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Regulation (EU) No 648/2012 of the European Parliament and of the CouncilShow full title

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)

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  • Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
  • Art. 4 para. 3a replacement by EUR 2019/834 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 4(5A)(a)(i) words in Art. 4(5A)(a) renumbered as Art. 4(5A)(a)(i) by S.I. 2024/102 Sch. 2 para. 1(a)
  • Art. 4(5A)(a)(ii) and word inserted by S.I. 2024/102 Sch. 2 para. 1(b)
  • Art. 6(2)(b) words inserted by S.I. 2019/335 reg. 16(3)(a) (This amendment not applied to legislation.gov.uk. Reg. 16(3)(a) substituted (25.6.2020) by S.I. 2020/646, regs. 1(2)(c), 6(3))
  • Art. 9(1) words omitted by S.I. 2019/1416 reg. 29(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 29(2)(a) omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 67(2))
  • Art. 9(6) substituted by S.I. 2019/335 reg. 19(5) (This amendment not applied to legislation.gov.uk. Reg. 19(5) omitted (30.10.2019) by virtue of S.I. 2019/1416, regs. 1(2), 16)
  • Art. 10(2) word substituted by S.I. 2019/335 reg. 20(3) (This amendment not applied to legislation.gov.uk. Reg. 20(2) substituted (30.10.2019) by S.I. 2019/1416, regs. 1(2), 17(b))
  • Art. 17(3) words omitted by S.I. 2019/335 reg. 28(4) (This amendment not applied to legislation.gov.uk. Reg. 28(4) omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 6(4))
  • Art. 25(1) words substituted by S.I. 2018/1184 reg. 8(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(1) words substituted by S.I. 2018/1184 reg. 8(2)(b) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(2) words substituted by S.I. 2018/1184 reg. 8(3)(a) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(2)(a) words substituted by S.I. 2018/1184 reg. 8(3)(b) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(2)(d) words substituted by S.I. 2018/1184 reg. 8(3)(c) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(3) omitted by S.I. 2018/1184 reg. 8(4) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words inserted by S.I. 2018/1184 reg. 8(5)(c) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words inserted by S.I. 2018/1184 reg. 8(5)(e)(ii) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words omitted by S.I. 2018/1184 reg. 8(5)(d) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words substituted by S.I. 2018/1184 reg. 8(5)(a) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words substituted by S.I. 2018/1184 reg. 8(5)(b) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words substituted by S.I. 2018/1184 reg. 8(5)(e)(i) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4) words substituted by S.I. 2018/1184 reg. 8(5)(f) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(4A) inserted by S.I. 2018/1184 reg. 8(6) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(5) words inserted by S.I. 2018/1184 reg. 8(7)(c) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(5) words omitted by S.I. 2018/1184 reg. 8(7)(a) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(5) words substituted by S.I. 2018/1184 reg. 8(7)(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(5) words substituted by S.I. 2018/1184 reg. 8(7)(b)(ii) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(6) words substituted by S.I. 2018/1184 reg. 8(8)(a) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(6) words substituted by S.I. 2018/1184 reg. 8(8)(b) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(7) words substituted by S.I. 2018/1184 reg. 8(10)(a) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(7) words substituted by S.I. 2018/1184 reg. 8(10)(b) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(8) words omitted by S.I. 2018/1184 reg. 8(11)(b) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(8) words substituted by S.I. 2018/1184 reg. 8(11)(a)(i) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(8) words substituted by S.I. 2018/1184 reg. 8(11)(a)(ii) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • art. 25(9)(10) inserted by S.I. 2018/1184 reg. 8(12) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 39(8) words substituted by S.I. 2019/335 reg. 42 (This amendment not applied to legislation.gov.uk. Reg. 42 substituted immediately before IP completion day by S.I. 2020/1385, regs. 1(4), 52(4))
  • Art. 49(1) words omitted by S.I. 2019/335 reg. 50(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 50(2)(a) substituted (25.6.2020) by S.I. 2020/646, regs. 1(2)(c), 6(7)(a))
  • Art. 50a para. 2 replacement by EUR 2019/876 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 50b replacement by EUR 2019/876 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 50c para. 1 Point (e) repeal by EUR 2019/876 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 50c para. 1 Point (d) repeal by EUR 2019/876 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 50d Point (c) repeal by EUR 2019/876 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 78 para. 9 addition by EUR 2019/834 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 78 para. 10 addition by EUR 2019/834 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 80(5a) words omitted by S.I. 2019/1416 reg. 32 (This amendment not applied to legislation.gov.uk. Reg. 32 omitted immediately before IP completion day by virtue of S.I. 2020/1385, regs. 1(4), 67(4))
  • Art. 81(5) substituted by S.I. 2018/1318 reg. 3(c) (This amendment not applied to legislation.gov.uk. Reg. 3(c) omitted (30.10.2019) by virtue of S.I. 2019/1416, regs. 1(2), 8(b))
  • Art. 89 para. 5a replacement by EUR 2019/876 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)

Changes and effects yet to be applied to the whole legislation item and associated provisions

