European Market Infrastructure Regulation · 32012R0648 · every version of this act · on EUR-Lex (external, EUR-Lex)
8 changes recorded across 8 versions, newest first.
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Amended by Regulation (EU) 2024/2987 32024R2987 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2022/1671 32022R1671 on EUR-Lex (external, EUR-Lex)
Applies from: not readable (the text changed beyond its dates, so no date that moved can be read as the application date) why
dates added to the text: 2023-12-31, 2024-12-24, 2025-06-25, 2025-12-25, 2026-12-25, 2027-06-25
Explanation, written by a model and checked against the cited text
The revised Article 89 adds four new paragraphs, numbered 10 through 13, that were not present in the earlier version.
Paragraph 10 sets out timing rules for CCPs that are clearing members or clients of another CCP, or have indirect clearing arrangements, tying obligations to dates of 24 December 2024, 31 December 2023 and 25 December 2026, and paragraph 11 introduces a transitional use of alternative arrangements for information exchange until 25 December 2025 or a related announcement date.
Paragraph 12 imposes deadlines of 24 December 2024, 25 June 2025, 25 December 2026 and 25 June 2027 on CCPs with interoperability arrangements, while paragraph 13 provides a derogation concerning validation of pro forma models pending EBA's announcement of its central validation function, none of which appear in the earlier text of Article 89.
Cited: Art. 89, v2 (external, EUR-Lex) · Art. 89, 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 89
Transitional provisions
1. Until 18 June 2021, the clearing obligation set out in Article 4 shall not apply to OTC derivative contracts that are objectively measurable as reducing investment risks that directly relate to the financial solvency of pension scheme … 1,537 unchanged words … place between a third country and the Union as referred to in Article 75, a trade repository may make the necessary information available to the relevant authorities of that third country until 17 August 2013 provided that it notifies ESMA.10. Where a CCP is a clearing member or a client of another CCP, or has established indirect clearing arrangements, before 24 December 2024, it shall become subject to Article 26(1) on 25 December 2026.
By way of derogation from Article 37(1), a CCP can allow other CCPs or clearing houses that were its clearing members, directly or indirectly, as of 31 December 2023 to remain its clearing members until 25 December 2026 at the latest.
11. Until 25 December 2025 or 30 days after the announcement referred to in Article 17c(1), second subparagraph, whichever date is earlier, the exchange of information, the submission of information and documentation, and notifications that are required to use the central database shall be carried out through the use of alternative arrangements.
12. A CCP authorised under Article 14 that has entered into an interoperability arrangement in financial instruments other than transferable securities, as defined in Article 4(1), point (44), of Directive 2014/65/EU, and money-market instruments with another CCP authorised under Article 14 or a third-country CCP recognised under Article 25 before 24 December 2024 shall seek approval from its competent authorities in accordance with Article 54 before 25 December 2026.
An interoperability arrangement established between a CCP authorised under Article 14 and a CCP that is neither authorised under Article 14 or recognised under Article 25 shall be discontinued before 25 June 2025. If the CCP with which that interoperability arrangement is established becomes authorised under Article 14 or recognised under Article 25 before 25 June 2025, the CCPs that are party to that interoperability arrangement shall seek approval from their competent authorities in accordance with Article 54 before 25 June 2027.
13. By way of derogation from Article 11(3), fourth and fifth subparagraphs, and Article 11(12a), until EBA has publicly announced that it has set up its central validation function, the validation of pro forma models shall be carried out by competent authorities.
Amended by Regulation (EU) 2019/834 32019R0834 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2021/962 32021R0962 on EUR-Lex (external, EUR-Lex)
Applies from: no date changed
Explanation, written by a model and checked against the cited text
Paragraph 5a is rewritten from a rule tied to deadlines running from the entry into force of specified regulatory technical standards or a CCP authorisation/recognition decision, to a rule tied instead to the transitional period set out in Article 497 of Regulation (EU) No 575/2013.
The reporting obligation is now expressed as applying to a CCP referred to in that Article 497, requiring inclusion of the total amount of initial margin as defined in point (140) of Article 4(1) of Regulation (EU) No 575/2013, and is now conditioned on two separately listed conditions, that the CCP has no default fund and that it has no binding arrangement letting it use initial margin as pre-funded contributions, rather than being framed as a single combined condition.
