2021R0023 - Summary
REGULATION (EU) 2021/23 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (Text with EEA relevance)
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🇫🇷 French Version: 2021R0023_FR.0. Open the PDF. Direct link to EUR-LEX.
Article 1 - Subject matter
Article 2 - Definitions
Article 3 - Designation of resolution authorities and competent ministries
Article 4 - Resolution colleges
Article 5 - ESMA Resolution Committee
Article 6 - Cooperation between authorities
Article 7 - General principles regarding decision-making
Article 8 - Information exchange
Article 9 - Recovery plans
Article 10 - Assessment of recovery plans
Article 11 - Coordination procedure for recovery plans
Article 12 - Resolution plans
Article 13 - CCPs’ duty to cooperate and provide information
Article 14 - Coordination procedure for resolution plans
Article 15 - Assessment of resolvability
Article 16 - Addressing or removing impediments to resolvability
Article 17 - Coordination procedure to address or remove impediments to resolvability
Article 18 - Early intervention measures
Article 19 - Removal of senior management and board
Article 20 - Provision of recompense to non-defaulting clearing members
Article 21 - Resolution objectives
Article 22 - Conditions for resolution
Article 23 - General principles regarding resolution
Article 24 - Objectives of valuation
Article 25 - Requirements for valuation
Article 26 - Provisional valuation
Article 27 - General provisions on resolution tools
Article 28 - Objective and scope of the position and loss allocation tools
Article 29 - Termination of contracts – partial or full
Article 30 - Reduction of the value of any gains payable by the CCP to non-defaulting clearing members
Article 31 - Resolution cash call
Article 32 - Requirement to write down and convert instruments of ownership and debt instruments or other unsecured liabilities
Article 33 - Provisions governing the write-down or conversion of instruments of ownership and debt instruments or other unsecured liabilities
Article 34 - Effect of write-down and conversion
Article 35 - Removal of procedural obstacles for write-down and conversion
Article 36 - Submission of a business reorganisation plan
Article 37 - Content of the business reorganisation plan
Article 38 - Assessment and adoption of the business reorganisation plan
Article 39 - Implementation and monitoring of the business reorganisation plan
Article 40 - Sale of business tool
Article 41 - Sale of business tool: procedural requirements
Article 42 - Bridge CCP tool
Article 43 - Bridge CCP: procedural requirements
Article 44 - Alternative funding means
Article 45 - Government financial stabilisation tools
Article 46 - Public equity support tool
Article 47 - Temporary public ownership tool
Article 48 - General powers
Article 49 - Ancillary powers
Article 50 - Special management
Article 51 - Power to require the provision of services and facilities
Article 52 - Power to enforce crisis prevention measures or resolution actions by other Member States
Article 53 - Power in respect of assets, contracts, rights, liabilities, obligations and instruments of ownership of persons located in or governed by the law of third countries
Article 54 - Exclusion of certain contractual terms in early intervention and resolution
Article 55 - Power to suspend certain obligations
Article 56 - Power to restrict the enforcement of security interests
Article 57 - Power to temporarily suspend termination rights
Article 58 - Power to exercise control over the CCP
Article 59 - Exercise of powers by the resolution authorities
Article 60 - ‘No creditor worse off’ principle
Article 61 - Valuation for the application of the ‘no creditor worse off’ principle
Article 62 - Safeguard for shareholders, clearing members and other creditors
Article 63 - Safeguard for clients and indirect clients
Article 64 - Recoupment of payments
Article 65 - Safeguard for counterparties in partial transfers
Article 66 - Protection for financial collateral, set off and netting arrangements
Article 67 - Protection for security arrangements
Article 68 - Protection for structured finance arrangements and covered bonds
Article 69 - Partial transfers: protection of trading, clearing and settlement systems
Article 70 - Notification requirements
Article 71 - Decision of the resolution authority
Article 72 - Procedural obligations of resolution authorities
Article 73 - Confidentiality
Article 74 - Ex-ante judicial approval and rights of appeal
Article 75 - Restrictions on other proceedings
Article 76 - Agreements with third countries
Article 77 - Recognition and enforcement of third-country resolution proceedings
Article 78 - Right to refuse recognition or enforcement of third-country resolution proceedings
Article 79 - Cooperation with third-country authorities
Article 80 - Exchange of confidential information
Article 81 - Administrative penalties and other administrative measures
Article 82 - Specific provisions
Article 83 - Publication of administrative penalties or other administrative measures
Article 84 - Maintenance of central database by ESMA
Article 85 - Exercise of powers to impose administrative penalties and other administrative measures and their effective application by competent authorities and resolution authorities
Article 86 - Amendments to Regulation (EU) No 1095/2010
Article 87 - Amendments to Regulation (EU) No 648/2012
Article 88 - Amendment to Regulation (EU) 2015/2365
Article 89 - Amendments to Directive 2002/47/EC
Article 90 - Amendment to Directive 2004/25/EC
Article 91 - Amendments to Directive 2007/36/EC
Article 92 - Amendment to Directive (EU) 2017/1132
Article 93 - Amendment to Directive 2014/59/EU
Article 94 - Amendment to Regulation (EU) No 806/2014
Article 95 - Amendment to Regulation (EU) No 600/2014
Article 96 - Review
Article 97 - Entry into force
Annex I - Requirements for recovery plans