Version in force , Modified +2,058 −1,483§
Amended by Regulation (EU) 2019/876 32019R0876 on EUR-Lex (external, EUR-Lex)
dates added to the text: 2019-06-27, 2021-06-28
Explanation, written by a model and checked against the cited text
The provision replaces the earlier rule, which let an institution treat both EU-authorised and third-country CCPs as QCCPs during transitional periods tied to the adoption of regulatory technical standards under Regulation (EU) No 648/2012, with a rule limited to third-country CCPs applying for recognition under Article 25 of that Regulation, defining the QCCP treatment window by reference to the submission date of the application and to specified fixed dates including 27 June 2019 and 28 June 2021.
The formula for calculating the own funds requirement in Article 308(2) for CCPs lacking a default fund or a binding margin-use arrangement is changed from the earlier expression based on IMi, IM and KCM to a new expression involving KCMi, KCCP, DFCCP, IMi and IM, with KCCP and DFCCP now defined by reference to Article 50c of Regulation (EU) No 648/2012 and IM by reference to Article 89(5a) of that Regulation.
The power for the Commission to extend the transitional provisions is changed from a six-month extension under Article 5 of Regulation (EU) No 182/2011 covering paragraphs 1 and 2 to a single twelve-month extension under the examination procedure referred to in Article 464(2), applying only to paragraph 1, and the former paragraph 4 on the same topic is no longer present in the same form.
Cited: Art. 497, v1 (external, EUR-Lex) · Art. 497, 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 26 April 2019 02013R0575-20190426
Article 497 Own funds requirements for exposures to CCPs 1. Until 15 months after the date of entry into force of the latest of the regulatory technical standards referred to in Articles 16, 25, 26, 29, 34, 41, 42, 44, 45, 47 and 49 of Regulation (EU) No 648/2012, or until a decision is made under Article 14 of that Regulation on the authorisation of the CCP, whichever is earlier, an institution may consider that CCP to be a QCCP, provided that the CCP was authorised in its Member State of establishment to provide clearing services in accordance with the national law of that Member State before all the regulatory technical standards in Articles 5, 8 to 11, 16, 18, 25, 26, 29, 34, 41, 42, 44, 45, 46, 47, 49, 56 and 81 of that Regulation have been adopted. 2. Until 15 months after the date of entry into force of the latest of the regulatory technical standards referred to in Articles 16, 26, 29, 34, 41, 42, 44, 45, 47 and 49 of Regulation (EU) No 648/2012, or until a decision is made under Article 25 of that Regulation on the recognition of the CCP established in a third country, whichever is earlier, an institution may consider that CCP to be a QCCP, 3. The Commission may adopt an implementing act under Article 5 of Regulation (EU) No 182/2011 extending the transitional provisions in paragraphs 1 and 2 of this Article by a further six months, in exceptional circumstances where it is necessary and proportionate to avoid disruption to international financial markets. 4. Until the deadlines defined in paragraphs 1 and 2, and extended under paragraph 3, as applicable, where a CCP neither has a default fund nor has in place a binding arrangement with its clearing members that allows it to use all or part of the initial margin received from its clearing members as if they were pre-funded contributions, an institution shall substitute the right formula for calculating the own funds requirement (Ki) in Article 308(2) with the following one:Ki1β NN 2 IMiIM KCM where IMi the initial margin posted to the CCP by clearing member i IM the total amount of initial margin communicated to the institution by the CCP.
this version, in force 27 June 2019 02013R0575-20190627
Article 497 Own funds requirements for exposures to CCPs 1. Where a third-country CCP applies for recognition in accordance with Article 25 of Regulation (EU) No 648/2012, institutions may consider that CCP as a QCCP from the date on which it submitted its application for recognition to ESMA and until one of the following dates: (a) where the Commission has already adopted an implementing act referred to in Article 25(6) of Regulation (EU) No 648/2012 in relation to the third country in which the CCP is established and that implementing act has entered into force, two years after the date of submission of the application; (b) where the Commission has not yet adopted an implementing act referred to in Article 25(6) of Regulation (EU) No 648/2012 in relation to the third country in which the CCP is established or where that implementing act has not yet entered into force, the earlier of the following dates: (i) two years after the date of entry into force of the implementing act; (ii) for CCPs that submitted the application after 27 June 2019, two years after the date of submission of the application; (iii) for those CCPs that submitted the application before 27 June 2019, 28 June 2021. 2. Until the expiration of the deadline referred to in paragraph 1 of this Article, where a CCP referred to in that paragraph does not have a default fund and does not have in place a binding arrangement with its clearing members that allows it to use all or part of the initial margin received from its clearing members as if they were pre-funded contributions, the institution shall substitute the formula for calculating the own funds requirement in Article 308(2) with the following one:KCMimaxKCCPIMiDFCCPIM ; 8 %2 %IMi where: KCMi the own funds requirement; KCCP the hypothetical capital of the QCCP communicated to the institution by the QCCP in accordance with Article 50c of Regulation (EU) No 648/2012; DFCCP the pre-funded financial resources of the CCP communicated to the institution by the CCP in accordance with Article 50c of Regulation (EU) No 648/2012; i the index denoting the clearing member; IMi the initial margin posted with the CCP by clearing member i; and IM the total amount of initial margin communicated to the institution by the CCP in accordance with Article 89(5a) of Regulation (EU) No 648/2012. 3. In exceptional circumstances, where it is necessary and proportionate in order to avoid disruption to international financial markets, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision to extend once, by 12 months, the transitional provisions set out in paragraph 1 of this Article.