What changed between the draft committee report and the plenary report

Removed:Regulation (EU) No 648/2012

Added:ESMA shall submit those draft regulatory technical standards to the Commission by … [12 months from the date of entry into force of this amending Regulation].

Removed:Article 1 – paragraph 1 – point 20 – point a – introductory part, Article 24a – paragraph 2: (a) paragraph 2 is amended as follows:

Added:Power is delegated to the Commission to adopt the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. (AM 366 and 373 Lalucq, et al.; AM 374 Gruffat)

Removed:Regulation (EU) No 648/2012

Added:2b. Where a proposed additional clearing service or activity meets a condition under paragraph 1 of this Article at the same it meets a condition under paragraph 2 of this Article, the procedure set out in Article 17 shall apply.

Removed:Article 1 – paragraph 1 – point 20 – point a – point i (new), Article 24a – paragraph 2 – point d – point ii: i) in point (d), point (ii) is replaced by the following:

Added:3. A CCP that submits a request for extension requesting that the non-objection procedure be applied, shall demonstrate why the proposed extension of its business to additional clearing services or activities qualifies under paragraphs 1 or 2 to be assessed under the non-objection procedure. The CCP shall submit its application in an electronic format via the central database referred to in Article 17(7) and shall provide all information necessary to demonstrate that it has established, at the time of authorisation, all the necessary arrangements to meet the relevant requirements laid down in this Regulation.

Removed:Regulation (EU) No 648/2012

Added:A CCP that applies for an extension of its authorisation requesting that the non-objection procedure be applied and the proposed additional clearing services or activities fall within the scope of paragraph 1, may start clearing such additional financial instruments or non-financial instruments suitable for clearing before the decision of the CCP’s competent authority pursuant to paragraph 4.

Removed:Article 1 – paragraph 1 – point 20 – point a, Article 24a – paragraph 2 – points e and f (new): (ii) the following points are added: / (e) the competent authorities responsible for the supervision of the three clearing members with the largest contributions, calculated on an aggregate basis over a one-year period, to the default fund, referred to in Article 42 of this Regulation, of each of the CCPs authorised in accordance with Article 14 or recognised in accordance with Article 25 of this Regulation, who shall be non-voting; / (f) the ECB, in the framework of the tasks concerning the prudential supervision of credit institutions within the Single Supervisory Mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/2013, who shall be non-voting.’

Added:4. Where ESMA, after considering the input of the college, has not expressed its objection to the CCP’s proposed additional services or activities within 10 working days of receipt of the application, the authorisation shall be deemed granted.

Removed:The participation of national supervisors and the ECB in the CCP Supervisory Committee will support identifying and addressing the risks resulting from the nexus between banks and CCPs.

Added:5. The CCP requesting the extension of activities and services in accordance with Article 15 shall not be permitted to start the new activity or service that has been requested before the authorisation is deemed granted.

Removed:Regulation (EU) No 648/2012

Added:6. The Commission is empowered to adopt delegated acts in accordance with Article 82 to supplement this Regulation by specifying any changes to the list of non-material changes listed under paragraph 1, where such a change would not bring an increased risk to the CCP.

Removed:Article 1 – paragraph 1 – point 20 – point c – point ii, Article 24a – paragraph 7 – point bc: (bc) prepare draft decisions for adoption by the Board of Supervisors in relation to Articles 7, 8, 14 to 17b, 20, 21, and 24 and Titles IV and V of this Regulation;

Added:Procedure for seeking the opinion from ▌ the college

Removed:Regulation (EU) No 648/2012

Added:1. Where it intends to adopt a decision in relation to Article 20, 21, 30, 31, 32, 35, 41, 49, 51 or 54, ESMA shall submit in electronic format via the central database referred to in Article 17(7) a request for an opinion by the college pursuant to this Article and Article 19.

Removed:Article 1 – paragraph 1 – point 20 – point c – point ii a (new), Article 24a – paragraph 7 – point c: (ii a) point c is replaced by the following: / "'(c) promote the regular exchange and discussion among competent authorities designated in accordance with Article 22(1) of this Regulation in relation to: / (i) relevant activities undertaken by the competent authorities referred to in Article 22 when carrying out their duties in accordance with this Regulation regarding the authorisation and supervision of CCPs established in their territory; / (ii) relevant market developments, including situations or events which impact or are likely to impact the prudential or financial soundness or the resilience of CCPs authorised in accordance with Article 14 or their clearing members; / (iii) draft decisions submitted by ESMA in accordance with point (bc);'" / (deleted)

Added:▌ The request for an opinion referred to in the first subparagraph, together with all relevant documents, shall be shared immediately with the members of the college.

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

Added:2. Unless otherwise specified under the relevant Article, ESMA and the college shall, within 30 working days of receipt of the request referred to in paragraph 1 (‘the assessment period’), assess the CCP’s compliance with the respective requirements. By the end of the assessment period , ESMA shall transmit its draft decision to the CCP’s competent authority and the college, and the college shall adopt an opinion pursuant to Article 19 and transmit it to ESMA and the CCP’s competent authority. The college may include in its opinion any conditions or recommendations that it considers necessary to mitigate any shortcomings in the CCP's risk management.

