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Recital 3

Recital 3

(3)The operational obligation laid down in Article 7a(3), point (a) of Regulation (EU) No 648/2012 requires that the active account is permanently functional. For that purpose, the counterparties concerned should have in place the necessary legal and technical arrangements. To avoid unnecessary costs and burden for these counterparties, they should report to their competent authorities the documentation proving their compliance with the operational conditions, directly or indirectly via their clearing members, assessed in the context of their due diligence checks and their onboarding procedures when opening new clearing accounts.

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