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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)RecitalsChapter I General (art. 1)Article 1 DefinitionsChapter 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 CCPChapter III Organisational requirements (Article 26 of Regulation (EU) No 648/2012) (arts. 3-11)Article 3 Governance arrangementsArticle 4 Risk management and internal control mechanismsArticle 5 Compliance policy and proceduresArticle 6 Compliance functionArticle 7 Organisational structure and separation of the reporting linesArticle 8 Remuneration policyArticle 9 Information technology systemsArticle 10 DisclosureArticle 11 Internal auditingChapter IV Record keeping (Article 29 of Regulation (EU) No 648/2012) (arts. 12-16)Article 12 General requirementsArticle 13 Transaction recordsArticle 14 Position recordsArticle 15 Business recordsArticle 16 Records of data reported to a trade repositoryChapter V Business continuity (Article 34 of Regulation (EU) No 648/2012) (arts. 17-23)Article 17 Strategy and policyArticle 18 Business impact analysisArticle 19 Disaster recoveryArticle 20 Testing and monitoringArticle 21 MaintenanceArticle 22 Crisis managementArticle 23 CommunicationChapter VI Margins (Article 41 of Regulation (EU) No 648/2012) (arts. 24-28)Article 24 PercentageArticle 25 Time horizon for the calculation of historical volatilityArticle 26 Time horizons for the liquidation periodArticle 27 Portfolio marginingArticle 28 ProcyclicalityChapter VII Default fund (Article 42 of Regulation (EU) No 648/2012) (arts. 29-31)Article 29 Framework and governanceArticle 30 Identifying extreme but plausible market conditionsArticle 31 Reviewing extreme but plausible scenariosChapter VIII Liquidity risk controls (Article 44 of Regulation (EU) No 648/2012) (arts. 32-34)Article 32 Assessment of liquidity riskArticle 33 Access to liquidityArticle 34 Concentration riskChapter 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 waterfallArticle 36 Maintenance of the amount of the CCP's own resources to be used in the default waterfallChapter X Collateral (Article 46 of Regulation (EU) No 648/2012) (arts. 37-42)Article 37 General requirementsArticle 38 Cash collateralArticle 39 Financial instrumentsArticle 40 Valuing collateralArticle 41 HaircutsArticle 42 Concentration limitsChapter XI Investment policy (Article 47 of Regulation (EU) No 648/2012) (arts. 43-46)Article 43 Highly liquid financial instrumentsArticle 44 Highly secured arrangements for the deposit of financial instrumentsArticle 45 Highly secured arrangements maintaining cashArticle 45 Concentration limitsArticle 46 Non-cash collateralChapter 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 ValidationArticle 48 Testing programmesSection 2 Back testing (art. 49)Article 49 Back testing procedureSection 3 Sensitivity testing and analysis (art. 50)Article 50 Sensitivity testing and analysis procedureSection 4 Stress testing (arts. 51-54)Article 51 Stress testing procedureArticle 52 Risk factors to stress testArticle 53 Stress testing total financial resourcesArticle 54 Stress testing liquid financial resourcesSection 5 Coverage and use of test results (arts. 55-56)Article 55 Maintaining sufficient coverageArticle 56 Review of models using test resultsSection 6 Reverse stress tests (art. 57)Article 57 Reverse stress testsSection 7 Default procedures (art. 58)Article 58 Testing default proceduresSection 8 Validation and testing frequency (art. 59)Article 59 FrequencySection 9 Time horizons used when performing tests (art. 60)Article 60 The time horizonsSection 10 Public disclosure (arts. 61-62)Article 61 Information to be publicly disclosedArticle 62 Entry into force and applicationAnnex I Conditions applicable to financial instruments, bank guarantees, public guarantees and gold considered as highly liquid collateralAnnex I, Section 1 Financial instrumentsAnnex I, Section 2 Bank guaranteesAnnex I, Section 2a Public guaranteesAnnex I, Section 3 GoldAnnex II Conditions applicable to highly liquid financial instrumentsDone at
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Section 9 Time horizons used when performing tests (art. 60)

Article 60 The time horizons
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