What changed between the draft committee report and the plenary report

Removed:Article 1 – paragraph 1 – point 25 c (new), Article 28: (25 c) Article 28 is replaced by the following: / "'1. A CCP shall establish a risk committee, which shall be composed of representatives of its clearing members, independent members of the board and representatives of its clients. The risk committee may invite employees of the CCP and external independent experts to attend risk-committee meetings in a non-voting capacity. ESMA and competent authorities may request to attend risk-committee meetings in a non-voting capacity and to be duly informed of the activities and decisions of the risk committee. The advice of the risk committee shall be independent of any direct influence by the management of the CCP. None of the groups of representatives shall have a majority in the risk committee. / 4. Without prejudice to the right of ESMA and of the competent authorities to be duly informed, the members of the risk committee shall be bound by confidentiality. Where the chairman of the risk committee determines that a member has an actual or potential conflict of interest on a particular matter, that member shall not be allowed to vote on that matter. / 5. A CCP shall promptly inform ESMA, the competent authority and the risk committee of any decision in which the board decides not to follow the advice of the risk committee and explain such decision. The risk committee or any member of the risk committee may inform the competent authority of any areas in which it considers that the advice of the risk committee has not been followed.'

Added:If no joint opinion is reached in accordance with the first subparagraph, the college shall adopt a majority opinion within the same period.’;

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

Added:(b) in paragraph 3, the fourth subparagraph 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:‘The members of the college referred to in Article 18(2), points (ca) and (i), shall have no voting rights on the opinions of the college.’;

Removed:Regulation (EU) No 648/2012

Added:(c) paragraph 4 is deleted;

Removed:Article 1 – paragraph 1 – point 25 d (new), Article 29 – paragraph 1: (25 d) in Article 29, paragraph 1 is replaced by the following: / "1. A CCP shall maintain, for a period of at least 10 years, all the records on the services and activity provided so as to enable ESMA and the competent authority to monitor the CCP’s compliance with this Regulation

Added:(15) ▌Article 20 is replaced by the following:

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

Added:‘1. Without prejudice to Article 22(3), ESMA shall withdraw authorisation where the CCP:

Removed:Regulation (EU) No 648/2012

Added:(a) has not made use of the authorisation in full or in part within 12 months, expressly renounces the authorisation or has provided no services or performed no activity for the preceding six months;

Removed:Article 1 – paragraph 1 – point 25 e (new), Article 30: (25 e) Article 30 is replaced by the following: / "Article 30 / 1. ESMA shall not authorise a CCP unless it has been informed of the identities of the shareholders or members, whether direct or indirect, natural or legal persons, that have qualifying holdings and of the amounts of those holdings. / 2. ESMA shall refuse to authorise a CCP where it is not satisfied as to the suitability of the shareholders or members that have qualifying holdings in the CCP, taking into account the need to ensure the sound and prudent management of a CCP. / 3. Where close links exist between the CCP and other natural or legal persons, ESMA shall grant authorisation only where those links do not prevent the effective exercise of the supervisory functions of the competent authority. / 4. Where the persons referred to in paragraph 1 exercise an influence which is likely to be prejudicial to the sound and prudent management of the CCP, ESMA shall take appropriate measures to terminate that situation, which may include the withdrawal of the authorisation of the CCP. / 5. ESMA shall refuse authorisation where the laws, regulations or administrative provisions of a third country governing one or more natural or legal persons with which the CCP has close links, or difficulties involved in their enforcement, prevent the effective exercise of the supervisory functions of ESMA.

Added:(b) has obtained authorisation by making false statements or by any other irregular means;

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

Added:(c) is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial action requested by ESMA within a set time frame; or

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

Added:(d) has seriously and systematically infringed any of the requirements laid down in this Regulation.

Removed:Regulation (EU) No 648/2012

Added:2. Where ESMA considers that at least one of the circumstances referred to in paragraph 1 applies, it shall, within five working days, notify the CCP's competent authority and the members of college accordingly.’

Removed:Article 1 – paragraph 1 – point 26, Article 31: deleted / (deleted) / (deleted) / (deleted) / (deleted) / (deleted)

Added:‘3. ESMA shall consult the CCP’s competent authority shall consult ESMA and the members of the college, in accordance with paragraph 6, on the necessity to withdraw the authorisation of the CCP, except where a decision is required urgently.

Removed:Regulation (EU) No 648/2012

Added:4. The CCP's competent authority or any member of the college may, at any time, request that ESMA examine whether the CCP remains in compliance with the conditions under which authorisation was granted.5. ESMA may limit the withdrawal to a particular service, activity, or class of financial instruments or non-financial instruments.

Removed:Article 1 – paragraph 1 – point 26 a (new), Article 31: (26 a) Article 31 is replaced by the following: / "Article 31 / Information to ESMA and competent authorities / 1. A CCP shall notify ESMA and its competent authority of any changes to its management, and shall provide ESMA with all information necessary to assess compliance with Article 27(1) and Article 27(2), second subparagraph. / Where the conduct of a member of the board is likely to be prejudicial to the sound and prudent management of the CCP, ESMA shall take appropriate measures, which may include removing that member from the board. / 2. Any natural or legal person or such persons acting in concert (the ‘proposed acquirer’), who have taken a decision either to acquire, directly or indirectly, a qualifying holding in a CCP or to further increase, directly or indirectly, such a qualifying holding in a CCP as a result of which the proportion of the voting rights or of the capital held would reach or exceed 10 %, 20 %, 30 % or 50 % or so that the CCP would become its subsidiary (the ‘proposed acquisition’), shall first notify in writing ESMA and the competent authority of the CCP in which they are seeking to acquire or increase a qualifying holding, indicating the size of the intended holding and relevant information, as referred to in Article 32(4). / Any natural or legal person who has taken a decision to dispose, directly or indirectly, of a qualifying holding in a CCP (the ‘proposed vendor’) shall first notify the competent authority in writing thereof, indicating t…

Added:6. Before ESMA takes a decision to withdraw a particular service, activity, or class of financial instruments or non-financial instruments, it shall request the opinion of the college in accordance with Article 17b.

