What changed, Regulation (EU) No 648/2012

− (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;
− (iii) Australia;
− (iv) Canada;
− (v) Hong Kong;
− (vi) Mexico;
− (vii) Singapore;
− (viii) Switzerland.
− (8) ‘financial counterparty’ means:
− (a) an investment firm authorised in accordance with Directive 2014/65/EU of the European Parliament and of the Council (1);
− (b) a credit institution authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council (2);
− (c) an insurance undertaking or reinsurance undertaking authorised in accordance with Directive 2009/138/EC of the European Parliament and of the Council (3);
− (d) a UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC, unless that UCITS is set up exclusively for the purpose of serving one or more employee share purchase plans;
− (e) an institution for occupational retirement provision (IORP), as defined in point (1) of Article 6 of Directive (EU) 2016/2341 of the European Parliament and of the Council (4);
− (f) an alternative investment fund (AIF), as defined in point (a) of Article 4(1) of Directive 2011/61/EU, which is either established in the Union or managed by an alternative investment fund manager (AIFM) authorised or registered in accordance with that Directive, unless that AIF is set up exclus…
− (g) a central securities depository authorised in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council (5);
− (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;
− (24) ‘close links’ means a situation in which two or more natural or legal persons are linked by:
− (a) participation, by way of direct ownership or control, of 20 % or more of the voting rights or capital of an undertaking; or
− (b) control or a similar relationship between any natural or legal person and an undertaking or a subsidiary of a subsidiary also being considered a subsidiary of the parent undertaking which is at the head of those undertakings.
− A situation in which two or more natural or legal persons are permanently linked to one and the same person by a control relationship shall also be regarded as constituting a close link between such persons.
− (a) an OTC derivative contract entered into with another counterparty which is part of the same group, provided that the following conditions are met:
− (i) the financial counterparty is established in the Union or, if it is established in a third country, the Commission has adopted an implementing act under Article 13(2) in respect of that third country;
+ (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; (iii) Australia; (iv) Canada; (v) Hong Kong; (vi) Mexico; (vii) Singapore; (viii) Switzerland.
+ (8) ‘financial counterparty’ means: (a) an investment firm authorised in accordance with Directive 2014/65/EU of the European Parliament and of the Council (1); (b) a credit institution authorised in accordance with Directive 2013/36/EU of the European Parliament and of the Council (2); (c) an insur…
+ (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 Dir…
+ (24) ‘close links’ means a situation in which two or more natural or legal persons are linked by: (a) participation, by way of direct ownership or control, of 20 % or more of the voting rights or capital of an undertaking; or (b) control or a similar relationship between any natural or legal person …
+ (a) an OTC derivative contract entered into with another counterparty which is part of the same group, provided that the following conditions are met: (i) the financial counterparty is established in the Union or, if it is established in a third country, the Commission has adopted an implementing ac…
+ (a) they have been concluded in one of the following ways: (i) between two financial counterparties that meet the conditions set out in the second subparagraph of Article 4a(1); (ii) between a financial counterparty that meets the conditions set out in the second subparagraph of Article 4a(1) and a …
+ 1a. Financial counterparties shall be solely responsible, and legally liable, for reporting on behalf of both counterparties, the details of OTC derivative contracts concluded with a non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1),…
+ To ensure that the financial counterparty has all the data it needs to fulfil the reporting obligation, the non-financial counterparty shall provide the financial counterparty with the details of the OTC derivative contracts concluded between them, which the financial counterparty cannot be reasonab…
+ Notwithstanding the first subparagraph, non-financial counterparties who have already invested in a reporting system may decide to report the details of their OTC derivative contracts with financial counterparties to a trade repository. In that case, the non-financial counterparties shall inform the…
+ A non-financial counterparty that does not meet the conditions referred to in the second subparagraph of Article 10(1) and that concludes an OTC derivative contract with an entity established in a third country shall not be required to report pursuant to this Article and shall not be legally liable …
+ (a) that third-country entity would be qualified as a financial counterparty if it were established in the Union;
+ (b) the legal regime for reporting to which that third-country entity is subject has been declared equivalent pursuant to Article 13; and
+ (c) the third-country financial counterparty has reported such information pursuant to that third-country legal regime for reporting to a trade repository that is subject to a legally binding and enforceable obligation to grant the entities referred to in Article 81(3) direct and immediate access to…
+ 1b. The management company of a UCITS shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which that UCITS is a counterparty, as well as for ensuring the correctness of the details reported.
