Version status: Applicable | Document consolidation status: No known changes

Published date: 22 January 2021

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 (CCPRRR) (Text with EEA relevance)

	Recitals
	Title I Subject Matter and Definitions (arts. 1-2)
	Article 1 Subject matter
	Article 2 Definitions
	Title II Authorities, Resolution College and Procedures (arts. 3-8)
	Section 1 Resolution authorities, resolution colleges and involvement of European Supervisory Authorities
	Article 3 Designation of resolution authorities and competent ministries
	Article 4 Resolution colleges
	Article 5 ESMA Resolution Committee
	Article 6 Cooperation between authorities
	Section 2 Decision-making and procedures
	Article 7 General principles regarding decision-making
	Article 8 Information exchange
	Title III Preparation (arts. 9-17)
	Chapter I Recovery and resolution planning
	Section 1 Recovery planning
	Article 9 Recovery plans
	Article 10 Assessment of recovery plans
	Article 11 Coordination procedure for recovery plans
	Section 2 Resolution planning
	Article 12 Resolution plans
	Article 13 CCPs' duty to cooperate and provide information
	Article 14 Coordination procedure for resolution plans
	Chapter II Resolvability
	Article 15 Assessment of resolvability
	Article 16 Addressing or removing impediments to resolvability
	Article 17 Coordination procedure to address or remove impediments to resolvability
	Title IV Early Intervention (arts. 18-20)
	Article 18 Early intervention measures
	Article 19 Removal of senior management and board
	Article 20 Provision of recompense to non-defaulting clearing members
	Title V Resolution (arts. 21-75)
	Chapter I Objectives, conditions and general principles
	Article 21 Resolution objectives
	Article 22 Conditions for resolution
	Article 23 General principles regarding resolution
	Chapter II Valuation
	Article 24 Objectives of valuation
	Article 25 Requirements for valuation
	Article 26 Provisional valuation
	Chapter III Resolution tools
	Section 1 General pr inciples
	Article 27 General provisions on resolution tools
	Section 2 Position allocation and loss allocation 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
	Section 3 Write-do wn and conv ersion of instr uments of o wnership and debt ins tr uments or other unsecured liabilities
	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
	Section 4 Sale of business tool
	Article 40 Sale of business tool
	Article 41 Sale of business tool: procedural requirements
	Section 5 Bridge CCP tool
	Article 42 Bridge CCP tool
	Article 43 Bridge CCP: procedural requirements
	Section 6 Additional financing arrangements
	Article 44 Alternative funding means
	Section 7 Government stabilisation tools
	Article 45 Government financial stabilisation tools
	Article 46 Public equity support tool
	Article 47 Temporary public ownership tool
	Chapter IV Resolution powers
	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
	Chapter V Safeguards
	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
	Chapter VI Procedural obligations
	Article 70 Notification requirements
	Article 71 Decision of the resolution authority
	Article 72 Procedural obligations of resolution authorities
	Article 73 Confidentiality
	Chapter VII Right of appeal and exclusion of other actions
	Article 74 Ex-ante judicial approval and rights of appeal
	Article 75 Restrictions on other proceedings
	Title VI Relations with third countries (arts. 76-80)
	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
	Title VII Administrative measures and penalties (arts. 81-85)
	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
	Title VIII Amendments to 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 (arts. 86-95)
	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
	Title IX Final Provisions (arts. 96-97)
	Article 96 Review
	Article 97 Entry into force
	Annex
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