Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (Text with EEA relevance) (c. 648)

1. Introductory Text

2. TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

   1. Article 1. Subject matter and scope

   2. Article 2. Definitions

   3. Article 3. Intragroup transactions

3. TITLE II CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES

   1. Article 4. Clearing obligation

   2. Article 5. Clearing obligation procedure

   3. Article 6. Public register

   4. Article 7. Access to a CCP

   5. Article 8. Access to a trading venue

   6. Article 9. Reporting obligation

   7. Article 10. Non-financial counterparties

   8. Article 11. Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP

   9. Article 12. Penalties

   10. Article 13. Mechanism to avoid duplicative or conflicting rules

4. TITLE III AUTHORISATION AND SUPERVISION OF CCPs

   1. CHAPTER 1 Conditions and procedures for the authorisation of a CCP

      1. Article 14. Authorisation of a CCP

      2. Article 15. Extension of activities and services

      3. Article 16. Capital requirements

      4. Article 17. Procedure for granting and refusing authorisation

      5. Article 18. College

      6. Article 19. Opinion of the college

      7. Article 20. Withdrawal of authorisation

      8. Article 21. Review and evaluation

   2. CHAPTER 2 Supervision and oversight of CCPs

      1. Article 22. Competent authority

   3. CHAPTER 3 Cooperation

      1. Article 23. Cooperation between authorities

      2. Article 24. Emergency situations

   4. CHAPTER 4 Relations with third countries

      1. Article 25. Recognition of a third-country CCP

5. TITLE IV REQUIREMENTS FOR CCPs

   1. CHAPTER 1 Organisational requirements

      1. Article 26. General provisions

      2. Article 27. Senior management and the board

      3. Article 28. Risk committee

      4. Article 29. Record keeping

      5. Article 30. Shareholders and members with qualifying holdings

      6. Article 31. Information to competent authorities

      7. Article 32. Assessment

      8. Article 33. Conflicts of interest

      9. Article 34. Business continuity

      10. Article 35. Outsourcing

   2. CHAPTER 2 Conduct of business rules

      1. Article 36. General provisions

      2. Article 37. Participation requirements

      3. Article 38. Transparency

      4. Article 39. Segregation and portability

   3. CHAPTER 3 Prudential requirements

      1. Article 40. Exposure management

      2. Article 41. Margin requirements

      3. Article 42. Default fund

      4. Article 43. Other financial resources

      5. Article 44. Liquidity risk controls

      6. Article 45. Default waterfall

      7. Article 46. Collateral requirements

      8. Article 47. Investment policy

      9. Article 48. Default procedures

      10. Article 49. Review of models, stress testing and back testing

      11. Article 50. Settlement

   4. CHAPTER 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013

      1. Article 50a. Calculation of K CCP

      2. Article 50b. General rules for the calculation of K CCP

      3. Article 50c. Reporting of information

      4. Article 50d. Calculation of specific items to be reported by the CCP

6. TITLE V INTEROPERABILITY ARRANGEMENTS

   1. Article 51. Interoperability arrangements

   2. Article 52. Risk management

   3. Article 53. Provision of margins among CCPs

   4. Article 54. Approval of interoperability arrangements

7. TITLE VI REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES

   1. CHAPTER 1 Conditions and procedures for registration of a trade repository

      1. Article 55. Registration of a trade repository

      2. Article 56. Application for registration

      3. Article 57. Notification of and consultation with competent authorities prior to registration

      4. Article 58. Examination of the application

      5. Article 59. Notification of ESMA decisions relating to registration

      6. Article 60. Exercise of the powers referred to in Articles 61 to 63

      7. Article 61. Request for information

      8. Article 62. General investigations

      9. Article 63. On-site inspections

      10. Article 64. Procedural rules for taking supervisory measures and imposing fines

      11. Article 65. Fines

      12. Article 66. Periodic penalty payments

      13. Article 67. Hearing of the persons concerned

      14. Article 68. Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

      15. Article 69. Review by the Court of Justice

      16. Article 70. Amendments to Annex II

      17. Article 71. Withdrawal of registration

      18. Article 72. Supervisory fees

      19. Article 73. Supervisory measures by ESMA

      20. Article 74. Delegation of tasks by ESMA to competent authorities

   2. CHAPTER 2 Relations with third countries

      1. Article 75. Equivalence and international agreements

      2. Article 76. Cooperation arrangements

      3. Article 77. Recognition of trade repositories

8. TITLE VII REQUIREMENTS FOR TRADE REPOSITORIES

   1. Article 78. General requirements

   2. Article 79. Operational reliability

   3. Article 80. Safeguarding and recording

   4. Article 81. Transparency and data availability

   5. Article 82. Exercise of the delegation

9. TITLE VIII COMMON PROVISIONS

   1. Article 83. Professional secrecy

   2. Article 84. Exchange of information

10. TITLE IX TRANSITIONAL AND FINAL PROVISIONS

    1. Article 85. Reports and review

    2. Article 86. Committee procedure

    3. Article 87. Amendment to Directive 98/26/EC

    4. Article 88. Websites

    5. Article 89. Transitional provisions

    6. Article 90. Staff and resources of ESMA

    7. Article 91. Entry into force

11. Signature

12. 1. ANNEX I

       List of infringements referred to in Article 65(1)

       1. Infringements relating to organisational requirements or conflicts of interest: a...

    2. ANNEX II

       List of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)

       1. The following coefficients shall be applicable, cumulatively, to the basic...

       2. Adjustment coefficients linked to aggravating factors: if the infringement has...