What changed, Regulation (EU) No 648/2012

− ## TITLE I / **SUBJECT MATTER, SCOPE AND DEFINITIONS**
− ## TITLE II / **CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES**
− **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 s…
− In developing those draft implementing technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and their consistency with the reporting requirements laid down in Article 4 of Regulation (EU) 2015/2365 (13) and Article 26 of Reg…
− ## *CHAPTER 1* / ***Conditions and procedures for the authorisation of a CCP***
− **2.** The college shall consist of:▼M14(a) the Chair or any of the independent members of the CCP Supervisory Committee referred to in points (a) and (b) of Article 24a(2);▼B(b) the CCP’s competent authority;▼M14(c) the competent authorities responsible for the supervision of the clearing members o…
− ## *CHAPTER 2* / ***Supervision and oversight of CCPs***
− ## *CHAPTER 3* / ***Cooperation***
− ## *CHAPTER 3A* / ***CCP Supervisory Committee***
− **7.** In relation to CCPs authorised or applying for authorisation in accordance with Article 14 of this Regulation, the CCP Supervisory Committee shall, for the purpose of Article 23a(1) of this Regulation, prepare decisions and carry out the tasks entrusted to ESMA in Article 23a(3) of this Regul…
− ## *CHAPTER 4* / ***Relations with third countries***
− **2.** ESMA, after consulting the authorities referred to in paragraph 3, may recognise a CCP established in a third country that has applied for recognition to provide certain clearing services or activities where:(a) the Commission has adopted an implementing act in accordance with paragraph 6;(b)…
− ## *CHAPTER 1* / ***Organisational requirements***
− **3.** The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as a significant change in its risk model, the default procedures, the criteria for accepting clearing members, the clearing of new classes of instruments, or the outsourcing of …
− **5.** A CCP shall promptly inform the competent authority of any decision in which the board decides not to follow the advice of the risk committee.
− **4.** The competent authority may extend the interruption referred to in the second subparagraph of paragraph 3 up to 30 working days where the proposed acquirer or vendor is either:(a) situated or regulated outside the Union;(b) a natural or legal person not subject to supervision under this Regul…
− ## *CHAPTER 2* / ***Conduct of business rules***
− **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 a…
− ## *CHAPTER 3* / ***Prudential requirements***
− ## CHAPTER 4 / Calculations and reporting for the purposes of Regulation (EU) No 575/2013
− **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 (18), a CCP shall calculate KCCP as specified in paragraph 2 of this Article for all contracts a…
− ## TITLE V / **INTEROPERABILITY ARRANGEMENTS**
− ## *CHAPTER 1* / ***Conditions and procedures for registration of a trade repository***
− ## *CHAPTER 2* / ***Relations with third countries***
− ## TITLE VII / **REQUIREMENTS FOR TRADE REPOSITORIES**
− **3.** A trade repository shall make the necessary information available to the following entities to enable them to fulfil their respective responsibilities and mandates:(a) ESMA;(b) EBA;(c) EIOPA;(d) the ESRB;(e) the competent authority supervising CCPs accessing the trade repositories;(f) the com…
− A trade repository shall transmit data to competent authorities in accordance with the requirements under Article 26 of Regulation (EU) No 600/2014 (23).
− ## TITLE VIII / **COMMON PROVISIONS**
− ## TITLE IX / **TRANSITIONAL AND FINAL PROVISIONS**
− **1a.** By 17 June 2023 ESMA shall submit a report to the Commission on the following:(a) the impact of Regulation (EU) 2019/834 of the European Parliament and of the Council (24) on the level of clearing by financial and non-financial counterparties and on the distribution of clearing within each t…
+ ### Article 6b — Suspension of clearing obligation in the case of resolution
+ **1.** Where a CCP meets the conditions under Article 22 of Regulation (EU) 2021/23 of the European Parliament and of the Council (12), the resolution authority of the CCP designated under Article 3(1) of that Regulation or the competent authority designated in accordance with Article 22(1) of this …
+ The request referred to in the first subparagraph shall be accompanied by evidence that the conditions laid down in points (a) and (b) of that subparagraph are met.
+ The authority referred to in the first subparagraph shall notify its reasoned request to ESMA and the ESRB at the same time that the request is submitted to the Commission.
+ **2.** ESMA shall, within 24 hours of notification of the request from the authority referred to in the first subparagraph of paragraph 1 of this Article, and, to the extent possible, after consulting the ESRB, issue an opinion on the intended suspension taking into account the necessity to avoid or…
+ **3.** Where the suspension of the clearing obligation is considered by ESMA to be a material change in the criteria for the trading obligation to take effect referred to in Article 32(5) of Regulation (EU) No 600/2014, ESMA may request the Commission to suspend the trading obligation laid down in A…
+ ESMA shall submit its reasoned request to the authority referred to in the first subparagraph of paragraph 1 and the ESRB at the same time the request is submitted to the Commission.
