ESMA has published a speech by Steven Maijoor, ESMA Chair, on the recovery and resolution of CCPs. In his speech, Mr Maijoor notes that EMIR does not require CCPs to develop recovery plans, but makes the point that this is the expectation of ESMA's September 2014 guidelines and recommendations on the implementation of the principles for financial market infrastructures (PFMI). He also refers to the European Commission's legislative proposal for an EU framework for the recovery and resolution of CCPs, which is expected by the end of 2016. Mr Maijoor calls for RTS to be used to define the tools that CCPs and resolution authorities should consider and, eventually, establish a sequence of the use of those tools.