What changes on 15/06/2016

The text in force from 15/03/2013 compared with the text from 15/06/2016, which includes the changes made by Commission Delegated Regulation (EU) 2016/822.

Read the act as of 15/06/2016 · other versions: 29/11/2022 · 07/03/2024

Chapter I

• amended Article 1 - Definitions

Chapter II

• amended Article 2 - Information to be provided to ESMA for the recognition of a CCP

Chapter III

• amended Article 3 - Governance arrangements
• amended Article 4 - Risk management and internal control mechanisms
• amended Article 5 - Compliance policy and procedures
• amended Article 6 - Compliance function
• amended Article 7 - Organisational structure and separation of the reporting lines
• amended Article 8 - Remuneration policy
• amended Article 9 - Information technology systems
• amended Article 10 - Disclosure
• amended Article 11 - Internal auditing

Chapter IV

• amended Article 12 - General requirements
• amended Article 13 - Transaction records
• amended Article 14 - Position records
• amended Article 15 - Business records

Chapter V

• amended Article 17 - Strategy and policy
• amended Article 18 - Business impact analysis
• amended Article 19 - Disaster recovery
• amended Article 20 - Testing and monitoring
• amended Article 21 - Maintenance
• amended Article 22 - Crisis management
• amended Article 23 - Communication

Chapter VI

• amended Article 24 - Percentage
• amended Article 25 - Time horizon for the calculation of historical volatility
• amended Article 26 - Time horizons for the liquidation period
• amended Article 27 - Portfolio margining
• amended Article 28 - Procyclicality

Chapter VII

• amended Article 29 - Framework and governance
• amended Article 30 - Identifying extreme but plausible market conditions

Chapter VIII

• amended Article 32 - Assessment of liquidity risk
• amended Article 33 - Access to liquidity
• amended Article 34 - Concentration risk

Chapter IX

• amended Article 35 - Calculation of the amount of the CCP’s own resources to be used in the default waterfall
• amended Article 36 - Maintenance of the amount of the CCP’s own resources to be used in the default waterfall

Chapter X

• amended Article 38 - Cash collateral
• amended Article 40 - Valuing collateral
• amended Article 41 - Haircuts
• amended Article 42 - Concentration limits

Chapter XI

• amended Article 44 - Highly secured arrangements for the deposit of financial instruments
• amended Article 45 - Highly secured arrangements maintaining cash
• amended Article 45 - Concentration limits

Chapter XII › Section 1

• amended Article 47 - Model Validation
• amended Article 48 - Testing programmes

Chapter XII › Section 2

• amended Article 49 - Back testing procedure

Chapter XII › Section 3

• amended Article 50 - Sensitivity testing and analysis procedure

Chapter XII › Section 4

• amended Article 51 - Stress testing procedure
• amended Article 52 - Risk factors to stress test
• amended Article 53 - Stress testing total financial resources
• amended Article 54 - Stress testing liquid financial resources

Chapter XII › Section 5

• amended Article 55 - Maintaining sufficient coverage
• amended Article 56 - Review of models using test results

Chapter XII › Section 6

• amended Article 57 - Reverse stress tests

Chapter XII › Section 7

• amended Article 58 - Testing default procedures

Chapter XII › Section 8

• amended Article 59 - Frequency

Chapter XII › Section 9

• amended Article 60 - The time horizons

Chapter XII › Section 10

• amended Article 61 - Information to be publicly disclosed
• amended Article 62 - Entry into force and application

Outside any heading

• amended Annex I - Conditions applicable to financial instruments, bank guarantees and gold considered as highly liquid collateral
• amended Annex II - Conditions applicable to highly liquid financial instruments