Changes from plenary report to adopted text

Removed(ii) promptly inform ESMA of the establishment of recovery plans and resolution plans and any subsequent material changes to such plans in relation to aspects relevant for the Union or one or more of its Member States;

Removed(iii) promptly inform ESMA if a Tier 2 CCP intends to activate its recovery plan or where the third-country authorities have determined that there are indications of an emerging crisis situation that could affect the operations of that CCP, in particular, its ability to provide clearing services or where the third-country authorities envisage to take a resolution action in the near future.

Removed7c. Where ESMA considers that a third-country competent authority fails to apply any of the provisions laid down in a cooperation arrangement established in accordance with paragraphs 7, 7a and 7b, it shall inform the Commission thereof confidentially and without delay. In such a case, the Commission may decide to review the implementing act adopted in accordance with paragraph 6.’;

Removed(21a) in Article 25a paragraphs 1 and 2 are replaced by the following:

Removed‘1. A CCP referred to in Article 25(2b) may submit a reasoned request that ESMA assesses whether in its compliance with the applicable third-country framework, taking into account the provisions of the implementing act adopted in accordance with Article 25(6), that CCP may be deemed to satisfy the requirements laid down in Article 16 and Titles IV and V. ESMA shall immediately transmit the request to the third-country CCP college.

Removed2. The request referred to in paragraph 1 of this Article shall provide the factual basis for a finding of comparability and the reasons why compliance with the requirements applicable in the third country satisfies the requirements laid down in Article 16 and Titles IV and V. The Tier 2 CCP shall submit its reasoned request referred to under paragraph 1 in an electronic format via the central database referred to in Article 17c.

RemovedESMA shall grant comparable compliance, in part or in full, where it decides, based on the reasoned request submitted under paragraph 1 of this Article, that the Tier 2 CCP in its compliance with relevant requirements applicable in the third country is deemed compliant with the requirements laid down in Article 16 and Titles IV and V and thereby satisfies the requirement for recognition under Article 25(2b)(a).

RemovedESMA shall withdraw, in full or in relation to a particular requirement, comparable compliance, where the Tier 2 CCP no longer complies with the conditions for comparable compliance and where such a CCP has not taken the remedial action requested by ESMA within a set time frame. When determining the date of entry into effect of the decision to withdraw comparable compliance, ESMA shall endeavour to provide for an appropriate adaptation period which shall not exceed 6 months.

RemovedWhere comparable compliance is granted, ESMA shall continue to be responsible for carrying out its duties and perform its tasks under this Regulation, including under Articles 25 and 25b, and shall continue to exercise its powers referred to in Articles 25c to 25d, 25f to 25m and 25p to 25r.

RemovedWithout prejudice to ESMA’s ability to perform those tasks, where comparable compliance has been granted, ESMA shall agree administrative arrangements with the third-country authority in order to ensure an appropriate exchange of information and cooperation for ESMA to monitor comparable compliance on an ongoing basis.’

Removed(22) in Article 25b(1), the second subparagraph is replaced by the following:

Removed‘ESMA shall require from each Tier 2 CCP all of the following:

Removed(i) a confirmation, at least on a yearly basis, that the requirements referred to in Article 25(2b) points (a), (c) and (d), continue to be fulfilled;

Removed(ii) information and data on a regular basis to ensure ESMA is able to supervise those CCPs’ compliance with the requirements referred to in Article 25(2b), point (a).’;

Removed(22a) Article 25f is replaced by the following:

Removed“1. ESMA may require recognised CCPs and related third parties to whom those CCPs have outsourced operational functions or activities to provide all necessary information to enable ESMA to carry out its duties under this Regulation.

Removed2. The information referred to in paragraph 1 may be of a periodic or one-off nature.

Removed3. When requiring that information is provided under paragraph 1, ESMA shall indicate all of the following:

Removed(a) a reference to this Article as the legal basis of the request;

Removed(b) the purpose of the request;

Removed(c) the information required;

Removed(d) the time limit within which the information is to be provided;

Removed(e) where the information is of a periodic nature, the periodicity at which the information is to be provided;

Removed(f) the periodic penalty payments provided for in Article 25k where the production of the required information is incomplete;

Removed(g) the fine provided for in Article 25j in conjunction with point (a) of Section V of Annex III, for failing to provide the required information or where the answers to questions asked are incorrect or misleading.

