What changed, Regulation (EU) No 648/2012

− ### art_1
− Article 1
− | (a) | the members of the ESCB and other Member States’ bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt; |
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− | (b) | the Bank for International Settlements. |
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− | (a) | multilateral development banks, as listed under Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC; |
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− | (b) | public sector entities within the meaning of point (18) of Article 4 of Directive 2006/48/EC where they are owned by central governments and have explicit guarantee arrangements provided by central governments; |
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− | (c) | the European Financial Stability Facility and the European Stability Mechanism. |
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− ### art_2
− Article 2
− | (1) | ‘CCP’ means a legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer; |
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− | (2) | ‘trade repository’ means a legal person that centrally collects and maintains the records of derivatives; |
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− | (3) | ‘clearing’ means the process of establishing positions, including the calculation of net obligations, and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions; |
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− | (4) | ‘trading venue’ means a system operated by an investment firm or a market operator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive 2004/39/EC other than a systematic internaliser within the meaning of Article 4(1)(7) thereof, which brings together buying or selling interests …
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− | (5) | ‘derivative’ or ‘derivative contract’ means a financial instrument as set out in points (4) to (10) of Section C of Annex I to Directive 2004/39/EC as implemented by Article 38 and 39 of Regulation (EC) No 1287/2006; |
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− | (6) | ‘class of derivatives’ means a subset of derivatives sharing common and essential characteristics including at least the relationship with the underlying asset, the type of underlying asset, and currency of notional amount. Derivatives belonging to the same class may have different maturitie…
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− | (7) | ‘OTC derivative’ or ‘OTC derivative contract’ means a derivative contract the execution of which does not take place on a regulated market as within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered as equivalent to a regulated market in accordan…
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− | (8) | ‘financial counterparty’ means an investment firm authorised in accordance with Directive 2004/39/EC, a credit institution authorised in accordance with Directive 2006/48/EC, an insurance undertaking authorised in accordance with Directive 73/239/EEC, an assurance undertaking authorised in a…
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+ ## TITLE I / **SUBJECT MATTER, SCOPE AND DEFINITIONS**
+ ### Article 1 — Subject matter and scope
+ (a) the members of the ESCB and other Member States’ bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt;
+ (b) the Bank for International Settlements;
+ (c) the central banks and public bodies charged with or intervening in the management of the public debt in the following countries:
+ (i) Japan;
+ (ii) United States of America.
+ (a) multilateral development banks, as listed under Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC;
+ (b) public sector entities within the meaning of point (18) of Article 4 of Directive 2006/48/EC where they are owned by central governments and have explicit guarantee arrangements provided by central governments;
+ (c) the European Financial Stability Facility and the European Stability Mechanism.
+ ### Article 2 — Definitions
+ (1) ‘CCP’ means a legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer;
+ (2) ‘trade repository’ means a legal person that centrally collects and maintains the records of derivatives;
+ (3) ‘clearing’ means the process of establishing positions, including the calculation of net obligations, and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions;
+ (4) ‘trading venue’ means a system operated by an investment firm or a market operator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive 2004/39/EC other than a systematic internaliser within the meaning of Article 4(1)(7) thereof, which brings together buying or selling interests in f…
+ (5) ‘derivative’ or ‘derivative contract’ means a financial instrument as set out in points (4) to (10) of Section C of Annex I to Directive 2004/39/EC as implemented by Article 38 and 39 of Regulation (EC) No 1287/2006;
+ (6) ‘class of derivatives’ means a subset of derivatives sharing common and essential characteristics including at least the relationship with the underlying asset, the type of underlying asset, and currency of notional amount. Derivatives belonging to the same class may have different maturities;
+ (7) ‘OTC derivative’ or ‘OTC derivative contract’ means a derivative contract the execution of which does not take place on a regulated market as within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered as equivalent to a regulated market in accordance w…
+ (8) ‘financial counterparty’ means an investment firm authorised in accordance with Directive 2004/39/EC, a credit institution authorised in accordance with Directive 2006/48/EC, an insurance undertaking authorised in accordance with Directive 73/239/EEC, an assurance undertaking authorised in accor…
+ (9) ‘non-financial counterparty’ means an undertaking established in the Union other than the entities referred to in points (1) and (8);
+ (10) ‘pension scheme arrangement’ means:
+ (a) institutions for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC, including any authorised entity responsible for managing such an institution and acting on its behalf as referred to in Article 2(1) of that Directive as well as any legal entity set up…
+ (b) occupational retirement provision businesses of institutions referred to in Article 3 of Directive 2003/41/EC;
+ (c) occupational retirement provision businesses of life insurance undertakings covered by Directive 2002/83/EC, provided that all assets and liabilities corresponding to the business are ring-fenced, managed and organised separately from the other activities of the insurance undertaking, without an…
+ (d) any other authorised and supervised entities, or arrangements, operating on a national basis, provided that:
+ (i) they are recognised under national law; and
+ (ii) their primary purpose is to provide retirement benefits;
+ (11) ‘counterparty credit risk’ means the risk that the counterparty to a transaction defaults before the final settlement of the transaction’s cash flows;
+ (12) ‘interoperability arrangement’ means an arrangement between two or more CCPs that involves a cross-system execution of transactions;
+ (13) ‘competent authority’ means the competent authority referred to in the legislation referred to in point (8) of this Article, the competent authority referred to in Article 10(5) or the authority designated by each Member State in accordance with Article 22;