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🔗 Back to Summary. 🇫🇷 French Version: 2026R0305_FR.2. Back to Summary of LVL1. Direct link to EUR-LEX.
Article 1 – Requirements for the contractual arrangements, policies and procedures and the IT connectivity ⬅️ | ➡️ Article 3 – Stress-testing of the operational conditions of the active account
Article 2 - Requirements for the operational capacity of the counterparty to support a large increase in clearing activity and a large flow of transactions in a short period of time
1.
Counterparties subject to the obligation set out in Article 7a(3), point (b), of Regulation (EU) No 648/2012 shall demonstrate to their competent authorities that they have:
(a)
internal systems that monitor the counterparty’s exposures;
(b)
internal arrangements to support a large flow of transactions from positions held in a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012 under different scenarios assessing any potential legal and operational barriers that would prevent those positions from being transferred;
(c)
the necessary human resources to support the proper functioning of the clearing arrangements at all times, including where the account has to support:
(i)
a large shift in positions from a clearing service of substantial systemic importance pursuant to Article 25(2c) of Regulation (EU) No 648/2012;
(ii)
a large inflow of new trades in the derivative contracts referred to in 2012;
(d)
a written statement from either the CCP, the clearing member or the client clearing services provider, confirming that the CCP has the operational capacity to clear either of the following:
(i)
three times the gross notional value cleared by the CCP across all clearing members for the previous 12 months in the derivative contracts referred to in 2012;
(ii)
the sum of the total gross notional value cleared by the CCP and by CCPs with a substantially systemically important clearing service identified pursuant to Article 25(2c) of Regulation (EU) No 648/2012 across all clearing members for the previous 12 months, in the derivative contracts referred to in Article 7a(6) of that Regulation;
(e)
a written statement from the counterparty confirming that the counterparty itself or its clearing service provider has the operational capacity to clear either of the following:
(i)
three times the gross notional value cleared in the account by the counterparty for the previous 12 months in the derivative contracts referred to in 2012;
(ii)
the total gross notional value cleared by the counterparty for the previous 12 months in the derivative contracts referred to in 2012.
2.
The written statements referred to in paragraph 1, points (d) and (e), shall confirm that the increase of clearing activity can take place within one month.
3.
The requirement of written form laid down in paragraph 1, points (d) and (e) may be fulfilled by an appropriate electronic document with a qualified electronic signature.