Version in force , Modified +539 −0§
Amended by Regulation (EU) 2024/2987 32024R2987 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2022/1671 32022R1671 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2026-06-25
Explanation, written by a model and checked against the cited text
A new paragraph is added directing ESMA to issue guidelines under Article 16 of Regulation (EU) No 1095/2010 specifying the method CCPs authorised under Article 14 must use to calculate exposures and any contributions to CCP financial resources by public sector entities, while taking account of those entities' mandate.
The earlier version of Article 40 contained only the provisions on measuring liquidity and credit exposures and access to pricing sources, without this guidance requirement.
Cited: Art. 40, v2 (external, EUR-Lex) · Art. 40, 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 40 Exposure management A CCP shall measure and assess its liquidity and credit exposures to each clearing member and, where relevant, to another CCP with which it has concluded an interoperability arrangement, on a near to real-time basis. A CCP shall have access in a timely manner and on a non-discriminatory basis to the relevant pricing sources to effectively measure its exposures. This shall be done on a reasonable cost basis.Without prejudice to Article 1(4) and (5), and with the objective of facilitating central clearing by public sector entities, ESMA shall, by 25 June 2026, issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 specifying the method to be used by CCPs authorised under Article 14 of this Regulation for the calculation of exposures and of the contributions, if any, to the financial resources of CCPs by public sector entities participating in such CCPs, duly taking account of the mandate of public sector entities.