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Version · MiFIR

Version in force

Made by Regulation (EU) 2021/23 32021R0023 on EUR-Lex

Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (Text with EEA relevance)

Version 4 of 11 recorded for MiFIR.

First seen by emendrix on , when it first read this version; that is not a legal date.

1 change in this version

  • All explained

What these mean

Consolidated versions 02014R0600-20200326 → 02014R0600-20200704. v1 is the previous version, v2 this one.

Everything Regulation (EU) 2021/23 changed · also changed SFTR, SRMR, EMIR, ESMA Regulation

What changed

Art. 54 Transitional provisions Modified

+46 −86 characters · 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: 2021-02-11, 2021-07-03 · dates removed: 2020-07-03

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

The deadline by which a CCP or trading venue may apply to its competent authority for permission to use transitional arrangements is changed from a reference to the entry into application of the Regulation to a fixed date of 11 February 2021.

The end date of the transitional period during which Article 35 or 36 would not apply is changed from 3 July 2020 to 3 July 2021.

The wording describing what happens once a transitional period is approved is rephrased from stating that the CCP or trading venue cannot benefit from the access rights to stating that it shall not benefit from them, with minor phrasing adjustments elsewhere in the paragraph.

Cited: Art. 54, v2 · Art. 54, v1

v1 is the previous version, v2 this one.

Text from EUR-Lex, before and after

Previous version, in force 26 March 2020 02014R0600-20200326 → this version, in force 4 July 2020 02014R0600-20200704

Article 54 Transitional provisions 1. Third-country firms shall be able to continue to provide services and activities in Member States, in accordance with national regimes until three years after the adoption by the Commission of a decision in relation to the relevant third country in accordance with Article 47. 2. If the Commission assesses that there is not a no need to exclude exchange-traded derivatives from the scope of Articles 35 and 36 in accordance with Article 52(12), a CCP or a trading venue may, before the entry into application of this Regulation, 11 February 2021, apply to its competent authority for permission to avail itself of transitional arrangements. The competent authority, taking into account the risks resulting from the application of the access rights under Article 35 or 36 as regards exchange-traded derivatives to the orderly functioning of the relevant CCP or trading venue, may decide that Article 35 or 36 would not apply to the relevant CCP or trading venue, respectively, in respect of exchange-traded derivatives, for a transitional period until 3 July 2020. 2021. Where such a transitional period is approved, the CCP or trading venue cannot shall not benefit from the access rights under Article 35 or 36, as regards exchange-traded derivatives for the duration of that transitional period. The competent authority shall notify ESMA, and ESMA and, in the case of a CCP CCP, the college of competent authorities for that CCP, when a transitional period is approved. Where a CCP which has been approved for the transitional arrangements, is connected by close links to one or more trading venues, those trading venues shall not benefit from access rights under Article 35 or 36 for exchange-traded derivatives for the duration of that transitional period. Where a trading venue, which has been approved for the transitional arrangements, is connected by close links to one or more CCPs, those CCPs shall not benefit from access rights under Article 35 or 36 for exchange-traded derivatives for the duration of that transitional period.

The full entry is committed at eu/32014R0600/CHANGELOG.md.