of the European Parliament (ECON) has confirmed Kay Swinburne MEP as co-rapporteur for CCP (central counterparty) recovery and resolution.
Swinburne, on behalf of the European Conservatives and Reformists (ECR) group, will lead the Parliament negotiation team on the CCP recovery issue.
Following a G20 agreement in 2010 to centrally clear derivative products, CCPs have taken on a more systemically important role, which has heightened scrutiny on how CCPs would react to adverse conditions.
Swinburne had previously acted as rapporteur on numerous reports for the ECON committee including the regulation of trading in financial instruments, a report on the proposal for regulation for securities settlement in the EU as well as a report on the recovery and resolution framework for non-bank institutions.
She also served as shadow rapporteur for the MiFID II report.
“I am glad that my colleagues in the Parliament have confidence in my technical knowledge of the subject and are willing to put financial stability ahead of the politics on this important subject,” said Swinburne.
“If a CCP gets into trouble, the financial turmoil will be global and not confined to one political region like the EU. I have been pleased with the progress made at an international level by the FSB and CPMI-IOSCO and intend to ensure that the EU legislation stays in line with it as closely as possible.”