Version in force , Modified +275 −528§
Amended by Regulation (EU) 2019/834 32019R0834 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
Paragraph 1 now also covers the case where a CCP intends to start clearing a class of OTC derivatives already covered by an existing authorisation under Article 14 or 15, requiring the competent authority to notify ESMA of that class as well as of new authorisations, whereas the earlier text only required notification of a fresh authorisation.
The three subparagraphs at the end of former paragraph 1, which required ESMA to develop draft regulatory technical standards on notification details and to submit them to the Commission by 30 September 2012, along with the related delegation of power to the Commission, have been removed.
In paragraph 2, point (b) now ends with a full stop instead of a semicolon followed by "and", a purely formal punctuation change with no wording difference in substance.
Cited: Art. 5, v1 (external, EUR-Lex) · Art. 5, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 1 January 2019 02012R0648-20190101 → this version, in force 17 June 2019 02012R0648-20190617
Article 5
Clearing obligation procedure
1. Where a competent authority authorises a CCP to clear a class of OTC derivatives under Article 14 or 15, it or where a class of OTC derivatives which a CCP intends to start clearing is covered by an existing authorisation granted in accordance with Article 14 or 15, the competent authority shall immediately notify ESMA of that authorisation.
In order authorisation or of the class of OTC derivatives which the CCP intends to ensure consistent application of this Article, ESMA shall develop draft regulatory technical standards specifying the details to be included in the notifications referred to in the first subparagraph.
ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. start clearing.
2. Within six months of receiving notification in accordance with paragraph 1 or accomplishing a procedure for recognition set out in Article 25, ESMA shall, after conducting a public consultation and after consulting the ESRB and, where appropriate, the competent authorities of third countries, develop and submit to the Commission for endorsement draft regulatory technical standards specifying the following:
(a) the class of OTC derivatives that should be subject to the clearing obligation referred to in Article 4;
(b) the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies; and applies.
(c) the minimum remaining maturity of the OTC derivative contracts referred to in Article 4(1)(b)(ii).
Power is delegated to the Commission to adopt regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation … 520 unchanged words … no longer has a CCP which is authorised or recognised to clear those contracts under this Regulation, it shall cease to be subject to the clearing obligation referred to in Article 4, and paragraph 3 of this Article shall apply.