Regulation 648/2012/EU - EMIR Regulation

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

Published date: 27 July 2012

Regulation 648/2012/EU - EMIR Regulation

	Recitals
	Title I Subject Matter, Scope and Definitions (arts. 1-3)
	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 (arts. 4-13a)
	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 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)
	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 (art. 22)
	Article 22 Competent authority
	Chapter 3 Cooperation (arts. 23-24)
	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 (arts. 24a-24e)
	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 (arts. 25-25r)
	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 (arts. 26-50d)
	Chapter 1 Organisational requirements (arts. 26-35)
	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 (arts. 36-39)
	Article 36 General provisions
	Article 37 Participation requirements
	Article 38 Transparency
	Article 39 Segregation and portability
	Chapter 3 Prudential requirements (arts. 40-50)
	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 (arts. 50a-50d)
	Article 50a Calculation of KCCP
	Article 50b General rules for the calculation of KCCP
	Article 50c Reporting of information
	Article 50d Calculation of specific items to be reported by the CCP
	Title V Interoperability Arrangements (arts. 51-54)
	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 (arts. 55-77)
	Chapter 1 Conditions and procedures for registration of a trade repository (arts. 55-74)
	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 (arts. 75-77)
	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 (arts. 78-82)
	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 (arts. 83-84)
	Article 83 Professional secrecy
	Article 84 Exchange of information
	Title IX Transitional and Final Provisions (arts. 85-91)
	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 IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)
	Done at