What changed, Regulation (EU) No 648/2012

− (18) ‘financial holding company’ means a financial institution, the subsidiary undertakings of which are either exclusively or mainly credit institutions or financial institutions, at least one of such subsidiary undertakings being a credit institution, and which is not a mixed financial holding com…
− (20) ‘qualifying holding’ means any direct or indirect holding in a CCP or trade repository which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmoni…
− (25) ‘capital’ means subscribed capital within the meaning of Article 22 of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (27) in so far it has been paid up, plus the related share premium accounts, it fully…
− (26) ‘reserves’ means reserves as set out in Article 9 of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies (28) and profits and losses brought forward as a result of the application of the final profit or…
− 1. A CCP that has been authorised to clear OTC derivative contracts shall accept clearing such contracts on a non-discriminatory and transparent basis, regardless of the trading venue.
− (d) the CCP is established or authorised in a third country that is not considered, by the Commission in accordance with Directive (EU) 2015/849 of the European Parliament and of the Council (29), as having strategic deficiencies in its national anti-money laundering and counter financing of terrori…
− (b) a natural or legal person not subject to supervision under this Regulation or Directive 73/239/EEC, Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (30) or Directives 2002/83…
− 8. A CCP shall have a right of use relating to the margins or default fund contributions collected via a security financial collateral arrangement, within the meaning of Article 2(1)(c) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arran…
− 1. For the purposes of Article 308 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (32), a CCP shall calculate KCCP as specified in paragraph 2 of this Article for all contracts and t…
− (g) the relevant members of the ESCB, including the ECB in carrying out its tasks within a single supervisory mechanism under Council Regulation (EU) No 1024/2013 (33);
− (i) supervisory authorities designated under Article 4 of Directive 2004/25/EC of the European Parliament and of the Council (34);
− (l) the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No 713/2009 of the European Parliament and of the Council (35);
− (m) the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the Council (36);
− 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (37). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
− 1. ►M5 Until 16 August 2017, the clearing obligation set out in Article 4 shall not apply to OTC derivative contracts that are objectively measurable as reducing investment risks directly relating to the financial solvency of pension scheme arrangements as defined in Article 2(10). The transitional …
− (1) OJ C 57, 23.2.2011, p. 1.
− (2) OJ C 54, 19.2.2011, p. 44.
− (3) Position of the European Parliament of 29 March 2012 (not yet published in the Official Journal) and decision of the Council of 4 July 2012.
− (4) OJ L 331, 15.12.2010, p. 12.
− (5) OJ L 331, 15.12.2010, p. 48.
− (6) OJ L 331, 15.12.2010, p. 84.
− (7) OJ L 145, 30.4.2004, p. 1.
− (8) OJ L 177, 30.6.2006, p. 1.
− (9) OJ L 228, 16.8.1973, p. 3.
− (10) OJ L 345, 19.12.2002, p. 1.
− (11) OJ L 323, 9.12.2005, p. 1.
− (12) OJ L 302, 17.11.2009, p. 32.
− (13) OJ L 235, 23.9.2003, p. 10.
− (14) OJ L 174, 1.7.2011, p. 1.
− (15) OJ L 110, 20.4.2001, p. 28.
+ (18) ‘financial holding company’ means a financial institution, the subsidiary undertakings of which are either exclusively or mainly credit institutions or financial institutions, at least one of such subsidiary undertakings being a credit institution, and which is not a mixed financial holding com…
+ (20) ‘qualifying holding’ means any direct or indirect holding in a CCP or trade repository which represents at least 10 % of the capital or of the voting rights, as set out in Articles 9 and 10 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmoni…
+ (25) ‘capital’ means subscribed capital within the meaning of Article 22 of Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions (3) in so far it has been paid up, plus the related share premium accounts, it fully …
+ (26) ‘reserves’ means reserves as set out in Article 9 of Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies (4) and profits and losses brought forward as a result of the application of the final profit or …
+ In the developing of the draft regulatory technical standards under this paragraph ESMA shall not prejudice the transitional provision relating to C6 energy derivative contracts as laid down in Article 95 of Directive 2014/65/EU (5).
+ 1. A CCP that has been authorised to clear OTC derivative contracts shall accept clearing such contracts on a non-discriminatory and transparent basis, including as regards collateral requirements and fees related to access, regardless of the trading venue. This in particular shall ensure that a tra…
+ (a) collateral requirements and netting of economically equivalent contracts, where the inclusion of such contracts in the close-out and other netting procedures of a CCP based on the applicable insolvency law would not endanger the smooth and orderly functioning, the validity or enforceability of s…
+ (b) cross-margining with correlated contracts cleared by the same CCP under a risk model that complies with Article 41.
+ 6. The conditions laid down in paragraph 1 regarding non-discriminatory treatment in terms of how contracts traded on that trading venue are treated in terms of collateral requirements and netting of economically equivalent contracts and cross-margining with correlated contracts cleared by the same …
+ (d) the CCP is established or authorised in a third country that is not considered, by the Commission in accordance with Directive (EU) 2015/849 of the European Parliament and of the Council (7), as having strategic deficiencies in its national anti-money laundering and counter financing of terroris…
+ (b) a natural or legal person not subject to supervision under this Regulation or Directive 73/239/EEC, Council Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance (8) or Directives 2002/83/…
+ 8. A CCP shall have a right of use relating to the margins or default fund contributions collected via a security financial collateral arrangement, within the meaning of Article 2(1)(c) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arran…
+ 1. For the purposes of Article 308 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (10), a CCP shall calculate KCCP as specified in paragraph 2 of this Article for all contracts and t…
+ .
+ (g) the relevant members of the ESCB, including the ECB in carrying out its tasks within a single supervisory mechanism under Council Regulation (EU) No 1024/2013 (11);
+ (i) supervisory authorities designated under Article 4 of Directive 2004/25/EC of the European Parliament and of the Council (12);
+ (l) the Agency for the Cooperation of Energy Regulators established by Regulation (EC) No 713/2009 of the European Parliament and of the Council (13);
+ (m) the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the Council (14);
+ A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 26 of Regulation (EU) No 600/2014 (15).
+ 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (16). That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
+ 1. ►M6 Until 16 August 2017, the clearing obligation set out in Article 4 shall not apply to OTC derivative contracts that are objectively measurable as reducing investment risks directly relating to the financial solvency of pension scheme arrangements as defined in Article 2(10). The transitional …
+ (1) OJ L 35, 11.2.2003, p. 1.
+ (2) OJ L 390, 31.12.2004, p. 38.
+ (3) OJ L 372, 31.12.1986, p. 1.
+ (4) OJ L 222, 14.8.1978, p. 11.
+ (5) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
+ (6) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).
+ (7) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing …
+ (8) OJ L 228, 11.8.1992, p. 1.
+ (9) OJ L 168, 27.6.2002, p. 43.