Version in force , Modified +350 −0§
Amended by Regulation (EU) 2023/2845 32023R2845 on EUR-Lex (external, EUR-Lex)
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The sources name different kinds of change — they agree this provision changed and disagree about how: the text comparison called it MODIFIED, the EU's own amendment metadata called it MODIFIED and the amending act's instructions called it INSERTED. No one kind of change is named by every source that found it. All are shown; none is overruled.
Explanation, written by a model and checked against the cited text
Two new paragraphs are added at the start of the article: one requiring CSDs that apply deferred net settlement to define the rules and procedures for that mechanism and for settling participants' net claims and obligations, and another requiring such CSDs to measure, monitor, manage and report to competent authorities the credit and liquidity risks arising from that mechanism.
The remaining text on ESMA's development of draft regulatory technical standards, the submission deadline, and the delegation of power to the Commission is unchanged between the two versions.
Cited: Art. 47a, v2 (external, EUR-Lex) · Art. 47a, v1 (external, EUR-Lex)
v1 is the previous version, v2 this one.
Text from EUR-Lex, before and after
Previous version, in force 17 January 2025 02014R0909-20250117 → this version, in force 17 January 2026 02014R0909-20260117
Article 47a Deferred net settlement 1. CSDs that apply deferred net settlement shall define the rules and procedures applicable to that mechanism and to the settlement of participants’ net claims and obligations. 2. CSDs that apply deferred net settlement shall measure, monitor, manage and report to the competent authorities the credit and liquidity risks arising from that mechanism. 3. ESMA shall, in close cooperation with EBA and the members of the ESCB, develop draft regulatory technical standards to specify the details of the measuring, monitoring, management and reporting of the credit and liquidity risks by CSDs in relation to deferred net settlement. ESMA shall submit those draft regulatory technical standards to the Commission by 17 January 2025. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.