CEBS has published its guidelines on operational risk mitigation techniques. The paper looks at the general conditions for the recognition of operational risk mitigation instruments, both insurance contracts and Other Risk Transfer Mechanisms (ORTM). It then analyses the specific conditions for the use of insurance (eligibility of protection providers, characteristics of the products, and haircuts for uncertainty of coverage) and for the use of ORTM. Separately, CEBS is consulting on guidelines for managing operational risk in market-related activities. The paper looks at governance mechanisms, internal controls and internal reporting systems. CEBS will hold a public hearing on 9 March and wants comments by 31 March.