  • Art. 2(30)-(33) inserted by S.I. 2018/1184 reg. 7 (This amendment not applied to legislation.gov.uk. S.I. 2018/1184, reg. 7 substituted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 9)
  • Art. 4(1)(a)(v) words substituted by S.I. 2019/335 reg. 14(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 14(2)(a) substituted (30.10.2019) by S.I. 2019/1416, regs. 1(2), 14(a))
  • Art. 4(1)(a)(iv) words substituted by S.I. 2019/335 reg. 14(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 14(2)(a) substituted (30.10.2019) by S.I. 2019/1416, regs. 1(2), 14(a))
  • Art. 4(1)(b)(ii) words substituted by S.I. 2019/335 reg. 14(2)(b)(i) (This amendment not applied to legislation.gov.uk. Reg. 14(2)(b) omitted (30.10.2019) by virtue of S.I. 2019/1416, regs. 1(2), 14(b))
  • Art. 4(1)(b)(ii) words substituted by S.I. 2019/335 reg. 14(2)(b)(ii) (This amendment not applied to legislation.gov.uk. Reg. 14(2)(b) omitted (30.10.2019) by virtue of S.I. 2019/1416, regs. 1(2), 14(b))
  • Art. 10(1)(a) word omitted by S.I. 2019/335 reg. 20(2)(b) (This amendment not applied to legislation.gov.uk. Reg. 20(2) substituted (30.10.2019) by S.I. 2019/1416, regs. 1(2), 17(a))
  • Art. 10(1)(a) words omitted by S.I. 2019/335 reg. 20(2)(a) (This amendment not applied to legislation.gov.uk. Reg. 20(2) substituted (30.10.2019) by S.I. 2019/1416, regs. 1(2), 17(a))
  • Art. 25(6A) inserted by S.I. 2018/1184 reg. 8(9) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))
  • Art. 25(7)(c) words substituted by S.I. 2018/1184 reg. 8(10)(c) (This amendment not applied to legislation.gov.uk. Reg. 8 omitted (25.6.2020) by virtue of S.I. 2020/646, regs. 1(2)(c), 4(3))

  1. Introductory Text

  2. TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

    1. Article 1.Subject matter and scope

    2. Article 2.Definitions

    3. Article 2a.Equivalence decisions for the purposes of the definition of OTC derivatives

    4. Article 3.Intragroup transactions

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

    1. Article 4.Clearing obligation

    2. Article 4a.Financial counterparties that are subject to the clearing obligation

    3. Article 5.Clearing obligation procedure

    4. Article 6.Public register

    5. Article 6a.Suspension of the clearing obligation

    6. Article 6b.Risk reduction services

    7. Article 7.Access to a CCP

    8. Article 8.Access to a trading venue

    9. Article 9.Reporting obligation

    10. Article 10.Non-financial counterparties

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

    12. Article 12.Penalties

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

    14. Article 13a.Conditions for making technical standards

  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 23a.Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs

      3. Article 24.Emergency situations

    4. CHAPTER 3A CCP Supervisory Committee

      1. Article 24a.CCP Supervisory Committee

      2. Article 24b.Consultation of central banks of issue

      3. Article 24c.Decision making within the CCP Supervisory Committee

      4. Article 24d.Decision making within the Board of Supervisors

      5. Article 24e.Accountability

    5. CHAPTER 4 Relations with third countries

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

      2. Article 25a.Comparable compliance

      3. Article 25b.Ongoing compliance with the conditions for recognition

      4. Article 25c.Third-country CCP college

      5. Article 25d.Fees

      6. Article 25e.Exercise of the powers referred to in Articles 25f to 25h

      7. Article 25f.Request for information

      8. Article 25g.General investigations

      9. Article 25h.On-site inspections

      10. Article 25i.Procedural rules for taking supervisory measures and imposing fines

      11. Article 25j.Fines

      12. Article 25k.Periodic penalty payments

      13. Article 25l.Hearing of the persons concerned

      14. Article 25m.Disclosure, nature, enforcement and allocation of fines and periodic penalty payments

      15. Article 25n.Review by the Court of Justice

      16. Article 25o.Amendments to Annex IV

      17. Article 25p.Withdrawal of recognition

      18. Article 25q.Supervisory measures by ESMA

  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 authority

      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 71a.Publication and notification of decisions about registration of trade repositories

      19. Article 71b.Reference to the Tribunal

      20. Article 72.Supervisory fees

      21. Article 73.Supervisory measures by ESMA

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

    2. CHAPTER 2 Relations with third countries

      1. Article 75.Equivalence ...

      2. Article 76.Cooperation arrangements

      3. Article 76a.Mutual direct access to data

      4. 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 84a.Regulations

    2. Article 84b.FCA rules

    3. Article 84c.Bank of England rules

    4. Article 85.Reports and review

    5. Article 86.Committee procedure

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

    7. Article 88.Websites

    8. Article 89.Transitional provisions

    9. Article 89a.Further transitional provision

    10. Article 90.Staff and resources of ESMA

    11. Article 91.Entry into force

  11. Signature

    1. ANNEX I

      List of infringements referred to in Article 65(1)

    2. ANNEX II

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

    3. ANNEX III

      List of infringements referred to in Article 25j(1)

    4. ANNEX IV

      List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)

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