Regulation (EU) 2021/23

means the administrative or supervisory board, or both, set up pursuant to national company law and in accordance with Article 27(2) of Regulation (EU) No 648/2012;

means capital as defined in point 25 of Article 2 of Regulation (EU) No 648/2012;

means a CCP as defined in point (1) of Article 2 of Regulation (EU) No 648/2012;

means a clearing member as defined in point 14 of Article 2 of Regulation (EU) No 648/2012;

means a client as defined in point 15 of Article 2 of Regulation (EU) No 648/2012;

means an authority designated by a Member State in accordance with Article 22 of Regulation (EU) No 648/2012;

means a covered bond as defined in point (1) of Article 3 of Directive (EU) 2019/2162 of the European Parliament and of the Council;

means the exercise of powers to require a CCP to take measures to remedy deficiencies in its recovery plan under Article 10(8) and (9), the exercise of powers to address or remove impediments to resolvability under Article 16, or the application of an early intervention measure under Article 18;

means activities, services or operations provided to third parties external to the CCP the discontinuance of which is likely to lead to the disruption of services that are essential to the real economy or to disrupt financial stability in one or more Member States due to the size, market share, external and internal interconnectedness, complexity or cross-border activities of a CCP, with particular regard to the substitutability of those activities, services or operations;

means bonds or other forms of unsecured transferable debt, instruments creating or acknowledging a debt, and instruments giving rights to acquire debt instruments;

means a scenario in which the CCP has declared in default:

means a default fund maintained by a CCP in accordance with Article 42 of Regulation (EU) No 648/2012;

means default waterfall in accordance with Article 45 of Regulation (EU) No 648/2012;

means a derivative as defined in point 5 of Article 2 of Regulation (EU) No 648/2012;

means the authority entrusted with the conduct of macroprudential policy referred to in Recommendation B1 of the Recommendation of the European Systemic Risk Board (ESRB) of 22 December 2011 on the macroprudential mandate of national authorities (ESRB/2011/3);

means State aid within the meaning of Article 107(1) of the Treaty on the Functioning of the European Union (TFEU), or any other public financial support at supra-national level, which, if provided for at national level, would constitute State aid, that is provided in order to preserve or restore the viability, liquidity or solvency of a CCP;

means contracts and agreements as defined in point 100 of Article 2(1) of Directive 2014/59/EU;

means a CCP, a central securities depository, a trade repository, a payment system or another system defined and designated by a Member State under point (a) of Article 2 of Directive 98/26/EC;

means a group as defined in point 16 of Article 2 of Regulation (EU) No 648/2012;

means an undertaking which has established indirect clearing arrangements with a clearing member within the meaning of the second subparagraph of Article 4(3) of Regulation (EU) No 648/2012;

means margins collected by the CCP to cover potential future exposure to clearing members providing the margin and, where relevant, interoperable CCPs in the interval between the last margin collection and the liquidation of positions following a default of a clearing member or of an interoperable CCP;

means shares, other instruments that confer ownership, instruments that are convertible into or give the right to acquire shares or other instruments of ownership, and instruments representing interests in shares or other instruments of ownership;

means a CCP with which an interoperability arrangement has been established;

means an FMI with which the CCP has entered into contractual arrangements, including interoperability arrangements;

means an arrangement under which a number of claims or obligations can be converted into a single net claim, including a close-out netting arrangement under which, on the occurrence of an enforcement event (however or wherever defined), the obligations of the parties are accelerated so as to become immediately due or are terminated, and in either case are converted into or replaced by a single net claim, including a close-out netting provision as defined in point (n)(i) of Article 2(1) of Directive 2002/47/EC of the European Parliament and of the Council and netting as defined in point (k) of Article 2 of Directive 98/26/EC;

means a scenario in which losses are incurred by a CCP for any reason other than a default event, including but not limited to, business, custody, investment, legal or operational failures or fraud, including failures resulting from cyber-attacks;

means collective insolvency proceedings which entail the partial or total divestment of a debtor and the appointment of a liquidator or an administrator normally applicable to CCPs under national law and either specific to those institutions or generally applicable to any natural or legal person;

means a parent undertaking as defined in point (15)(a) of Article 4(1) of Regulation (EU) No 575/2013;

means resources which are held by and freely available to the relevant legal person;

means a request for cash resources, other than a resolution cash call, to be provided by clearing members to the CCP, additional to pre-funded resources, based on contractual arrangements laid out in the operating rules of the CCP;

means a recovery plan drawn up and maintained by a CCP in accordance with Article 9;

means the resolution authorities, competent authorities or competent ministries designated in accordance with this Regulation or pursuant to Article 3 of Directive 2014/59/EU or other authorities in Member States with powers in relation to assets, rights, obligations or liabilities of third-country CCPs providing clearing services in their jurisdiction;

means a third-country authority responsible for carrying out functions comparable to those of resolution authorities or competent authorities pursuant to this Regulation.

means a decision to place a CCP under resolution pursuant to Article 22, the application of a resolution tool, or the exercise of one or more resolution powers;

means an authority designated by a Member State in accordance with Article 3;

means a request for cash resources to be provided by clearing members to the CCP, additional to pre-funded resources, based on statutory powers available to a resolution authority in accordance with Article 31;

means the college established pursuant to Article 4;

means a resolution plan for a CCP drawn up in accordance with Article 12;

means any of the powers laid down in Articles 48 to 58;

means a resolution tool as set out in Article 27(1);

means the person or persons who effectively direct the business of the CCP, and the executive member or members of the board;

means an arrangement under which two or more claims or obligations owed between the CCP under resolution and a counterparty can be set off against each other;

means the college referred to in Article 18(1) of Regulation (EU) No 648/2012;

means a right to terminate a contract, a right to accelerate, close out, set-off or net obligations or any similar provision that suspends, modifies or extinguishes an obligation of a party to the contract or a provision that prevents an obligation under the contract from arising that would otherwise arise;

means a CCP the head office of which is established in a third country;

means an action under the law of a third country to manage the failure of a third-country CCP that is comparable, in terms of objectives and anticipated results, to resolution actions under this Regulation;

means a title transfer financial collateral arrangement as defined in point (b) of Article 2(1) of Directive 2002/47/EC;

means a trade repository as defined in point 2 of Article 2 of Regulation (EU) No 648/2012 or in point 1 of Article 3 of Regulation (EU) 2015/2365 of the European Parliament and of the Council;

means a trading venue as defined in point 4 of Article 2 of Regulation (EU) No 648/2012;

means the powers specified in point (c) and (d) of Article 48(1) to transfer shares, other instruments of ownership, debt instruments, assets, rights, obligations or liabilities, or any combination of those items from a CCP under resolution to a recipient;

means the framework established by Articles 107, 108 and 109 TFEU and regulations and all Union acts, including guidelines, communications and notices, made or adopted pursuant to Article 108(4) or Article 109 TFEU;

means margins collected or paid out to reflect current exposures resulting from actual changes in market prices;