2012R0648 - Summary
REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance)
Info
🇫🇷 French Version: 2012R0648_FR.0. Open the PDF. Direct link to EUR-LEX.
TITLE I - SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1 - Subject matter and scope
Article 2 - Definitions
Article 2a - Equivalence decisions for the purposes of the definition of OTC derivatives
Article 3 - Intragroup transactions
TITLE II - CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES
Article 4 - Clearing obligation
Article 4a - Financial counterparties that are subject to the clearing obligation
Article 4b - Post-trade risk reduction services
Article 5 - Clearing obligation procedure
Article 6 - Public register
Article 6a - Suspension of clearing obligation
Article 6b - Suspension of clearing obligation in the case of resolution
Article 7 - Access to a CCP
Article 7a - Active account
Article 7b - Monitoring of the active account obligation
Article 7c - Information on the provision of clearing services
Article 7d - Information on clearing activity in CCPs recognised under Article 25
Article 7e - Information on Union CCPs
Article 8 - Access to a trading venue
Article 9 - Reporting obligation
Article 10 - Non-financial counterparties
Article 11 - Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
Article 12 - Penalties
Article 13 - Mechanism to avoid duplicative or conflicting rules with regard to OTC derivative contracts not cleared by a CCP
Article 13a - Amendments to legacy contracts for the purpose of the implementation of benchmark reforms
TITLE III - AUTHORISATION AND SUPERVISION OF CCPs
CHAPTER 1 - Conditions and procedures for the authorisation of a CCP
Article 14 - Authorisation of a CCP
Article 15 - Extension of activities and services
Article 15a - Exemption from authorisation of an extension of clearing services or activities
Article 16 - Capital requirements
Article 17 - Procedure for granting and refusing authorisation
Article 17a - Accelerated procedure for authorisation of an extension of authorisation
Article 17b - Procedure for adopting decisions, reports or other measures
Article 17c - Central database
Article 18 - College
Article 19 - Opinion of the college
Article 20 - Withdrawal of authorisation
Article 21 - Review and evaluation
CHAPTER 2 - Supervision and oversight of CCPs
Article 22 - Competent authority
CHAPTER 3 - Cooperation
Article 23 - Cooperation between authorities
Article 23a - Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs
Article 23b - Joint Monitoring Mechanism
Article 24 - Emergency situations
CHAPTER 3A - CCP Supervisory Committee
Article 24a - CCP Supervisory Committee
Article 24b - Consultation of central banks of issue
Article 24c - Decision making within the CCP Supervisory Committee
Article 24d - Decision making within the Board of Supervisors
Article 24e - Accountability
CHAPTER 4 - Relations with third countries
Article 25 - Recognition of a third-country CCP
Article 25a - Comparable compliance
Article 25b - Ongoing compliance with the conditions for recognition
Article 25c - Third-country CCP college
Article 25d - Fees
Article 25e - Exercise of the powers referred to in Articles 25f to 25h
Article 25f - Request for information
Article 25g - General investigations
Article 25h - On-site inspections
Article 25i - Procedural rules for taking supervisory measures and imposing fines
Article 25j - Fines
Article 25k - Periodic penalty payments
Article 25l - Hearing of the persons concerned
Article 25m - Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Article 25n - Review by the Court of Justice
Article 25o - Amendments to Annexes III and IV
Article 25p - Withdrawal of recognition
Article 25q - Supervisory measures by ESMA
TITLE IV - REQUIREMENTS FOR CCPs
CHAPTER 1 - Organisational requirements
Article 26 - General provisions
Article 27 - Senior management and the board
Article 28 - Risk committee
Article 29 - Record keeping
Article 30 - Shareholders and members with qualifying holdings
Article 31 - Information to competent authorities
Article 32 - Assessment
Article 33 - Conflicts of interest
Article 34 - Business continuity
Article 35 - Outsourcing
CHAPTER 2 - Conduct of business rules
Article 36 - General provisions
Article 37 - Participation requirements
Article 38 - Transparency
Article 39 - Segregation and portability
CHAPTER 3 - Prudential requirements
Article 40 - Exposure management
Article 41 - Margin requirements
Article 42 - Default fund
Article 43 - Other financial resources
Article 44 - Liquidity risk controls
Article 45 - Default waterfall
Article 45a - Temporary restrictions in the case of a significant non-default event
Article 46 - Collateral requirements
Article 47 - Investment policy
Article 48 - Default procedures
Article 49 - Review of models, stress testing and back testing
Article 49a - Accelerated procedure for non-significant changes to a CCP’s models and parameters
Article 50 - Settlement
CHAPTER 4 - Calculations and reporting for the purposes of Regulation (EU) No 575/2013
Article 50a - Calculation of K
Article 50b - General rules for the calculation of K
Article 50c - Reporting of information
Article 50d - Calculation of specific items to be reported by the CCP
TITLE V - INTEROPERABILITY ARRANGEMENTS
Article 51 - Interoperability arrangements
Article 52 - Risk management
Article 53 - Provision of margins among CCPs
Article 54 - Approval of interoperability arrangements
TITLE VI - REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES
CHAPTER 1 - Conditions and procedures for registration of a trade repository
Article 55 - Registration of a trade repository
Article 56 - Application for registration
Article 57 - Notification of and consultation with competent authorities prior to registration
Article 58 - Examination of the application
Article 59 - Notification of ESMA decisions relating to registration
Article 60 - Exercise of the powers referred to in Articles 61 to 63
Article 61 - Request for information
Article 62 - General investigations
Article 63 - On-site inspections
Article 64 - Procedural rules for taking supervisory measures and imposing fines
Article 65 - Fines
Article 66 - Periodic penalty payments
Article 67 - Hearing of the persons concerned
Article 68 - Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Article 69 - Review by the Court of Justice
Article 70 - Amendments to Annex II
Article 71 - Withdrawal of registration
Article 72 - Supervisory fees
Article 73 - Supervisory measures by ESMA
Article 74 - Delegation of tasks by ESMA to competent authorities
CHAPTER 2 - Relations with third countries
Article 75 - Equivalence and international agreements
Article 76 - Cooperation arrangements
Article 76a - Mutual direct access to data
Article 77 - Recognition of trade repositories
TITLE VII - REQUIREMENTS FOR TRADE REPOSITORIES
Article 78 - General requirements
Article 79 - Operational reliability
Article 80 - Safeguarding and recording
Article 81 - Transparency and data availability
Article 82 - Exercise of the delegation
TITLE VIII - COMMON PROVISIONS
Article 83 - Professional secrecy
Article 84 - Exchange of information
TITLE IX - TRANSITIONAL AND FINAL PROVISIONS
Article 85 - Reports and review
Article 86 - Committee procedure
Article 87 - Amendment to Directive 98/26/EC
Article 88 - Websites
Article 89 - Transitional provisions
Article 90 - Staff and resources of ESMA
Article 91 - Entry into force
Annex I - List of infringements referred to in Article 65(1)
Annex II - List of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)
Annex III - List of infringements referred to in Article 25j(1)
Annex IIII - List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)