What changed between the draft committee report and the plenary report

Added:Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.

Removed:Article 1 – paragraph 1 – point 16 – point b, Article 21 – paragraph 4 a (new): 4 a. For the purposes of carrying out the review and evaluation referred to in paragraph 1 of this Article, as well as establishing its frequency, depth and substantive focus in accordance with paragraph 3 of this Article, ESMA shall consider the outcome of the work the Joint Monitoring Mechanism has carried out pursuant to Article 23c, to the extent such outcome is relevant for the CCP subject to such review and evaluation.

Added:7. ESMA shall develop draft implementing technical standards specifying the electronic format of the application to be submitted to the central database for authorisation referred to in paragraph 1.

Removed:Change to reflect the move to ESMA as the supervisor of EU CCPs. See explanatory statement for greater details.

Added:ESMA shall submit those draft implementing technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation].

Removed:Regulation (EU) No 648/2012

Added:Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’;

Removed:Article 1 – paragraph 1 – point 16 – point b a (new), Article 21 – paragraph 5: "5. ESMA shall require any CCP that does not meet the requirements laid down in this Regulation to take the necessary action or steps at an early stage to address the situation;’

Added:(10) Article 15 is amended as follows:

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02012R0648-20220812)

Added:(a) paragraph 1 is replaced by the following:

Removed:Change to reflect the move to ESMA as the supervisor of EU CCPs. See explanatory statement for greater details.

Added:‘1. A CCP wishing to extend its business to additional services or activities not covered by the existing authorisation, or a CCP that has not, during the previous 12 months, provided clearing services or activities in a class of financial instrument or a class of non-financial instrument covered by the existing authorisation and that wishes to offer clearing services or activities for those instruments, shall submit a request for extension ESMA. The offering of clearing services or activities for which the CCP has not already been authorised, or for which it has been authorised but which it has not provided during the previous 12 months, shall be considered to be an extension of that authorisation.

Removed:Regulation (EU) No 648/2012

Added:The extension of authorisation shall be made in accordance with either of the following:

Removed:Article 1 – paragraph 1 – point 16 a (new), Article 22 – paragraph 1 – subparagraph 1: (16 a) in Article 22(1), the first subparagraph is amended as follows: / "1. Each Member State shall designate the competent authority responsible for carrying out the duties resulting from this Regulation for CCPs established in its territory and shall inform the Commission and ESMA thereof."

Added:(a) the procedure set out in Article 17;

Removed:(https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02012R0648-20220812)

Added:(b) the procedure set out in Article 17a where the applicant CCP so requests pursuant to Article 17a(3).’;

Removed:Adjustments in line with new powers conferred to ESMA (see article 22a).

Added:(b) paragraph 3 is replaced by the following:

Removed:Regulation (EU) No 648/2012

Added:‘3. ESMA shall, in close cooperation with the ESCB, develop draft regulatory technical standards specifying the list of required documents that shall accompany an application for an extension of authorisation pursuant to paragraph 1 and specifying the information such documents shall contain with a view to demonstrating that the CCP meets all relevant requirements of this Regulation.

Removed:Article 1 – paragraph 1 – point 16 b (new), Article 22 a (new): (16b) the following article is inserted: / ‘Article 22a / Powers of ESMA / 1. ESMA shall be responsible for carrying out its duties under this Regulation for the authorisation and supervision of CCPs established in the Union. / 2. ESMA shall ensure on an ongoing basis the compliance by CCPs established in the Union with Articles 7 to 8, Articles 14 to 17b, Article 20, 21, and 24 and Titles IV and V. / 3. ESMA shall be empowered with supervisory, investigatory and enforcement powers necessary for the exercise of its functions under this Regulation. / 4. The powers referred to in paragraph 3 shall include at least powers to: / (a) authorise a CCP or a particular clearing service or activity in financial instruments or non-financial instruments; / (b) supervise the CCP’s compliance with the requirements laid down in this Regulation and adopt decisions in relation to Articles 7 to 8, 14 to 17b, 20, 21, and 24 and Titles IV and V; / (c) have access to any document or other data from the CCP in a form which ESMA considers relevant for the performance of its duties and to receive or take a copy of such documents or data; / (d) require or demand the provision of information from any person related to the CCP and if necessary to summon and question a person with a view to obtaining information; / (e) carry out joint on-site inspections or investigations with the CCP competent authority; / (f) require the auditors of authorised CCPs to provide information; / (g) require, the temporary …

Added:ESMA shall submit those draft regulatory technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation].

Removed:Regulation (EU) No 648/2012

Added:Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;

Removed:Article 1 – paragraph 1 – point 16 c (new), Article 22 b (new): (16c) the following article is inserted: / ‘Article 22b / Delegation of tasks by ESMA to competent authorities / 1. Where necessary for the proper performance of a supervisory task, ESMA may by decision delegate specific supervisory tasks to the competent authority of a Member State in accordance with the guidelines issued by ESMA pursuant to Article 16 of Regulation (EU) No 1095/2010. Such specific supervisory tasks may, in particular, include the power to carry out requests for information and to conduct investigations and on-site inspections in accordance with Article 22a of this Regulation. / 2. Prior to the delegation of a task referred to in paragraph 1, ESMA shall consult the relevant competent authority about all of the following: / (a) the scope of the task to be delegated; / (b) the timetable for the performance of the task; / (c) the transmission of necessary information by and to ESMA. / 3. ESMA shall review the decision referred to in paragraph 1 at appropriate intervals. A delegation may be revoked at any time. / 4. A delegation of tasks shall not affect the responsibility of ESMA nor limit ESMA’s ability to conduct and oversee the delegated activity.’

