What changed, Regulation (EU) No 648/2012

− **4.** For the purposes of this Article, transactions with counterparties established in any of the following third countries shall not benefit from any of the exemptions for intragroup transactions:(a) where the third country is a high-risk third country, as referred to in Article 29 of Regulation …
− **2.** The register shall include:(a) the classes of OTC derivatives that are subject to the clearing obligation pursuant to Article 4;▼M14(b) the CCPs that are authorised in accordance with Article 17 or recognised in accordance with Article 25 and the date of authorisation or recognition respectiv…
− **4.** In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards, after consulting the ESRB and other relevant authorities, specifying:(a) criteria for establishing which OTC derivative contracts are objectively measurable as reducing risks di…
− After conducting an open public consultation, ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.
− After consulting the ESRB and other relevant authorities, ESMA shall periodically review the clearing thresholds referred to in point (b) of the first subparagraph and, where necessary taking into account, in particular, the interconnectedness of financial counterparties, propose to amend the regula…
− **5.** Each Member State shall designate an authority responsible for ensuring that the obligation under paragraph 1 is met.
− **15.** In order to ensure consistent application of this Article, the ESAs shall develop common draft regulatory technical standards specifying:▼M12(a) the risk-management procedures, including the levels and type of collateral and segregation arrangements referred to in paragraph 3;▼M17(aa) the su…
− **2.** The CCP Supervisory Committee shall be composed of:(a) the Chair, who shall be voting;(b) two independent members, who shall be voting;(c) the competent authorities of Member States referred to in Article 22 of this Regulation with an authorised CCP, who shall be voting; where a Member State …
− **7.** ►M17 In relation to CCPs authorised or applying for authorisation in accordance with Article 14, the CCP Supervisory Committee shall, for the purpose of Article 23a, prepare decisions and carry out the tasks entrusted to ESMA in Article 23a and in the following points:** ◄ **(a) at least annu…
− **1.** Without prejudice to Article 25q and subject to the following paragraphs, ESMA, after consulting the authorities and entities referred to in Article 25(3), shall withdraw a recognition decision adopted in accordance with Article 25 where:(a) the CCP concerned has not made use of the recogniti…
− **3.** A CCP shall maintain and operate an organisational structure that ensures continuity and orderly functioning in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures.
− **6.** A CCP shall maintain information technology systems adequate to deal with the complexity, variety and type of services and activities performed so as to ensure high standards of security and the integrity and confidentiality of the information maintained.
− **3.** ►M17 The competent authority shall, on its own behalf and where requested by ESMA or the college referred to in Article 18, without undue delay during the assessment period, where necessary, but no later than on the 50th working day of the assessment period, request such further information t…
− **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…
− **1.** A CCP shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan aiming at ensuring the preservation of its functions, the timely recovery of operations and the fulfilment of the CCP’s obligations. Such a plan shall at least allow for the recover…
− **3.** In order to ensure consistent application of this Article, ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards specifying the minimum content and requirements of the business continuity policy and of the disaster recovery plan.
− **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…
− **5.** ►M17 Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s clients in accordance with Article 39(2), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the as…
− **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 (23), a CCP shall calculate KCCP as specified in paragraph 2 of this Article for all contracts a…
− **3.** To ensure the consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the following:(a) the details of the application for the registration referred to in point (a) of paragraph 1;(b) the details of the simplified application for the extensio…
− **1.** A trade repository shall identify sources of operational risk and minimise them through the development of appropriate systems, controls and procedures. Such systems shall be reliable and secure and have adequate capacity to handle the information received.
− **2.** A trade repository shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan aiming at ensuring the maintenance of its functions, the timely recovery of operations and the fulfilment of the trade repository’s obligations. Such a plan shall at le…
− **1.** A trade repository shall ensure the confidentiality, integrity and protection of the information received under Article 9.
− **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 (28).
− **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 (29) on the level of clearing by financial and non-financial counterparties and on the distribution of clearing within each t…
− **3a.** By 18 May 2020, ESMA shall submit a report to the Commission. That report shall assess:(a) the consistency of the reporting requirements for non-OTC derivatives under Regulation (EU) No 600/2014 and under Article 9 of this Regulation, both in terms of the details of the derivative contracts …
− **8.** By 25 December 2026, ESMA shall submit a report to the European Parliament, to the Council and to the Commission on the appropriateness and implications of extending the definition of a CCP, as referred to in Article 2, point (1), of this Regulation, to other markets beyond financial markets,…
− **11.** By 25 December 2026, ESMA, in cooperation with the ESRB, shall submit a report to the Commission. The report shall:(a) define in detail the notion of procyclicality in the context of Article 41 for margins called by a CCP and Article 46 for haircuts applied to collateral held by a CCP;(b) as…
− (a) whether the changes introduced by Regulation (EU) 2024/2987 of the European Parliament and of the Council (33) have obtained the desired effect with respect to increasing the competitiveness of Union CCPs and reducing the regulatory burden they face;
+ **4.** For the purposes of this Article, transactions with counterparties established in any of the following third countries shall not benefit from any of the exemptions for intragroup transactions:▼C2(a) where the third country is a high-risk third country, as referred to in Article 9 of Directive…
+ **4.** ESMA, after having consulted the ESRB and other relevant authorities, shall develop draft regulatory technical standards to specify the value of the clearing thresholds applicable to aggregate positions where necessary to ensure the prudent coverage of financial counterparties under the clear…
+ Where ESMA, in accordance with Article 10(4a), reviews the clearing thresholds specified pursuant to Article 10(4), first subparagraph, point (b), ESMA shall also review the clearing threshold specified pursuant to the first subparagraph of this paragraph.
