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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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- Revised 18/06/20201.25 MB
- Revised 01/01/20201.13 MB
- Revised 18/12/20190.90 MB
- Revised 17/06/20190.89 MB
- Revised 01/01/20190.72 MB
- Revised 30/06/20170.69 MB
- Revised 01/04/20170.68 MB
- Revised 03/01/20170.68 MB
- Revised 12/01/20160.75 MB
- Revised 16/09/20150.74 MB
- Revised 25/06/20150.74 MB
- Revised 02/07/20141.26 MB
- Revised 01/01/20140.73 MB
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Changes over time for: Article 26
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Regulation (EU) No 648/2012 of the European Parliament and of the Council, Article 26 is up to date with all changes known to be in force on or before 26 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 26:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
Article 26U.K.General provisions
1.A CCP shall have robust governance arrangements, which include a clear organisational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks to which it is or might be exposed, and adequate internal control mechanisms, including sound administrative and accounting procedures.
2.A CCP shall adopt policies and procedures which are sufficiently effective so as to ensure compliance with this Regulation, including compliance of its managers and employees with all the provisions of this Regulation.
3.A CCP shall maintain and operate an organisational structure that ensures continuity and orderly functioning in the performance of its services and activities. It shall employ appropriate and proportionate systems, resources and procedures.
4.A CCP shall maintain a clear separation between the reporting lines for risk management and those for the other operations of the CCP.
5.A CCP shall adopt, implement and maintain a remuneration policy which promotes sound and effective risk management and which does not create incentives to relax risk standards.
6.A CCP shall maintain information technology systems adequate to deal with the complexity, variety and type of services and activities performed so as to ensure high standards of security and the integrity and confidentiality of the information maintained.
7.A CCP shall make its governance arrangements, the rules governing the CCP, and its admission criteria for clearing membership, available publicly free of charge.
8.The CCP shall be subject to frequent and independent audits. The results of those audits shall be communicated to the board and shall be made available to the competent authority.
9.[F1The Bank of England may make] technical standards specifying the minimum content of the rules and governance arrangements referred to in paragraphs 1 to 8.
F2...
F2...
Textual Amendments
F1Words in Art. 26(9) substituted (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 35(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 26(9) omitted (31.12.2020) by virtue of The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 35(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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