Added:(c) the following paragraph 4 is added:

Removed:Regulation (EU) No 648/2012

Added:‘4. ESMA shall develop draft implementing technical standards specifying the electronic format of the application to be submitted to the central database for an extension of the authorisation referred to in paragraph 1.

Removed:Article 1 – paragraph 1 – point 17 – point a – introductory part, Article 23a – paragraph 1 – introductory part: (a) paragraphs 1 is replaced by the following:

Added:ESMA shall submit those draft implementing technical standards to the Commission by … [PO: please insert the date = 12 months after the date of entry into force of this Regulation].

Removed:Regulation (EU) No 648/2012

Added:Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.’;

Removed:Article 1 – paragraph 1 – point 17 – point a, Article 23a – paragraph 1 – introductory part: 1. Without prejudice to Article 22a, ESMA shall fulfil a coordination role between competent authorities and across colleges to:

Added:(11) Article 17 is amended as follows:

Removed:Changes to align proposed articles with introduction of new Article 22a.

Added:(a) the title of the Article is replaced by the following:

Removed:Regulation (EU) No 648/2012

Added:‘Procedure for granting and refusing an application for authorisation or for an extension of authorisation’

Removed:Article 1 – paragraph 1 – point 17 – point a, Article 23a – paragraph 1 – point e: deleted

Added:(b) paragraphs 1, 2 and 3 are replaced by the following:

Removed:Regulation (EU) No 648/2012

Added:‘1. The applicant CCP shall submit an application for authorisation as referred to in Article 14(1) or an application for an extension of its authorisation as referred to in Article 15(1) in an electronic format via the central database referred to in paragraph 7. The application shall be immediately shared with ESMA, the CCP’s competent authority,▌ and the college referred to in Article 18(1).

Removed:Article 1 – paragraph 1 – point 17 – point a, Article 23a – paragraph 2: deleted / (deleted)

Added:ESMA shall, within 5 working days after such application has been received, acknowledge receipt of the application, stating to the CCP whether it contains the documents required pursuant to Article 14(6) and (7) or, where the CCP has applied for an extension of its authorisation, pursuant to Article 15(3) and (4).

Removed:Regulation (EU) No 648/2012

Added:Where ESMA determines that not all documents required pursuant to Article 14(6) and (7) or Article 15(3) and (4) have been submitted, it shall reject the CCP’s application.

Removed:Article 1 – paragraph 1 – point 17 – point b, Article 23a – paragraphs 2 to 4: (b) paragraphs 2, 3 and 4 are deleted;

Added:2. The applicant CCP shall provide all information necessary to demonstrate that it has established, at the time of the initial authorisation, all the necessary arrangements to meet the requirements laid down in this Regulation. Where an applicant CCP requests an extension of authorisation pursuant to Article 15, it shall provide all information necessary to demonstrate that at the time when such extension of authorisation under Article 15 is granted, it will have established all additional arrangements to meet any requirements laid down in this Regulation in respect of such extension of authorisation.

Removed:Regulation (EU) No 648/2012

Added:3. Within 40 working days of the end of the period set out in the second subparagraph of paragraph 1 (“the risk assessment period”), the CCP’s competent authority, ESMA and the college shall each conduct risk assessments of the CCP’s compliance with the relevant requirements laid down in this Regulation. By the end of the risk assessment period, the college shall transmit its opinion and report to ESMA and the CCP’s competent authority, and ESMA shall transmit its draft decision and report to the CCP's competent authority and the college.

Removed:Article 1 – paragraph 1 – point 18, Article 23b – title: Joint Supervisory Activities / (Please note that throughout the text, reference to the Joint Supervisory Teams should be replaced by reference to Joint Supervisory Activities.)

Added:▌

Removed:The creation of Joint Supervisory Teams may have created an additional layers in an already-fragmented supervisory framework. However, their value should be preserved under the framework of joint supervisory activities. Together with an increased role for ESMA and an increased role for the College in the supervision of EU CCPs, the Joint Supervisory Activities will provide great value in the sharing of information and in the common tasks of ESMA the College and other relevant authorities.

Added:(d) the following paragraphs 3a and 3b are inserted:

Removed:Regulation (EU) No 648/2012

Added:‘3a. During the risk assessment period referred to in paragraph 3, the CCP’s competent authority, ESMA or any of the college members may submit questions directly to the CCP. Where the CCP does not respond to such questions within the time period set by the requesting authority, ▌ ESMA or the college may take a decision in the absence of the CCP’s response or may decide to extend the assessment period by a maximum of 10 working days, if, in their view, the question is material for the assessment. A CCP shall not be required to respond more than once to a specific question, provided that the question has been answered correctly.

Removed:Article 1 – paragraph 1 – point 18, Article 23b – paragraph 1: 1. Each CCP authorised under Article 14 shall be subject to joint supervisory activities. These activities shall be coordinated by ESMA and the college in the context of the annual review and evaluation process, and shall be open for the participation of each college member on a voluntary basis.