+ **5.** For the purposes of this Article and Article 10, ‘uncleared position’ means the aggregate month-end average position for the previous 12 months in OTC derivative contracts that are not cleared by a CCP authorised under Article 14 or recognised under Article 25.
+ **2.** The register shall include:(a) the classes of OTC derivatives that are subject to the clearing obligation pursuant to Article 4;▼M14(b) the CCPs that are authorised in accordance with Article 17 or recognised in accordance with Article 25 and the date of authorisation or recognition respectiv…
+ **4.** ESMA, after having consulted the ESRB and other relevant authorities, shall develop draft regulatory technical standards to specify:(a) the criteria for establishing which OTC derivative contracts are objectively measurable as reducing risks directly relating to the commercial activity or tre…
+ **4a.** ESMA, in consultation with the ESRB, shall review the clearing thresholds referred to in paragraph 4, first subparagraph, point (b), of this Article and in Article 4a(4), taking into account, in particular, the interconnectedness of financial counterparties and the need to ensure the prudent…
+ **4b.** The relevant competent authorities of the non-financial counterparty and of the other entities within the group shall establish cooperation procedures to ensure the effective calculation of the positions and evaluate and assess the level of exposure in OTC derivative contracts at group level…
+ **5.** Each Member State shall designate an authority responsible for ensuring that the obligations of non-financial counterparties under this Regulation are met. That authority, in cooperation with the authorities responsible for the other entities of the group, shall report to ESMA at least every …
+ At least every two years from 24 December 2024, ESMA shall present a report to the European Parliament, the Council and the Commission on the activities of Union non-financial counterparties in OTC derivatives, identifying areas where there is a lack of convergence and coherence in the application o…
+ **15.** In order to ensure consistent application of this Article, the ESAs shall develop common draft regulatory technical standards specifying:▼M12(a) the risk-management procedures, including the levels and type of collateral and segregation arrangements referred to in paragraph 3;▼M18(aa) the su…
+ **2.** The CCP Supervisory Committee shall be composed of:(a) the Chair, who shall be voting;(b) two independent members, who shall be voting;(c) the competent authorities of Member States referred to in Article 22 of this Regulation with an authorised CCP, who shall be voting; where a Member State …
+ **7.** ►M18 In relation to CCPs authorised or applying for authorisation in accordance with Article 14, the CCP Supervisory Committee shall, for the purpose of Article 23a, prepare decisions and carry out the tasks entrusted to ESMA in Article 23a and in the following points:** ◄ **(a) at least annu…
+ **1.** Without prejudice to Article 25q and subject to the following paragraphs, ESMA, after consulting the authorities and entities referred to in Article 25(3), shall withdraw a recognition decision adopted in accordance with Article 25 where:(a) the CCP concerned has not made use of the recogniti…
+ **3.** A CCP shall maintain and operate an organisational structure that ensures continuity and orderly functioning in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures, including ICT systems managed in accordance with Reg…
+ **3.** ►M18 The competent authority shall, on its own behalf and where requested by ESMA or the college referred to in Article 18, without undue delay during the assessment period, where necessary, but no later than on the 50th working day of the assessment period, request such further information t…
+ **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…
+ **1.** A CCP shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan, which shall include ICT business continuity policy and ICT response and recovery plans put in place and implemented in accordance with Regulation (EU) 2022/2554, aiming to ensure t…
+ **3.** In order to ensure consistent application of this Article, ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards specifying the minimum content and requirements of the business continuity policy and of the disaster recovery plan, excluding ICT busi…
+ **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…
+ **5.** ►M18 Where assets and positions are recorded in the records and accounts of a CCP as being held for the account of a defaulting clearing member’s clients in accordance with Article 39(2), the CCP shall, at least, contractually commit itself to trigger the procedures for the transfer of the as…
+ **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 (24), a CCP shall calculate KCCP as specified in paragraph 2 of this Article for all contracts a…
+ **3.** In order to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the details, other than for requirements related to ICT risk management, of the application for registration referred to in paragraph 1.▼M12(a) the details of the appl…
+ **1.** A trade repository shall identify sources of operational risk and minimise them also through the development of appropriate systems, controls and procedures, including ICT systems managed in accordance with Regulation (EU) 2022/2554.
+ **2.** A trade repository shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan including ICT business continuity policy and ICT response and recovery plans established in accordance with Regulation (EU) 2022/2554, aiming to ensure the maintenance …
+ **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 (29).
+ **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 (30) on the level of clearing by financial and non-financial counterparties and on the distribution of clearing within each t…
+ **3a.** By 18 May 2020, ESMA shall submit a report to the Commission. That report shall assess:(a) the consistency of the reporting requirements for non-OTC derivatives under Regulation (EU) No 600/2014 and under Article 9 of this Regulation, both in terms of the details of the derivative contracts …
+ **8.** By 25 December 2026, ESMA shall submit a report to the European Parliament, to the Council and to the Commission on the appropriateness and implications of extending the definition of a CCP, as referred to in Article 2, point (1), of this Regulation, to other markets beyond financial markets,…