Regulation 648/2012/EU - EMIR Regulation

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Version status: Entered into force | Document consolidation status: Updated to reflect all known changes

Published date: 27 July 2012

Consolidation Status: Updated to reflect all known changes

Proposed changes

Regulation (EU) 648/2012 (EMIR Regulation) with proposed changes from COM(2021) 725 final / 2021/0380 (COD)
Regulation (EU) 648/2012 (EMIR Regulation) with proposed changes from COM(2021) 582 final / 2021/0296 (COD)
Regulation (EU) 648/2012 (EMIR Regulation) with proposed changes from COM(2022) 697 final / 2022/0403 (COD)

Comparing proposed amendment...


	Recitals
	Title I Subject Matter, Scope and Definitions (arts. 1-3)
Amended	Article 1 Subject matter and scope
Amended	Article 2 Definitions
Inserted	Article 2a Equivalence decisions for the purposes of the definition of OTC derivatives
Entered into force	Article 3 Intragroup transactions
	Title II Clearing, Reporting and Risk Mitigation of OTC Derivatives (arts. 4-13a)
Amended	Article 4 Clearing obligation
Inserted	Article 4a Financial counterparties that are subject to the clearing obligation
Amended	Article 5 Clearing obligation procedure
Amended	Article 6 Public register
Inserted	Article 6a Suspension of clearing obligation
Inserted	Article 6b Suspension of clearing obligation in the case of resolution
Amended	Article 7 Access to a CCP
Entered into force	Article 8 Access to a trading venue
Amended	Article 9 Reporting obligation
Amended	Article 10 Non-financial counterparties
Amended	Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
Entered into force	Article 12 Penalties
Entered into force	Article 13 Mechanism to avoid duplicative or conflicting rules
Amended	Article 13a Replacement of interest rate benchmarks in legacy trades
	Title III Authorisation and Supervision of CCPs (arts. 14-25)
	Chapter 1 Conditions and procedures for the authorisation of a CCP (arts. 14-21)
Entered into force	Article 14 Authorisation of a CCP
Amended	Article 15 Extension of activities and services
Entered into force	Article 16 Capital requirements
Amended	Article 17 Procedure for granting and refusing authorisation
Amended	Article 18 College
Amended	Article 19 Opinion of the college
Entered into force	Article 20 Withdrawal of authorisation
Amended	Article 21 Review and evaluation
	Chapter 2 Supervision and oversight of CCPs (art. 22)
Entered into force	Article 22 Competent authority
	Chapter 3 Cooperation (arts. 23-24)
Entered into force	Article 23 Cooperation between authorities
Inserted	Article 23a Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs
Amended	Article 24 Emergency situations
	Chapter 3A CCP Supervisory Committee (arts. 24a-24e)
Amended	Article 24a CCP Supervisory Committee
Inserted	Article 24b Consultation of central banks of issue
Inserted	Article 24c Decision making within the CCP Supervisory Committee
Inserted	Article 24d Decision making within the Board of Supervisors
Inserted	Article 24e Accountability
	Chapter 4 Relations with third countries (arts. 25-25q)
Amended	Article 25 Recognition of a third-country CCP
Inserted	Article 25a Comparable compliance
Inserted	Article 25b Ongoing compliance with the conditions for recognition
Inserted	Article 25c Third-country CCP college
Inserted	Article 25d Fees
Inserted	Article 25e Exercise of the powers referred to in Articles 25f to 25h
Inserted	Article 25f Request for information
Inserted	Article 25g General investigations
Inserted	Article 25h On-site inspections
Inserted	Article 25i Procedural rules for taking supervisory measures and imposing fines
Inserted	Article 25j Fines
Inserted	Article 25k Periodic penalty payments
Inserted	Article 25l Hearing of the persons concerned
Inserted	Article 25m Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Inserted	Article 25n Review by the Court of Justice
Inserted	Article 25o Amendments to Annex IV
Inserted	Article 25p Withdrawal of recognition
Inserted	Article 25q Supervisory measures by ESMA
	Title IV Requirements for CCPs (arts. 26-50d)
	Chapter 1 Organisational requirements (arts. 26-35)
Entered into force	Article 26 General provisions
Entered into force	Article 27 Senior management and the board
Amended	Article 28 Risk committee
Entered into force	Article 29 Record keeping
Entered into force	Article 30 Shareholders and members with qualifying holdings
Entered into force	Article 31 Information to competent authorities
Amended	Article 32 Assessment
Entered into force	Article 33 Conflicts of interest
