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Commission Delegated Regulation (EU) No 153/2013Show full title

Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance)

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EUR 2013 No. 153 may be subject to amendment by EU Exit Instruments made by the Bank of England under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 3. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.

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  1. Introductory Text

  2. CHAPTER I GENERAL

    1. Article 1.Definitions

  3. CHAPTER II RECOGNITION OF THIRD COUNTRY CCPs

    1. Article 2.Information to be provided to ESMA for the recognition of a CCP

  4. CHAPTER III ORGANISATIONAL REQUIREMENTS

    1. Article 3.Governance arrangements

    2. Article 4.Risk management and internal control mechanisms

    3. Article 5.Compliance policy and procedures

    4. Article 6.Compliance function

    5. Article 7.Organisational structure and separation of the reporting lines

    6. Article 8.Remuneration policy

    7. Article 9.Information technology systems

    8. Article 10.Disclosure

    9. Article 11.Internal auditing

  5. CHAPTER IV RECORD KEEPING

    1. Article 12.General requirements

    2. Article 13.Transaction records

    3. Article 14.Position records

    4. Article 15.Business records

    5. Article 16.Records of data reported to a trade repository

  6. CHAPTER V BUSINESS CONTINUITY

    1. Article 17.Strategy and policy

    2. Article 18.Business impact analysis

    3. Article 19.Disaster recovery

    4. Article 20.Testing and monitoring

    5. Article 21.Maintenance

    6. Article 22.Crisis management

    7. Article 23.Communication

  7. CHAPTER VI MARGINS

    1. Article 24.Percentage

    2. Article 25.Time horizon for the calculation of historical volatility

    3. Article 26.Time horizons for the liquidation period

    4. Article 27.Portfolio margining

    5. Article 28.Procyclicality

  8. CHAPTER VII DEFAULT FUND

    1. Article 29.Framework and governance

    2. Article 30.Identifying extreme but plausible market conditions

    3. Article 31.Reviewing extreme but plausible scenarios

  9. CHAPTER VIII LIQUIDITY RISK CONTROLS

    1. Article 32.Assessment of liquidity risk

    2. Article 33.Access to liquidity

    3. Article 34.Concentration risk

  10. CHAPTER IX DEFAULT WATERFALL

    1. Article 35.Calculation of the amount of the CCP’s own resources to be used in the default waterfall

    2. Article 36.Maintenance of the amount of the CCP’s own resources to be used in the default waterfall

  11. CHAPTER X COLLATERAL

    1. Article 37.General requirements

    2. Article 38.Cash collateral

    3. Article 39.Financial instruments

    4. Article 40.Valuing collateral

    5. Article 41.Haircuts

    6. Article 42.Concentration limits

  12. CHAPTER XI INVESTMENT POLICY

    1. Article 43.Highly liquid financial instruments

    2. Article 44.Highly secured arrangements for the deposit of financial instruments

    3. Article 45.Highly secured arrangements maintaining cash

    4. Article 45.Concentration limits

    5. Article 46.Non-cash collateral

  13. CHAPTER XII REVIEW OF MODELS, STRESS TESTING AND BACK TESTING

    1. SECTION 1 Models and programmes

      1. Article 47.Model Validation

      2. Article 48.Testing programmes

    2. SECTION 2 Back testing

      1. Article 49.Back testing procedure

    3. SECTION 3 Sensitivity testing and analysis

      1. Article 50.Sensitivity testing and analysis procedure

    4. SECTION 4 Stress testing

      1. Article 51.Stress testing procedure

      2. Article 52.Risk factors to stress test

      3. Article 53.Stress testing total financial resources

      4. Article 54.Stress testing liquid financial resources

    5. SECTION 5 Coverage and use of test results

      1. Article 55.Maintaining sufficient coverage

      2. Article 56.Review of models using test results

    6. SECTION 6 Reverse stress tests

      1. Article 57.Reverse stress tests

    7. SECTION 7 Default procedures

      1. Article 58.Testing default procedures

    8. SECTION 8 Validation and testing frequency

      1. Article 59.Frequency

    9. SECTION 9 Time horizons used when performing tests

      1. Article 60.The time horizons

    10. SECTION 10 Public disclosure

      1. Article 61.Information to be publicly disclosed

      2. Article 62.Entry into force and application

  14. Signature

    1. ANNEX I

      Conditions applicable to financial instruments, bank guarantees and gold considered as highly liquid collateral

      1. SECTION 1 Financial instruments

      2. SECTION 2 Bank guarantees

        1. 1. A commercial bank guarantee, subject to limits agreed with the...

        2. 2. A bank guarantee issued by a central bank shall meet...

      3. SECTION 3 Gold

    2. ANNEX II

      Conditions applicable to highly liquid financial instruments

      1. 1. For the purposes of Article 47(1) of Regulation (EU) No...

      2. 2. For the purposes of Article 47(1) of Regulation (EU) No...

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