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Provision history · CRR

Art. 303 · Treatment of clearing members' exposures to CCPs

Capital Requirements Regulation · 32013R0575 · every version of this act · on EUR-Lex

2 changes recorded across 2 versions, newest first.

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Version in force Modified +513 −30

Amended by Regulation (EU) 2019/2033 32019R2033 on EUR-Lex · Regulation (EU) 2019/876 32019R0876 on EUR-Lex · Regulation (EU) 2021/558 32021R0558 on EUR-Lex · Regulation (EU) 2020/873 32020R0873 on EUR-Lex

Applies from: no date changed

Explanation, written by a model and checked against the cited text

The provision is now split into two numbered paragraphs instead of a single unnumbered sentence.

The calculation method changes from a single cross-reference to Article 301(2) and (3) to separate instructions applying Article 306 to trade exposures and Article 307 to default fund contributions.

A new second paragraph introduces a cap on the combined own funds requirements for trade exposures and default fund contributions to a QCCP, set equal to what would apply if the CCP were non-qualifying.

Cited: Art. 303, v2 · Art. 303, v1

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 303
Treatment of clearing members' exposures to CCPs
Where an institution acts as a clearing member, either for its own purposes or as a financial intermediary between a client and a CCP, it shall calculate the own funds requirements for its exposures to a CCP in accordance with Article 301(2) and (3).

this version, in force 28 June 2021 02013R0575-20210629

Article 303
Treatment of clearing members' exposures to CCPs
1. An institution that acts as a clearing member, either for its own purposes or as a financial intermediary between a client and a CCP, shall calculate the own funds requirements for its exposures to a CCP as follows:
(a) it shall apply the treatment set out in Article 306 to its trade exposures with the CCP;
(b) it shall apply the treatment set out in Article 307 to its default fund contributions to the CCP.
2. For the purposes of paragraph 1, the sum of an institution's own funds requirements for its exposures to a QCCP due to trade exposures and default fund contributions shall be subject to a cap equal to the sum of own funds requirements that would be applied to those same exposures if the CCP were a non-qualifying CCP.

Version detected Modified

no amending act named

Applies from: no date changed

Explanation, written by a model and checked against the cited text

The provision has been reduced from five numbered paragraphs to a single unnumbered paragraph, retaining only the text that previously formed paragraph 1 on calculating own funds requirements for a clearing member's exposures to a CCP in accordance with Article 301(2) and (3).

The former paragraphs 2 through 5, which addressed a clearing member's own funds requirements for CCP-related transactions with clients, a client's own funds requirements for transactions with a clearing member, an alternative calculation method with segregation and portability conditions, and the zero exposure value attribution for certain contractual arrangements, no longer appear in the text.

Cited: Art. 303, v1 · Art. 303, v2

v1 is the previous version, v2 this one.

Text from EUR-Lex, on this version's page