Entered into force	Article 34 Business continuity
Amended	Article 35 Outsourcing
	Chapter 2 Conduct of business rules (arts. 36-39)
Entered into force	Article 36 General provisions
Amended	Article 37 Participation requirements
Amended	Article 38 Transparency
Entered into force	Article 39 Segregation and portability
	Chapter 3 Prudential requirements (arts. 40-50)
Entered into force	Article 40 Exposure management
Entered into force	Article 41 Margin requirements
Entered into force	Article 42 Default fund
Entered into force	Article 43 Other financial resources
Entered into force	Article 44 Liquidity risk controls
Entered into force	Article 45 Default waterfall
Inserted	Article 45a Temporary restrictions in the case of a significant non-default event
Entered into force	Article 46 Collateral requirements
Entered into force	Article 47 Investment policy
Entered into force	Article 48 Default procedures
Amended	Article 49 Review of models, stress testing and back testing
Entered into force	Article 50 Settlement
	Chapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 (arts. 50a-50d)
Amended	Article 50a Calculation of KCCP
Amended	Article 50b General rules for the calculation of KCCP
Amended	Article 50c Reporting of information
Amended	Article 50d Calculation of specific items to be reported by the CCP
	Title V Interoperability Arrangements (arts. 51-54)
Entered into force	Article 51 Interoperability arrangements
Entered into force	Article 52 Risk management
Entered into force	Article 53 Provision of margins among CCPs
Entered into force	Article 54 Approval of interoperability arrangements
	Title VI Registration and Supervision of Trade Repositories (arts. 55-77)
	Chapter 1 Conditions and procedures for registration of a trade repository (arts. 55-74)
Entered into force	Article 55 Registration of a trade repository
Amended	Article 56 Application for registration
Entered into force	Article 57 Notification of and consultation with competent authorities prior to registration
Entered into force	Article 58 Examination of the application
Entered into force	Article 59 Notification of ESMA decisions relating to registration
Entered into force	Article 60 Exercise of the powers referred to in Articles 61 to 63
Entered into force	Article 61 Request for information
Amended	Article 62 General investigations
Amended	Article 63 On-site inspections
Amended	Article 64 Procedural rules for taking supervisory measures and imposing fines
Amended	Article 65 Fines
Entered into force	Article 66 Periodic penalty payments
Amended	Article 67 Hearing of the persons concerned
Entered into force	Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Entered into force	Article 69 Review by the Court of Justice
Entered into force	Article 70 Amendments to Annex II
Entered into force	Article 71 Withdrawal of registration
Amended	Article 72 Supervisory fees
Entered into force	Article 73 Supervisory measures by ESMA
Entered into force	Article 74 Delegation of tasks by ESMA to competent authorities
	Chapter 2 Relations with third countries (arts. 75-77)
Entered into force	Article 75 Equivalence and international agreements
Entered into force	Article 76 Cooperation arrangements
Inserted	Article 76a Mutual direct access to data
Entered into force	Article 77 Recognition of trade repositories
	Title VII Requirements for Trade Repositories (arts. 78-82)
Amended	Article 78 General requirements
Entered into force	Article 79 Operational reliability
Amended	Article 80 Safeguarding and recording
Amended	Article 81 Transparency and data availability
Amended	Article 82 Exercise of the delegation
	Title VIII Common Provisions (arts. 83-84)
Entered into force	Article 83 Professional secrecy
Entered into force	Article 84 Exchange of information
	Title IX Transitional and Final Provisions (arts. 85-91)
Amended	Article 85 Reports and review
Amended	Article 86 Committee procedure
Entered into force	Article 87 Amendment to Directive 98/26/EC
Entered into force	Article 88 Websites
Amended	Article 89 Transitional provisions
Amended	Article 90 Staff and resources of ESMA
Entered into force	Article 91 Entry into force
Amended	Annex I List of infringements referred to in Article 65(1)
Entered into force	Annex II List of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)
Inserted	Annex III List of infringements referred to in Article 25j(1)
Inserted	Annex IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)
	Done at

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