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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 Done at

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Version status: | Document consolidation status: No known changes

Version date: 22 January 2021 - onwards

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 16 December 2020.

For the European Parliament

President

D. M. SASSOLI

For the Council

President

M. ROTH

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