Recital 2

(2)The Commission proposal of 7 December 2022 ⁴ proposes to amend Article 46(1) of Regulation (EU) No 648/2012 to make it possible that bank guarantees and public guarantees are to be considered eligible as highly liquid collateral, subject to certain safeguards. Pursuant to that amendment, CCPs, including CCPs that clear energy derivatives, would be able to allow their clearing members and their clearing members’ clients to use a broader range of collateral to meet margin calls from CCPs. That would avoid unnecessary liquidity stresses on those clearing members and clients. It is necessary to avoid a potential discontinuity in the treatment of guarantees before the outcome of the negotiations on the amendments to Regulation (EU) No 648/2012, and in particular the amendment to Article 46(1) of that Regulation, which concerns the treatment of guarantees, becomes known. The temporary measures enabling the use of such guarantees should therefore be extended for 6 months.