Removed4. The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law or by their constitution, shall supply the information requested. Lawyers duly authorised to act may supply the information on behalf of their clients. Those clients shall remain fully responsible if the information supplied is incomplete, incorrect or misleading.

Removed5. ESMA shall, without delay, send a copy of the request to the relevant third-country competent authority where the persons referred to in paragraph 1 concerned by the request for information are domiciled or established.’

Removed(22b) the following article is inserted:

Removed’Article 25fa

RemovedPeriodic reporting by third-country CCPs

Removed1. Recognised CCPs shall report to ESMA the scope of their clearing activity on an annual basis, specifying at least all of the following:

Removed(a) the type of financial instruments or non-financial contracts cleared;

Removed(b) the values, volumes and margin posted over one year per currency and per asset class;

Removed(c) its annual global turnover resulting from the clearing services provided;

Removed(d) updated figures regarding the indicators of minimum exposure referred to in Article 6 Commission Delegated Regulation (EU) 2020/1303;

Removed(e) per clearing member established in the Union or part of a group subject to consolidated supervision in the Union:

Removed(i) the amount of margins collected;

Removed(ii) the default fund contributions;

Removed(iii) the largest payment obligation;

Removed(iv) the amount of total liquid financial resources committed to the CCP. 2. ESMA shall transmit the information to the Joint Monitoring Mechanism referred to in Article 23c.

Removed3. ESMA shall, after consulting the ESCB and the ESRB, develop draft regulatory technical standards further specifying the details and type of the reports as well as the methods and arrangements for reporting of the information to be provided in accordance with paragraph 1 of this Article, taking into account which information is already available to ESMA under the existing reporting framework, including under Article 9 of this Regulation.

RemovedESMA shall submit those draft regulatory technical standards to the Commission by … [12 months from the date of entry into force of this amending Regulation].

RemovedPower 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.

Removed4. To ensure uniform conditions of application of paragraph 2, ESMA shall develop draft implementing technical standards, in close cooperation with the ESCB, specifying the data standards and formats for the information to be reported.

RemovedIn developing those draft implementing technical standards, ESMA shall take into account international developments and standards agreed upon at Union or global level, and their consistency with the reporting requirements laid down in Article 9 of this Regulation.

RemovedESMA shall submit those draft implementing technical standards to the Commission by … [12 months from the date of entry into force of this amending Regulation].

RemovedPower is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’;

Removed(23) Article 25p(1) is amended as follows:

Removed(a) point (c) is replaced by the following;

Removed‘(c) the CCP concerned has seriously and systematically infringed any of the applicable requirements laid down in this Regulation or no longer complies with any of the conditions for recognition laid down in Article 25 and has not taken the remedial action requested by ESMA within an appropriate timeframe of up to a maximum of one year.’;

Removed(b) the following point is added:

Removed‘(f) the CCP concerned has not paid the applicable fees in accordance with Article 25d and has not remedied the situation within an appropriate timeframe set by ESMA.’;

Removed(24) the following Article 25r is inserted:

Removed‘Article 25r

RemovedPublic notice

RemovedWithout prejudice to Articles 25p and 25q, ESMA may issue a public notice where all of the following conditions have been fulfilled:

Removed(a) a third-country CCP has not paid the fees due under Article 25d or it has not paid fines due under Article 25j or periodic penalty payments due under Article 25k;

Removed(b) the CCP has not taken any remedial action requested by ESMA in any of the situations laid down in Article 25p(1), point (c) within an appropriately set timeframe of up to six months.’;

Removed(25) in Article 26(1), the first subparagraph is replaced by the following:

Removed‘1. A CCP shall have robust governance arrangements, which include a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures. Without prejudice to interoperability arrangements or investment activities for the purposes of Article 47, a CCP shall not be or become a clearing member, a client, or establish indirect clearing arrangements with a clearing member with the aim to undertake clearing activities at a CCP.’;