Version status: Applicable | Document consolidation status: Updated to reflect all known changes

Published date: 23 February 2013

Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance)

	Recitals
	Chapter I General (art. 1)
	Article 1 Definitions
	Chapter II Recognition of third country CCPs (Article 25 of Regulation (EU) No 648/2012) (art. 2)
	Article 2 Information to be provided to ESMA for the recognition of a CCP
	Chapter III Organisational requirements (Article 26 of Regulation (EU) No 648/2012) (arts. 3-11)
	Article 3 Governance arrangements
	Article 4 Risk management and internal control mechanisms
	Article 5 Compliance policy and procedures
	Article 6 Compliance function
	Article 7 Organisational structure and separation of the reporting lines
	Article 8 Remuneration policy
	Article 9 Information technology systems
	Article 10 Disclosure
	Article 11 Internal auditing
	Chapter IV Record keeping (Article 29 of Regulation (EU) No 648/2012) (arts. 12-16)
	Article 12 General requirements
	Article 13 Transaction records
	Article 14 Position records
	Article 15 Business records
	Article 16 Records of data reported to a trade repository
	Chapter V Business continuity (Article 34 of Regulation (EU) No 648/2012) (arts. 17-23)
	Article 17 Strategy and policy
	Article 18 Business impact analysis
	Article 19 Disaster recovery
	Article 20 Testing and monitoring
	Article 21 Maintenance
	Article 22 Crisis management
	Article 23 Communication
	Chapter VI Margins (Article 41 of Regulation (EU) No 648/2012) (arts. 24-28)
	Article 24 Percentage
	Article 25 Time horizon for the calculation of historical volatility
	Article 26 Time horizons for the liquidation period
	Article 27 Portfolio margining
	Article 28 Procyclicality
	Chapter VII Default fund (Article 42 of Regulation (EU) No 648/2012) (arts. 29-31)
	Article 29 Framework and governance
	Article 30 Identifying extreme but plausible market conditions
	Article 31 Reviewing extreme but plausible scenarios
	Chapter VIII Liquidity risk controls (Article 44 of Regulation (EU) No 648/2012) (arts. 32-34)
	Article 32 Assessment of liquidity risk
	Article 33 Access to liquidity
	Article 34 Concentration risk
	Chapter IX Default waterfall (Article 45 of Regulation (EU) No 648/2012) (arts. 35-36)
	Article 35 Calculation of the amount of the CCP's own resources to be used in the default waterfall
	Article 36 Maintenance of the amount of the CCP's own resources to be used in the default waterfall
	Chapter X Collateral (Article 46 of Regulation (EU) No 648/2012) (arts. 37-42)
	Article 37 General requirements
	Article 38 Cash collateral
	Article 39 Financial instruments
	Article 40 Valuing collateral
	Article 41 Haircuts
	Article 42 Concentration limits
	Chapter XI Investment policy (Article 47 of Regulation (EU) No 648/2012) (arts. 43-46)
	Article 43 Highly liquid financial instruments
	Article 44 Highly secured arrangements for the deposit of financial instruments
	Article 45 Highly secured arrangements maintaining cash
	Article 45 Concentration limits
	Article 46 Non-cash collateral
	Chapter XII Review of models, stress testing and back testing (Article 49 Regulation (EU) No 648/2012) (arts. 47-62)
	Section 1 Models and programmes (arts. 47-48)
	Article 47 Model Validation
	Article 48 Testing programmes
	Section 2 Back testing (art. 49)
	Article 49 Back testing procedure
	Section 3 Sensitivity testing and analysis (art. 50)
	Article 50 Sensitivity testing and analysis procedure
	Section 4 Stress testing (arts. 51-54)
	Article 51 Stress testing procedure
	Article 52 Risk factors to stress test
	Article 53 Stress testing total financial resources
	Article 54 Stress testing liquid financial resources
	Section 5 Coverage and use of test results (arts. 55-56)
	Article 55 Maintaining sufficient coverage
	Article 56 Review of models using test results
	Section 6 Reverse stress tests (art. 57)
	Article 57 Reverse stress tests
	Section 7 Default procedures (art. 58)
	Article 58 Testing default procedures
	Section 8 Validation and testing frequency (art. 59)
	Article 59 Frequency
	Section 9 Time horizons used when performing tests (art. 60)
	Article 60 The time horizons
	Section 10 Public disclosure (arts. 61-62)
	Article 61 Information to be publicly disclosed
	Article 62 Entry into force and application
	Annex I Conditions applicable to financial instruments, bank guarantees, public guarantees and gold considered as highly liquid collateral
	Annex I, Section 1 Financial instruments
	Annex I, Section 2 Bank guarantees
	Annex I, Section 2a Public guarantees
	Annex I, Section 3 Gold
	Annex II Conditions applicable to highly liquid financial instruments
	Done at