+ **4.** The requests referred to in paragraphs 1 and 3 and the opinion referred to in paragraph 2 shall not be made public.
+ **5.** The Commission shall, without undue delay after receipt of the request referred to in paragraph 1, on the basis of the reasons and evidence provided by the authority referred to in paragraph 1, either suspend the clearing obligation for the specific classes of OTC derivatives by way of an imp…
+ In adopting the implementing act referred to in the first subparagraph, the Commission shall take into account the opinion issued by ESMA referred to in paragraph 2 of this Article, the resolution objectives referred to in Article 21 of Regulation (EU) 2021/23, the criteria set out in Article 5(4) a…
+ Where the Commission rejects the requested suspension, it shall provide reasons therefor in writing to the requesting authority referred to in the first subparagraph of paragraph 1 and to ESMA. The Commission shall immediately inform the European Parliament and the Council thereof and forward them t…
+ **6.** Where requested by ESMA in accordance with paragraph 3 of this Article, the implementing act suspending the clearing obligation may also suspend the trading obligation laid down in Article 28(1) and (2) of Regulation (EU) No 600/2014 for the same specific classes of OTC derivatives that are s…
+ **7.** The suspension of the clearing obligation and, where applicable, of the trading obligation shall be communicated to the requesting authority referred to in the first subparagraph of paragraph 1 of this Article and to ESMA and shall be published in the *Official Journal of the European Union*,…
+ **8.** The suspension of the clearing obligation pursuant to paragraph 5 shall be valid for an initial period of no more than three months from the date of application of that suspension.
+ The suspension of the trading obligation referred to in paragraph 6 shall be valid for the same initial period.
+ **9.** Where the grounds for the suspension continue to apply, the Commission may, by way of an implementing act, extend the suspension referred to in paragraph 5 for additional periods of no more than three months, with the total period of the suspension of no more than 12 months. Any extensions of…
+ **10.** Any of the authorities referred to in the first subparagraph of paragraph 1 may, in sufficient time before the end of the initial suspension period referred to in paragraph 5, or the extension period referred to in paragraph 9, issue a request to the Commission to extend the suspension of th…
+ The request shall be accompanied by evidence that the conditions laid down in points (a) and (b) of the first subparagraph of paragraph 1 continue to be met.
+ The authority referred to in the first subparagraph shall notify its reasoned request to ESMA and the ESRB at the same time that the request is notified to the Commission.
+ The request referred to in the first subparagraph shall not be made public.
+ ESMA shall without undue delay after the receipt of the notification of the request and, if it deems necessary, after consulting the ESRB, issue an opinion to the Commission on whether the grounds for the suspension continue to apply taking into account the necessity to avoid or address a serious th…
+ The implementing act extending the suspension of the clearing obligation may also extend the period of the suspension of the trading obligation referred to in paragraph 6.
+ **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 s…
+ In developing those draft implementing technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and their consistency with the reporting requirements laid down in Article 4 of Regulation (EU) 2015/2365 (14) and Article 26 of Reg…
+ **2.** The college shall consist of:▼M14(a) the Chair or any of the independent members of the CCP Supervisory Committee referred to in points (a) and (b) of Article 24a(2);▼B(b) the CCP’s competent authority;▼M14(c) the competent authorities responsible for the supervision of the clearing members o…
+ **7.** In relation to CCPs authorised or applying for authorisation in accordance with Article 14 of this Regulation, the CCP Supervisory Committee shall, for the purpose of Article 23a(1) of this Regulation, prepare decisions and carry out the tasks entrusted to ESMA in Article 23a(3) of this Regul…
+ **2.** ESMA, after consulting the authorities referred to in paragraph 3, may recognise a CCP established in a third country that has applied for recognition to provide certain clearing services or activities where:(a) the Commission has adopted an implementing act in accordance with paragraph 6;(b)…
+ **3.** The risk committee shall advise the board on any arrangements that may impact the risk management of the CCP, such as a significant change in its risk model, the default procedures, the criteria for accepting clearing members, the clearing of new classes of instruments, or the outsourcing of …
+ **5.** A CCP shall promptly inform the competent authority and the risk committee of any decision in which the board decides not to follow the advice of the risk committee and explain such decision. The risk committee or any member of the risk committee may inform the competent authority of any area…
+ **4.** The competent authority may extend the interruption referred to in the second subparagraph of paragraph 3 up to 30 working days where the proposed acquirer or vendor is either:(a) situated or regulated outside the Union;(b) a natural or legal person not subject to supervision under this Regul…