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

Added:7. Where ESMA takes a decision on the withdrawal of authorisation in full or in relation to a particular service, activity, or class of financial instruments or non-financial instruments, that decision shall take effect throughout the Union.’;

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

Added:(16) Article 21 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 27, Article 32 – subparagraph 4: deleted / (deleted)

Added:‘1. ESMA shall do at least all of the following:

Removed:Regulation (EU) No 648/2012

Added:(a) review the arrangements, strategies, processes and mechanisms implemented by CCPs to comply with this Regulation;

Removed:Article 1 – paragraph 1 – point 27 a (new), Article 32: (27 a) Article 32 is replaced by the following: / "Article 32 / "1. Where assessing the notification provided for in Article 31(2) and the information referred to in Article 31(3), ESMA shall, in order to ensure the sound and prudent management of the CCP in which an acquisition is proposed, and having regard to the likely influence of the proposed acquirer on the CCP, appraise the suitability of the proposed acquirer and the financial soundness of the proposed acquisition against all of the following: / Where assessing the financial soundness of the proposed acquirer, ESMA shall pay particular attention to the type of business pursued and envisaged in the CCP in which the acquisition is proposed. / Where assessing the CCP’s ability to comply with this Regulation, ESMA shall pay particular attention to whether the group of which it will become a part has a structure that makes it possible to exercise effective supervision, to effectively exchange information among the competent authorities and to determine the allocation of responsibilities among the competent authorities. / 2. ESMA may oppose the proposed acquisition only where there are reasonable grounds for doing so on the basis of the criteria set out in paragraph 1 or where the information provided by the proposed acquirer is incomplete. / 3. Member States shall not impose any prior conditions in respect of the level of holding that shall be acquired. / 4. ESMA shall make publicly available a list specifying the informa…

Added:(b) review the services or activities the CCP has started providing following the non-objection procedures pursuant to Article 17a, 17ba or pursuant to Article 49;

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

Added:(c) evaluate the risks, including financial and operational risks, to which CCPs are, or might be, exposed.’;

Removed:Regulation (EU) No 648/2012

Added:(c a) prepare a plan for joint supervisory activities pursuant to Article 23b.”;

Removed:Article 1 – paragraph 1 – point 28 – point -a (new), Article 35 – paragraph 1 – subparagraph 1 – point i: (-a) in paragraph 1, the first subparagraph, point (i) is replaced by the following: / (i) the service provider cooperates with ESMA in connection with the outsourced activities;

Added:(b) paragraphs 3 and 4 are replaced by the following:

Removed:Regulation (EU) No 648/2012

Added:‘3. ESMA shall, after having considered the input of the college, establish the frequency and depth and substantive focus of the review and evaluation referred to in paragraph 1 of this Article, having particular regard to the size, systemic importance, nature, scale, complexity of the activities and interconnectedness with other financial market infrastructures of the CCPs concerned and to the supervisory priorities established by ESMA in accordance with Article 24a(7), first subparagraph, point (ba). ESMA shall update the review and evaluation at least on an annual basis.

Removed:Article 1 – paragraph 1 – point 28 – point a, Article 35 – paragraph 1 – subparagraph 2i: A CCP shall not outsource major activities linked to risk management unless such outsourcing is approved by ESMA. The decision of ESMA shall be subject to an opinion of the college pursuant to Article 19 in accordance with the procedure set out in Article 17b.

Added:CCPs shall be subject to on-site inspections. ESMA shall invite the college and the participants to the joint supervisory activities as referred to in Article 23b, to participate in on-site inspections.

Removed:Regulation (EU) No 648/2012

Added:ESMA shall forward to the college the information received from the CCPs during or in relation to on-site inspections.

Removed:Article 1 – paragraph 1 – point 28 – point a a (new, Article 35 – paragraph 2: (aa) paragraph 2 is replaced by the following: / 2. ESMA shall require the CCP to allocate and set out its rights and obligations, and those of the service provider, clearly in a written agreement.

Added:4 ESMA shall regularly, and at least annually, submit a report to the college that includes the following;

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

Added:a) the results of the review and evaluation as referred to in paragraph 1, including whetherESMA has taken any remedial action or imposed penalties; and

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

Added:(b) a plan for joint supervisory activities pursuant to Article 23b for the following calendar year.

Removed:Regulation (EU) No 648/2012

Added:ESMA shall communicate the report covering a calendar year to the CCP's competent authority and the college by 30 March of the following calendar year. That report shall be subject to an opinion of the college pursuant to Article 19 and an opinion by ESMA pursuant to Article 24a(7), first subparagraph, point (bc), issued in accordance with the procedure set out in Article 17b.’;