What changed between the draft committee report and the plenary report

Added:3. The obligation laid down in paragraphs 1 and 1b shall apply to the following:

Removed:Article 1 – paragraph 1 – point 11 – point c, Article 17 – paragraph 3b – subparagraph 1: Within 10 working days of receipt of the college opinion, ESMA shall adopt its decision and transmit it to the CCP's competent authority and the college.

Added:(a) OTC interest rate derivatives denominated in euro and Polish zloty;

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

Added:(b) short-term interest rate derivatives (STIR) denominated in euro;

Removed:Regulation (EU) No 648/2012

Added:(c) other categories of derivative contracts pertaining to clearing services identified by ESMA as being of substantial systemic importance in accordance with Article 25(2c).

Removed:Article 1 – paragraph 1 – point 11 – point c, Article 17 – paragraph 3b – subparagraph 2: Where ESMA does not agree with an opinion of 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.

Added:Where ESMA undertakes an assessment pursuant to Article 25(2c), as referred to in point (c) of the first subparagraph of this paragraph, and concludes that certain services or activities provided by Tier 2 CCPs that were previously identified by ESMA as being of substantial systemic importance for the Union or one or more of its Member States no longer are of such importance, the Commission is empowered to adopt a delegated act to amend paragraph 3 of this Article accordingly, in accordance with Article 82.

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

Added:The obligation referred to in paragraphs 1 and 1b shall remain for as long as the derivative contracts referred to in the first subparagraph of this paragraph are being cleared.

Removed:Regulation (EU) No 648/2012

Added:4. ESMA shall monitor and calculate on an entity, group and aggregate average basis the level of activity in the derivative contracts referred to in paragraph 2 of this Article and shall transmit that information to the Joint Monitoring Mechanism referred to in Article 23c.

Removed:Article 1 – paragraph 1 – point 11 – point c, Article 17 – paragraph 3b – subparagraph 3: ESMA shall, where necessary, publish the reasons for its non-compliance or for its intention not to comply with the opinion of the college or with any conditions or recommendations included therein.

Added:Where a financial or non-financial counterparty is found to be in breach of its obligations under this Article, ESMA shall, by decision, impose periodic penalty payments in order to compel that counterparty to put an end to its infringement.

Removed:Regulation (EU) No 648/2012

Added:The periodic penalty payment referred to in the second subparagraph shall be effective and proportionate, not exceeding a maximum 3 % of the average daily turnover in the preceding business year. It shall be imposed for each day of delay, and calculated from the date stipulated in the decision imposing the periodic penalty payment.

Removed:Article 1 – paragraph 1 – point 11 – point d, Article 17 – paragraph 4 – subparagraph 1 – introductory part: ESMA shall, after duly considering the opinion of the college referred to in paragraph 3, including any conditions or recommendations contained therein, grant authorisation as referred to in Articles 14 and Article 15(1), second subparagraph, point (a), only where it is fully satisfied that the applicant CCP:

Added:The periodic penalty payment referred to in the second subparagraph shall be imposed for a maximum period of six months following the notification of ESMA's decision. Following the end of that period, ESMA shall review the measure and extend it if necessary.

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

Added:5. ESMA shall monitor the implementation of the obligation set out in paragraph 1 and 1b and report on it on an annual basis to the European Parliament, the Council and the Commission.

Removed:Regulation (EU) No 648/2012

Added:▌

Removed:Article 1 – paragraph 1 – point 11 – point d, Article 17 – paragraph 4 – subparagraph 2: The CCP shall not be authorised where all the members of the college, excluding ESMA, reach a joint opinion by mutual agreement, pursuant to Article 19(1), that the CCP not be authorised. That opinion shall state in writing the full and detailed reasons why the college considers that the requirements laid down in this Regulation or other Union law are not met.