The prior text's separate provision allowing a six-month extension of the deadlines by Commission implementing act under Article 497(3) of Regulation (EU) No 575/2013 is no longer present in the same form.
Cited: Art. 89, v1 (external, EUR-Lex) · Art. 89, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page
Amended by Regulation (EU) 2019/2099 32019R2099 on EUR-Lex (external, EUR-Lex)
Applies from: not readable (the text changed beyond its dates, so no date that moved can be read as the application date) why
dates added to the text: 2020-01-01
Explanation, written by a model and checked against the cited text
The revised text inserts three new paragraphs, 3a, 3b and 3c, after paragraph 3, none of which appeared in the earlier version.
Paragraph 3a restricts ESMA's exercise of its powers under Article 25(2a), (2b) and (2c) until certain delegated or implementing acts enter into force, paragraph 3b sets a four-month deadline for ESMA to establish a college under Article 25c for CCPs recognised before 1 January 2020, and paragraph 3c sets an 18-month deadline for ESMA to review recognition decisions under Article 25(1) and describes an adaptation period, extendable by up to six months, for CCPs reclassified as Tier 2.
All other paragraphs of Article 89, including paragraphs 1 through 3 and 4 through 9, remain unchanged between the two versions.
Cited: Art. 89, v2 (external, EUR-Lex) · Art. 89, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page
Amended by Regulation (EU) 2019/834 32019R0834 on EUR-Lex (external, EUR-Lex)
Applies from: not readable (the text changed beyond its dates, so no date that moved can be read as the application date) why
dates added to the text: 2018-08-17, 2019-06-16, 2021-06-18 · dates removed: 2018-08-16
Explanation, written by a model and checked against the cited text
The date until which the clearing obligation exemption for pension scheme arrangements applies was changed from 16 August 2018 to 18 June 2021, and the description of qualifying entities was reworded to drop the cross-reference to Article 2(10) and instead describe them directly.
A new second subparagraph was added to paragraph 1 stating that the clearing obligation does not apply to such OTC derivative contracts entered into by pension scheme arrangements from 17 August 2018 until 16 June 2019.
Cited: Art. 89, v1 (external, EUR-Lex) · Art. 89, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page
no amending act named
Applies from: 2018-08-16
dates added to the text: 2018-08-16 · dates removed: 2017-08-16
Explanation, written by a model and checked against the cited text
The date until which the clearing obligation exemption for pension scheme arrangements applies in paragraph 1 was changed from 16 August 2017 to 16 August 2018.
Cited: Art. 89, v1 (external, EUR-Lex) · Art. 89, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page
no amending act named
Applies from: not readable (the text changed beyond its dates, so no date that moved can be read as the application date) why
dates added to the text: 2017-08-16
Explanation, written by a model and checked against the cited text
Article 89(1) changes the description of the exemption period for the clearing obligation from a three-year period running from the entry into force of the Regulation to a fixed end date of 16 August 2017.
Cited: Art. 89, v1 (external, EUR-Lex) · Art. 89, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page
Amended by Directive 2014/59/EU 32014L0059 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2017/610 32017R0610 on EUR-Lex (external, EUR-Lex)
Applies from: not readable why
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Amended by Regulation (EU) No 1002/2013 32013R1002 on EUR-Lex (external, EUR-Lex) · Regulation (EU) No 575/2013 32013R0575 on EUR-Lex (external, EUR-Lex)
Applies from: no date changed
Explanation, written by a model and checked against the cited text
A new paragraph 5a has been inserted, setting deadlines of 15 months after the entry into force of the latest relevant regulatory technical standards, or an earlier decision under Article 14 or Article 25, by which a CCP applies the treatment described in the third subparagraph of that paragraph.
That new paragraph also specifies that, until those deadlines, a CCP without a default fund or without a binding arrangement to use clearing members' initial margin as pre-funded contributions reports the total amount of initial margin received from clearing members under Article 50c(1), and that the deadlines may be extended by six months through a Commission implementing act adopted under Article 497(3) of Regulation (EU) No 575/2013.
This paragraph 5a did not appear in the earlier version of Article 89.
Cited: Art. 89, v2 (external, EUR-Lex) · Art. 89, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, on this version's page