Changes from plenary report to adopted text

Removed▌, to all documents registered within the database for that CCP. The CCP shall submit the application referred to in Article 14, Article 15(1), second subparagraph, point (a), and Article 49 via that database.

RemovedQuestions submitted by ESMA and the members of the college during the risk assessment period referred to in Article 17(3a) shall be included in the central database.

RemovedThe registered recipients shall upload promptly all documents they receive from the CCP in relation to an application pursuant to paragraph 1 and the central database shall automatically inform the registered recipients when changes have been made to its content. The central database shall contain all documents provided by an applicant CCP under paragraph 1 and all other documents relevant for the assessment by the CCP’s competent authority, ESMA and the college.

RemovedMembers of the CCP Supervisory Committee shall also have access to the central database for the performance of their tasks pursuant to Article 24a(7). The Chair of the CCP Supervisory Committee may limit access to some of the documents for the members of the CCP Supervisory Committee referred to in Article 24a, points (c) and (d)(ii), where justified based on confidentiality concerns.’;

Removed(12) the following Articles 17a and 17b are inserted:

Removed‘Article 17a

RemovedNon-objection procedure for granting a request for extension of activities or services

Removed1. The non-objection procedure shall apply to non-material changes to a CCP’s existing authorisation in any of the following cases where the proposed additional clearing service or activity does one or more of the following:

Removed▌

Removed(a) adds a new ▌ currency to a class of financial instruments already covered by the CCP’s authorisation for which the CCP does not have in place the relevant payment facility;

Removed(b) offers a new settlement or delivery mechanism or service which involves establishing links with a different securities settlement system, central security depositories or payment system that the CCP did not previously use;

Removed(c) offers contracts that cannot be liquidated in the same manner, such as via direct offer or auction, or together with contracts already cleared by the CCP.

Removed2. The proposed additional clearing service or activity shall be considered a material change and subject to the procedure set out in Article 17 where it results in the CCP doing any of the following:

Removed(a) ▌significantly adapting its operational structure, at any point in the contract cycle:

Removed(b) ▌offering a service or performing an activity relating to a new class of financial instruments or a new type of products or a new type of transactions;

Removed(c) offering a service or performing an activity for contracts traded on a trading venue, where the CCP was previously providing a service or performing an activity for those contracts traded on a bilateral basis only;

Removed(d) offering a service or performing an activity for contracts traded on a bilateral basis, where the CCP was previously providing a service or performing an activity for those contracts on a trading venue only;

Removed(e) taking into account material new contract specifications, such as a new option exercise styles within a category of contracts;

Removed(f) the introduction of materially new risks, linked to the different characteristics of the assets referenced.

Removed2a. ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards further specifying the criteria referred to in paragraphs 1 and 2.

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 adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. (AM 366 and 373 Lalucq, et al.; AM 374 Gruffat)

Removed2b. Where a proposed additional clearing service or activity meets a condition under paragraph 1 of this Article at the same it meets a condition under paragraph 2 of this Article, the procedure set out in Article 17 shall apply.

Removed3. A CCP that submits a request for extension requesting that the non-objection procedure be applied, shall demonstrate why the proposed extension of its business to additional clearing services or activities qualifies under paragraphs 1 or 2 to be assessed under the non-objection procedure. The CCP shall submit its application in an electronic format via the central database referred to in Article 17(7) and shall provide all information necessary to demonstrate that it has established, at the time of authorisation, all the necessary arrangements to meet the relevant requirements laid down in this Regulation.

RemovedA CCP that applies for an extension of its authorisation requesting that the non-objection procedure be applied and the proposed additional clearing services or activities fall within the scope of paragraph 1, may start clearing such additional financial instruments or non-financial instruments suitable for clearing before the decision of the CCP’s competent authority pursuant to paragraph 4.

Removed4. Where ESMA, after considering the input of the college, has not expressed its objection to the CCP’s proposed additional services or activities within 10 working days of receipt of the application, the authorisation shall be deemed granted.

Removed5. The CCP requesting the extension of activities and services in accordance with Article 15 shall not be permitted to start the new activity or service that has been requested before the authorisation is deemed granted.

Removed6. The Commission is empowered to adopt delegated acts in accordance with Article 82 to supplement this Regulation by specifying any changes to the list of non-material changes listed under paragraph 1, where such a change would not bring an increased risk to the CCP.