Added:Information on clearing services

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

Added:1. Clearing members and clients that provide clearing services both at a CCP authorised under Article 14 and at a CCP recognised under Article 25 shall, when one of their clients submits a contract for clearing, inform that client about the possibility to clear such contract at the CCP authorised under Article 14.

Removed:Regulation (EU) No 648/2012

Added:The clearing members and clients that provide clearing services shall also disclose, in a clear and understandable manner, the costs associated with clearing services of the different CCPs at which it is possible to clear the contract.

Removed:Article 1 – paragraph 1 – point 11 – point d, Article 17 – paragraph 4 – subparagraph 3: deleted

Added:1a. ESMA shall, in consultation with EBA, develop draft regulatory technical standards specifying the type of information to be provided by clearing members and clients providing clearing services on costs to their clients.

Removed:Delete to avoid conflict of interest with ESMA binding mediation.

Added:▌

Removed:Regulation (EU) No 648/2012

Added:▌

Removed:Article 1 – paragraph 1 – point 11 – point d, Article 17 – paragraph 4 – subparagraph 4: deleted

Added:▌

Removed:Change to reflect the move to ESMA as the supervisor of EU CCPs (following which this provision is redundant). See explanatory statement for greater details.

Added:(4a) the following article is inserted:

Removed:Regulation (EU) No 648/2012

Added:‘Article 7c

Removed:Article 1 – paragraph 1 – point 11 – point d, Article 17 – paragraph 4 – subparagraph 5: deleted

Added:Information on CCPs established in the Union

Removed:Change to reflect the move to ESMA as the supervisor of EU CCPs (following which this provision is redundant). See explanatory statement for greater details.

Added:1. CCPs authorised under Article 14 shall report on a monthly basis to ESMA at least the following information:

Removed:Regulation (EU) No 648/2012

Added:(a) the values and volumes cleared per currency and per asset class, including the value of positions held by clearing participants;

Removed:Article 1 – paragraph 1 – point 11 – point d, Article 17 – paragraph 4 – subparagraph 6: deleted

Added:(b) the CCP’s investments, capital, including dedicated own resources used in the waterfall or referred to in Article 45(4) of this Regulation and in Article 9(14) of Regulation (EU) 2021/23;

Removed:Change to reflect the move to ESMA as the supervisor of EU CCPs (following which this provision is redundant). See explanatory statement for greater details.

Added:(c) the clearing members’ margin requirements, default fund contributions, and contractually committed resources in the default management or in the recovery plans referred to in Article 9 of Regulation (EU) 2021/23;

Removed:Regulation (EU) No 648/2012

Added:(d) the adequacy of the margin and default fund contributions and waterfall resources;

Removed:Article 1 – paragraph 1 – point 11 – point e, Article 17 – paragraph 7 – subparagraph 2: The registered recipients shall upload promptly all documents they receive from the CCP in relation to an application pursuant to paragraph 1 and the central database shall automatically inform the registered recipients when changes have been made to its content. The central database shall contain all documents provided by an applicant CCP under paragraph 1 and all other documents relevant for the assessment by ESMA and the college.

Added:(e) the CCP’s available liquid resources and the results of the liquidity stress-testing;

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

Added:(f) the details of the clearing members, clients holding individually segregated accounts, third parties providing major activities linked to the CCP’s risk management, material liquidity providers connected to the CCP, as well as interoperable and linked CCPs;

Removed:Regulation (EU) No 648/2012

Added:(fa) any change that the CCP has directly implemented in accordance with Article 17ba.

Removed:Article 1 – paragraph 1 – point 11 – point e, Article 17 – paragraph 7 – subparagraph 3: Members of the CCP Supervisory Committee shall also have access to the central database for the performance of their tasks pursuant to Article 24a(7). The Chair of the CCP Supervisory Committee may limit access to some of the documents for the members of the CCP Supervisory Committee referred to in Article 24a, points (c) and (d)(ii) and Article 24a(7) where justified based on confidentiality concerns.;