in force 2024-12-24 MODIFIED+737 −107§
Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671
applies from: unchanged
The trigger for establishing the college changes from completion of an application under Article 17 to submission of the notification described in Article 17(2), second subparagraph, point (a), and the list of tasks the college facilitates is expanded to also reference Articles 17a, 20, 21, 37 and 41, while the college is now to be co-chaired and managed jointly by the competent authority and an independent CCP Supervisory Committee member rather than chaired solely by the competent authority.
A new sentence in paragraph 4 assigns the co-chairs the task of deciding meeting dates and setting the agenda, and the agenda-contribution provision for college members is expanded to require taking into account the outcome of work carried out by the Joint Monitoring Mechanism.
In paragraph 5, the list of parties to whom tasks may be entrusted is expanded to include ESMA alongside the CCP's competent authority and other college members, and a new provision is added stating that disagreements between the co-chairs are decided by the competent authority, who must give ESMA a reasoned explanation of that decision.
Cited: Art. 18, v1 · Art. 18, v2
text before / after
02012R0648-20220812 → 02012R0648-20241224
Article 18
College
1. Within 30 calendar days of the submission of a complete application the notification referred to in accordance with Article 17, 17(2), second subparagraph, point (a), the CCP's CCP’s competent authority shall establish, manage and chair establish a college to facilitate the exercise of the tasks referred to in Articles 15, 17, 17a, 20, 21, 30, 31, 32, 35, 37, 41, 49, 51 and 54.
That college shall be co-chaired and managed by the competent authority and any of the independent members of the CCP Supervisory Committee referred to in Article 24a(2), point (b) (the co-chairs).
2. The college shall consist of:
(a) the Chair or any of the independent members of the CCP Supervisory Committee referred to in points (a) and (b) of Article 24a(2);
(b) the CCP’s competent authority;
(c) the competent authorities responsible for the supervision … 548 unchanged words … the voluntary entrustment of tasks among its members;
(d) the coordination of supervisory examination programmes based on a risk assessment of the CCP; and
(e) the determination of procedures and contingency plans to address emergency situations, as referred to in Article 24.
The co-chairs shall decide the dates of the college meetings and establish the agenda of such meetings.
In order to facilitate the performance of the tasks assigned to colleges pursuant to the first subparagraph, subparagraph of this paragraph, members of the college referred to in paragraph 2 shall be entitled to contribute to the setting of the agenda of the college meetings, in particular by adding points to the agenda of a meeting. meeting taking into consideration the outcome of the work carried out by the Joint Monitoring Mechanism.
5. The establishment and functioning of the college shall be based on a written agreement between all its members.
That agreement shall determine the practical arrangements for the functioning of the college, including detailed rules on:
(i) voting procedures as referred to in Article 19(3);
(ii) the procedures for setting the agenda of college meetings;
(iii) the frequency of the college meetings;
(iv) the format and scope of the information to be provided by the CCP's competent authority to the college members, especially with regard to the information to be provided in accordance with Article 21(4);
(v) the appropriate minimum timeframes for the assessment of the relevant documentation by the college members;
(vi) the modalities of communication between college members;
The agreement may also determine tasks to be entrusted to the CCP's CCP’s competent authority authority, ESMA or another member of the college.
In the event of a disagreement between the co-chairs, the final decision shall be taken by the competent authority, who shall provide ESMA with a reasoned explanation of its decision.
6. In order to ensure the consistent and coherent functioning of colleges across the Union, ESMA shall, in cooperation with the ESCB, develop draft regulatory technical standards specifying the conditions under which the Union currencies referred to in point (h) of paragraph 2 are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5.
ESMA shall submit those draft regulatory technical standards to the Commission by 2 January 2021.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.