RemovedProcedure for seeking the opinion from ▌ the college

Removed1. Where it intends to adopt a decision in relation to Article 20, 21, 30, 31, 32, 35, 41, 49, 51 or 54, ESMA shall submit in electronic format via the central database referred to in Article 17(7) a request for an opinion by the college pursuant to this Article and Article 19.

Removed▌ The request for an opinion referred to in the first subparagraph, together with all relevant documents, shall be shared immediately with the members of the college.

Removed2. Unless otherwise specified under the relevant Article, ESMA and the college shall, within 30 working days of receipt of the request referred to in paragraph 1 (‘the assessment period’), assess the CCP’s compliance with the respective requirements. By the end of the assessment period , ESMA shall transmit its draft decision to the CCP’s competent authority and the college, and the college shall adopt an opinion pursuant to Article 19 and transmit it to ESMA and the CCP’s competent authority. The college may include in its opinion any conditions or recommendations that it considers necessary to mitigate any shortcomings in the CCP's risk management.

Removed▌

Removed3. Within 10 working days of receipt of the▌ college opinion, ESMA shall, after duly considering the opinions of ▌ the college, including any conditions or recommendations contained therein, adopt its decision and transmit it to the CCP's competent authority and the college.

RemovedWhere ESMA does not agree with the opinion of ESMA or the college, including any conditions or recommendations contained therein, its decision shall contain full reasons and an explanation of any significant deviation from that opinion or conditions or recommendations.

Removed▌

Removed(12 a) the following article is inserted:

Removed‘Article 17ba

RemovedProcedures for implementation by CCPs of 'business as usual' changes

Removed1. After having duly notified its intentions to ESMA, a CCP shall be able to directly implement any change to its services or activities without being subject to the procedures referred to in Articles 17 and 17a, where such a change does not qualify as material pursuant to Article 17 or as non-material pursuant to Article 17a(1).2. The changes implemented by a CCP in accordance with this Article shall be subject to review and evaluation in accordance with Article 21. In addition, ESMA shall regularly review the implementation by CCPs of changes that meet the requirements of paragraph 1 of this Article and report to the college of each CCP in the Union on their appropriateness.’

Removed(13) Article 18 is amended as follows:

Removed(a) paragraph 1 is replaced by the following:

Removed‘1. Within 30 calendar days of the submission of a complete application in accordance with Article 17, ESMA shall establish a college to facilitate the exercise of the tasks referred to in Articles 15, 17 , 20, 21, 30, 31, 32, 35, 41, 49, 51 and 54.’;

Removed(b) in paragraph 2, point (a) is replaced by the following:

Removed‘(a) the Chair or any of the independent members of the CCP Supervisory Committee referred to in Article 24a(2), points (a) and (b), who shall manage and chair the college;’;

Removed(b a) in paragraph 4, the following subparagraph is added:

Removed"For the purpose of adding points to the agenda, the members of the college shall consider the outcome of the work carried out by the Joint Monitoring Mechanism."

Removed(14) Article 19 is amended as follows:

Removed(a) paragraph 1 is replaced by the following:

Removed‘1. Where the college is required to give an opinion pursuant to this Regulation, it shall reach a joint opinion determining whether the CCP complies with all the requirements laid down in this Regulation.

RemovedIf no joint opinion is reached in accordance with the first subparagraph, the college shall adopt a majority opinion within the same period.’;

Removed(b) in paragraph 3, the fourth subparagraph is replaced by the following:

Removed‘The members of the college referred to in Article 18(2), points (ca) and (i), shall have no voting rights on the opinions of the college.’;

Removed(c) paragraph 4 is deleted;

Removed(15) ▌Article 20 is replaced by the following:

Removed‘1. Without prejudice to Article 22(3), ESMA shall withdraw authorisation where the CCP:

Removed(a) has not made use of the authorisation in full or in part within 12 months, expressly renounces the authorisation or has provided no services or performed no activity for the preceding six months;

Removed(b) has obtained authorisation by making false statements or by any other irregular means;

Removed(c) is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial action requested by ESMA within a set time frame; or

Removed(d) has seriously and systematically infringed any of the requirements laid down in this Regulation.