Version in force , Modified +245 −48§
Amended by Regulation (EU) 2024/2987 32024R2987 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2022/1671 32022R1671 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The requirement that ESMA obtain from each Tier 2 CCP a yearly confirmation of continued compliance is restructured into a two-part list, retaining the yearly confirmation as item (a) and adding a new item (b) requiring the CCP to provide information and data on a regular basis so that ESMA can supervise compliance with the requirement in point (a) of Article 25(2b).
The before text described a single confirmation obligation without this additional data-provision element.
Cited: Art. 25b, v2 (external, EUR-Lex) · Art. 25b, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 12 August 2022 02012R0648-20220812 → this version, in force 24 December 2024 02012R0648-20241224
Article 25b
Ongoing compliance with the conditions for recognition
1. ESMA shall be responsible for carrying out the duties resulting from this Regulation for the supervision on an ongoing basis of the compliance of recognised Tier 2 CCPs with the requirements referred to in point (a) of Article 25(2b). With regard to decisions pursuant to Articles 41, 44, 46, 50 and 54, ESMA shall consult the central banks of issue referred to in point (f) of Article 25(3) in accordance with Article 24b(1).
ESMA shall require confirmation from each Tier 2 CCP all of the following:
(a) a confirmation, at least on a yearly basis basis, that the requirements referred to in Article 25(2b) points (a), (c) and (d) of Article 25(2b) (d), continue to be fulfilled. fulfilled;
(b) information and data on a regular basis to ensure that ESMA is able to supervise the CCP’s compliance with the requirements referred to in Article 25(2b), point (a).
Where a central bank of issue referred to in point (f) of Article 25(3) considers that a Tier 2 CCP no longer fulfils the condition referred to in point (b) of Article 25(2b), it shall immediately notify ESMA.
2. Where a Tier 2 CCP fails to provide ESMA with the confirmation referred to in the second subparagraph of paragraph 1 or where ESMA receives a notification pursuant to the third subparagraph of paragraph 1, the CCP shall be considered as no longer meeting the conditions for recognition pursuant to Article 25(2b) and the procedure set out in Article 25p(2), (3) and (4) shall apply.
3. ESMA shall, in cooperation with the ESRB, carry out assessments of the resilience of recognised Tier 2 CCPs to adverse market developments in accordance with Article 32(2) of Regulation (EU) No 1095/2010, in coordination with the assessments referred to in point (b) of Article 24a(7). Central banks of issue referred to in point (f) of Article 25(3) may contribute to such assessments in the carrying out of their monetary policy tasks. In carrying out those assessments, ESMA shall include at least financial and operational risks, and ensure consistency with the assessments of the resilience of Union CCPs carried out pursuant to point (b) of Article 24a(7) of this Regulation.