Version in force , Modified +1,206 −600§
Amended by Regulation (EU) 2019/2033 32019R2033 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2021/558 32021R0558 on EUR-Lex (external, EUR-Lex) · Regulation (EU) 2020/873 32020R0873 on EUR-Lex (external, EUR-Lex)
Explanation, written by a model and checked against the cited text
The list of contracts and transactions covered by this Section has been narrowed and reworded: point (a) now refers to derivative contracts listed in Annex II and credit derivatives, point (b) now covers securities financing transactions and fully guaranteed deposit lending or borrowing transactions, point (c) retains long settlement transactions, and the former separate points on repurchase transactions, securities or commodities lending or borrowing transactions, and margin lending transactions no longer appear as distinct items.
A new passage has been added stating that this Section does not apply to exposures arising from settlement of cash transactions, and setting out that institutions shall apply the Title V treatment and a 0% risk weight to default fund contributions covering only those transactions, while applying Article 307 treatment to default fund contributions covering both listed contracts and cash transactions.
Paragraph 2, which previously let institutions choose between two treatments for QCCP exposures and paragraph 3, which set the treatment for non-qualifying CCP exposures, have been replaced by a new paragraph 2 listing three requirements concerning initial margin and mutualised loss sharing, and default fund contributions.
Cited: Art. 301, v1 (external, EUR-Lex) · Art. 301, v2 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
texts differ too much for an inline diff; shown separately
Previous version, in force 28 December 2020 02013R0575-20201228
Article 301 Material scope 1. This Section applies to the following contracts and transactions for as long as they are outstanding with a CCP: (a) the contracts listed in Annex II and credit derivatives; (b) repurchase transactions; (c) securities or commodities lending or borrowing transactions; (d) long settlement transactions; (e) margin lending transactions. 2. Institutions may choose whether to apply one of the following two treatments to the contracts and transactions outstanding with a QCCP listed in paragraph 1: (a) the treatment for trade exposures and exposures from default fund contributions set out in Article 306, except for the treatment set out in paragraph 1(b) of that Article, and in Article 307, respectively; (b) the treatment set out in Article 310. 3. Institutions shall apply the treatment set out in Article 306, except for the treatment set out in paragraph (1)(a) of that Article, and in Article 309, as applicable, to the contracts and transactions outstanding with a non-qualifying CCP listed in paragraph 1 of this Article.
this version, in force 28 June 2021 02013R0575-20210629
Article 301 Material scope 1. This Section applies to the following contracts and transactions, for as long as they are outstanding with a CCP: (a) the derivative contracts listed in Annex II and credit derivatives; (b) securities financing transactions and fully guaranteed deposit lending or borrowing transactions; and (c) long settlement transactions. This Section does not apply to exposures arising from the settlement of cash transactions. Institutions shall apply the treatment laid down in Title V to trade exposures arising from those transactions and a 0 % risk weight to default fund contributions covering only those transactions. Institutions shall apply the treatment set out in Article 307 to default fund contributions that cover any of the contracts listed in the first subparagraph of this paragraph in addition to cash transactions. 2. For the purposes of this Section, the following requirements shall apply: (a) the initial margin shall not include contributions to a CCP for mutualised loss sharing arrangements; (b) the initial margin shall include collateral deposited by an institution acting as a clearing member or by a client in excess of the minimum amount required respectively by the CCP or by the institution acting as a clearing member, provided the CCP or the institution acting as a clearing member may, in appropriate cases, prevent the institution acting as a clearing member or the client from withdrawing such excess collateral; (c) where a CCP uses the initial margin to mutualise losses among its clearing members, institutions that act as clearing members shall treat that initial margin as a default fund contribution.