Removed:Regulation (EU) No 648/2012

Added:▌

Removed:Article 1 – paragraph 1 – point 20 a (new), Article 24b – paragraphs 1 and 2: (20 a) in Article 24b, paragraphs 1 and 2 are replaced by the following: / "1. With regard to supervisory assessments conducted in relation to and decisions to be taken pursuant to Articles 41, 44, 46, 49, 50 and 54 in relation to Tier 2 CCPs, the CCP Supervisory Committee shall consult the central banks of issue referred to in point (f) of Article 25(3). Each central bank of issue may respond. Any response shall be received within 10 working days of the transmission of the draft decision. In emergency situations, the aforementioned period shall not exceed 24 hours. Where a central bank of issue proposes amendments or objects to draft assessments related to or draft decisions pursuant to Articles 41, 44, 46, 50 and 54, it shall provide full and detailed reasons, in writing. Upon conclusion of the period for consultation, the CCP Supervisory Committee shall duly consider the response from the central banks of issue. / 2. Where the CCP Supervisory Committee does not reflect in its draft assessment or draft decision the response from a central bank of issue, the CCP Supervisory Committee shall inform that central bank of issue in writing stating its full reasons for not taking into account the response of that central bank of issue, providing an explanation for any deviations from that response. The CCP Supervisory Committee shall submit to the Board of Supervisors the responses from central banks of issue and its explanations for not taking them into account together with its d…

Added:3. Within 10 working days of receipt of the▌ college opinion, ESMA shall, after duly considering the opinions of ▌ the college, including any conditions or recommendations contained therein, adopt its decision and transmit it to the CCP's competent authority and the college.

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

Added:Where ESMA does not agree with the opinion of ESMA or the college, including any conditions or recommendations contained therein, its decision shall contain full reasons and an explanation of any significant deviation from that opinion or conditions or recommendations.

Removed:AM seeks to modify the wording of the Article referring to the 'assessments' and not just the decisions, given that Articles 41, 44, 46, 50 and 54 of EMIR do not refer to any specific decision-making procedures, and given that not all supervisory assessments and procedures may lead to formal decisions of the CCP Supervisory Committee. The objective is to ensure sufficient engagement with central banks of issue on areas related to margins, liquidity risk controls, collateral, and settlement and interoperability arrangements for all relevant supervisory activities and procedures.

Added:▌

Removed:Regulation (EU) No 648/2012

Added:(12 a) the following article is inserted:

Removed:Article 1 – paragraph 1 – point 21 – point d, Article 25 – paragraph 7: 7. ESMA shall establish effective cooperation arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks have been recognised as equivalent to this Regulation in accordance with paragraph 6. These arrangements shall also establish the procedures for the cooperation between ESMA and the relevant competent authorities of third countries with respect to the formulation and preparation of recovery and resolution plans. ;

Added:‘Article 17ba

Removed:Regulation (EU) No 648/2012

Added:Procedures for implementation by CCPs of 'business as usual' changes

Removed:Article 1 – paragraph 1 – point 25, Article 26 – paragraph 1: 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. Without prejudice to interoperability arrangements, a CCP shall not be or become a clearing member, a client, or establish indirect clearing arrangements with a clearing member with the aim to undertake clearing activities at a CCP.;

Added:1. After having duly notified its intentions to ESMA, a CCP shall be able to directly implement any change to its services or activities without being subject to the procedures referred to in Articles 17 and 17a, where such a change does not qualify as material pursuant to Article 17 or as non-material pursuant to Article 17a(1).2. The changes implemented by a CCP in accordance with this Article shall be subject to review and evaluation in accordance with Article 21. In addition, ESMA shall regularly review the implementation by CCPs of changes that meet the requirements of paragraph 1 of this Article and report to the college of each CCP in the Union on their appropriateness.’

Removed:See corresponding recital 21

Added:(13) Article 18 is amended as follows:

Removed:Regulation (EU) No 648/2012

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

Removed:Article 1 – paragraph 1 – point 25 a (new), Article 26 – paragraph 8: (25 a) in Article 26, paragraph 8 is replaced by the following: / "‘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 ESMA and to the CCP's competent authority.’"

Added:‘1. Within 30 calendar days of the submission of a complete application in accordance with Article 17, ESMA shall establish a college to facilitate the exercise of the tasks referred to in Articles 15, 17 , 20, 21, 30, 31, 32, 35, 41, 49, 51 and 54.’;

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

Added:(b) in paragraph 2, point (a) 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:‘(a) the Chair or any of the independent members of the CCP Supervisory Committee referred to in Article 24a(2), points (a) and (b), who shall manage and chair the college;’;

Removed:Regulation (EU) No 648/2012

Added:(b a) in paragraph 4, the following subparagraph is added:

Removed:Article 1 – paragraph 1 – point 25 b (new), Article 27 – paragraph 3: (25 b) in Article 27, paragraph 3 is replaced by the following: / "'3. A CCP shall clearly determine the roles and responsibilities of the board and shall make the minutes of the board meetings available to ESMA, the CCP's competent authority and auditors.'"

Added:"For the purpose of adding points to the agenda, the members of the college shall consider the outcome of the work carried out by the Joint Monitoring Mechanism."

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

Added:(14) Article 19 is amended as follows:

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

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

Removed:Regulation (EU) No 648/2012

Added:‘1. Where the college is required to give an opinion pursuant to this Regulation, it shall reach a joint opinion determining whether the CCP complies with all the requirements laid down in this Regulation.