+ 1c. The AIFM shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which the relevant AIF is a counterparty, as well as for ensuring the correctness of the details reported.
+ 1d. The authorised entity that is responsible for managing and acting on behalf of an IORP that, in accordance with national law, does not have legal personality shall be responsible, and legally liable, for reporting the details of OTC derivative contracts to which that IORP is a counterparty, as w…
+ (a) the data standards and formats for the information to be reported, which shall include at least the following: (i) global legal entity identifiers (LEIs); (ii) international securities identification numbers (ISINs); (iii) unique trade identifiers (UTIs);
+ (d) The following central banks of issue: (i) where the CCP Supervisory Committee convenes in relation to third-country CCPs, in respect of the preparation of all decisions pertaining to Articles referred to in paragraph 10 of this Article in relation to Tier 2 CCPs and to Article 25(2a), the centra…
+ (c) promote the regular exchange and discussion among competent authorities designated in accordance with Article 22(1) of this Regulation in relation to: (i) relevant supervisory activities and decisions that have been adopted by the competent authorities referred to in Article 22 when carrying out…
+ (a) the nature, size and complexity of the CCP's business in the Union, and outside the Union to the extent its business may have a systemic impact on the Union or on one or more of its Member States, including: (i) the value in aggregate terms and in each Union currency of transactions cleared by t…
+ (b) the effect that the failure of or a disruption to the CCP would have on: (i) financial markets, including the liquidity of the markets served; (ii) financial institutions; (iii) the broader financial system; or (iv) the financial stability of the Union or of one or more of its Member States;
+ (b) the central banks of issue referred to in point (f) of paragraph 3 have provided ESMA with written confirmation, within 30 working days of the determination that a third-country CCP is not a Tier 1 CCP in accordance with paragraph 2a or following the review in accordance with paragraph 5, that t…
+ (c) the CCP has provided ESMA with: (i) a written statement, signed by its legal representative, expressing the unconditional consent of the CCP to: — provide within three working days after service of a request by ESMA any documents, records, information and data held by that CCP at the time the re…
+ (c) provide a quantitative technical assessment of the costs and benefits and consequences of a decision not to recognise the CCP to provide certain clearing services or activities, taking into account: (i) the existence of potential alternative substitutes for the provision of the clearing services…
+ (d) the manner in which fees are to be paid by the following: (i) a CCP which applies for recognition; (ii) a recognised CCP classified as a Tier 1 CCP in accordance with Article 25(2); (iii) a recognised CCP classified as a Tier 2 CCP in accordance with Article 25(2b).
+ (c) a Tier 2 CCP: (i) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched by a decision pursuant to Article 25g; or (ii) to submit to an on-sit…
+ (a) a CCP shall calculate the value of the exposures it has to its clearing members as follows: (i) for exposures arising from contracts and transactions listed in Article 301(1)(a) and (d) of Regulation (EU) No 575/2013 it shall calculate them in accordance with the mark-to-market method laid down …
+ (h) when applying the Mark-to-Market Method as set out in Article 274 of Regulation (EU) No 575/2013, a CCP shall replace the formula in point (c)(ii) of Article 298(1) of that Regulation with the following: where the numerator of NGR is calculated in accordance with Article 274(1) of that Regulatio…
+ (i) where a CCP cannot calculate the value of NGR as set out in point (c)(ii) of Article 298(1) of Regulation (EU) No 575/2013, it shall: (i) notify those of its clearing members which are institutions and their competent authorities about its inability to calculate NGR and the reasons why it is una…
+ (j) where, at the end of the period specified in point (ii) of point (i), the CCP would still be unable to calculate the value of NGR, it shall do the following: (i) stop calculating KCCP; (ii) notify those of its clearing members which are institutions and their competent authorities that it has st…