Contents
- 1. A CCP established in a third country may only provide clea…1 change
- 2. ESMA, after consulting the authorities referred to in para…3 changes
- 2a. ESMA shall, after consulting the ESRB and the central bank…1 change
- 2b. Where ESMA determines a CCP to be systemically important o…1 change
- 2c. ESMA, after consulting the ESRB and in agreement with the…1 change
- 3. When assessing whether the conditions referred to in point…2 changes
- 4. The CCP referred to in paragraph 1 shall submit its applic…3 changes
- 5. ESMA shall, after consulting the authorities and entities…2 changes
- 6. The Commission may adopt an implementing act under Article…2 changes
- 6a. The Commission may adopt a delegated act in accordance wit…1 change
- 6b. ESMA shall monitor the regulatory and supervisory developm…1 change
- 7. ESMA shall establish effective cooperation arrangements wi…3 changes
- 7a. Where ESMA has not yet determined the tiering of a CCP or…1 change
- 7b. Where ESMA has determined that at least one CCP in a relev…1 change
- 7c. Where ESMA considers that a third-country competent author…1 change
- 8. In order to ensure consistent application of this Article,…
2a.ESMA shall, after consulting the ESRB and the central banks of issue referred to in point (f) of paragraph 3, determine whether a third-country CCP is systemically important or likely to become systemically important for the financial stability of the Union or of one or more of its Member States (Tier 2 CCP) by taking into account all of the following criteria:
(a)the nature, size and complexity of the CCP's business in the Union, and outside the Union to the extent its business may have a systemic impact on the Union or on one or more of its Member States, including:
(i)the value in aggregate terms and in each Union currency of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its clearing members and, to the extent the information is available, their clients and indirect clients established in the Union, including where they have been designated by Member States as other systemically important institutions (O-SIIs) pursuant to Article 131(3) of Directive 2013/36/EU; and
(ii)the risk profile of the CCP in terms of, amongst others, legal, operational and business risk;
(b)the effect that the failure of or a disruption to the CCP would have on:
(i)financial markets, including the liquidity of the markets served;
(ii)financial institutions;
(iii)the broader financial system; or
(iv)the financial stability of the Union or of one or more of its Member States;
(e)the CCP's relationships, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system to the extent that that is likely to have an impact on the financial stability of the Union or one or more of its Member States.
The Commission shall adopt a delegated act in accordance with Article 82 to specify further the criteria set out in the first subparagraph by 2 January 2021.Without prejudice to the outcome of the recognition process, ESMA shall, after conducting the assessment referred to in the first subparagraph, inform the applicant CCP whether or not it is considered to be a Tier 1 CCP within 30 working days of the determination that that CCP's application is complete in accordance with the second subparagraph of paragraph 4.
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