+Article 2 2

Article 2 2

2.   TLPT authorities shall require all of the following financial entities to perform TLPT, unless the assessment referred to in paragraph 1 in respect of a financial entity indicates that its impact, the financial stability concerns relating to that financial entity, or its ICT risk profile, does not justify the performance of a TLPT:

(a)

credit institutions that meet any of the following conditions:

(i)

they have been identified as global systemically important institutions (G-SIIs) in accordance with Article 131 of Directive 2013/36/EU of the European Parliament and of the Council (7);

(ii)

they have been identified as other systemically important institutions (O-SIIs) in accordance with Article 131 of Directive 2013/36/EU;

(iii)

they are part of a G-SIIs or O-SIIs;

(b)

payment institutions that exceeded in each of the 2 calendar years preceding the assessment by the TLPT authority EUR 150 billion of total value of payment transactions as defined in Article 4, point (5), of Directive (EU) 2015/2366 of the European Parliament and of the Council (8);

(c)

electronic money institutions that exceeded in each of the 2 calendar years preceding the assessment by the TLPT authority either EUR 150 billion of total value of payment transactions as defined in Article 4, point (5), of Directive (EU) 2015/2366 or EUR 40 billion of total value of the amount of outstanding electronic money;

(d)

central securities depositories;

(e)

central counterparties;

(f)

trading venues with an electronic trading system that meet any of the following criteria:

(i)

the trading venue has the highest market share in terms of turnover at national level in each of the 2 calendar years preceding the assessment by the TLPT authority in any of the following:

(1)

transferable securities as defined in Article 4(1), point (44)(a), of Directive 2014/65/EU of the European Parliament and of the Council (9);

(2)

transferable securities as defined in Article 4(1), point (44)(b), of Directive 2014/65/EU;

(3)

derivatives as defined in Article 2(1), point (29), of Regulation (EU) No 600/2014 of the European Parliament and of the Council (10);

(4)

structured finance products as defined in Article 2(1), point (28), of Regulation (EU) No 600/2014;

(5)

emission allowances as referred to in Section C, point (11), of Annex I to Directive 2014/65/EU;

(ii)

the trading venue has a market share in terms of turnover at Union level that exceeds 5 % in each of the 2 calendar years preceding the assessment by the TLPT authority in any of the following:

(1)

shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares;

(2)

bonds or other forms of securitised debt, including depositary receipts in respect of such securities;

(3)

derivatives as defined in Article 2(1), point (29), of Regulation (EU) No 600/2014,

(4)

structured finance products as defined in Article 2(1), point (28), of Regulation (EU) No 600/2014;

(5)

emission allowances as referred to in Section C, point (11), of Annex I to Directive 2014/65/EU;

(g)

insurance and reinsurance undertakings that meet all the following criteria:

(i)

they have a gross written premium (GWP) that exceeds EUR 1 500 000 000;

(ii)

they have technical provisions that exceed EUR 10 000 000 000;

(iii)

insurance undertakings that pursue only life activities or that pursue both life and non-life activities and that have total assets that exceed 3,5 % of the sum of the total assets valuated in accordance with Article 75 of Directive 2009/138/EC of the European Parliament and of the Council (11) of the insurance and reinsurance undertakings established in the Member State.

For the purposes of (f)(ii), where the trading venue is part of a group sharing ICT systems or the same ICT intra-group service provider, the turnover of the securities and derivatives contracts on all trading venues pertaining to the same group and established in the Union shall be considered.

For the purposes of point (g), TLPT authorities shall identify a subset of all insurance and reinsurance undertakings by applying the criteria laid down in points (g)(i), (ii), and (iii). Insurance and reinsurance undertakings included in that subset shall be required to perform TLPT where they also meet any of the following criteria:

(a)

gross written premium (GWP) that exceeds EUR 3 000 000 000;

(b)

technical provisions that exceed EUR 30 000 000 000;

(c)

total assets that exceed 10 % of the sum of the total assets valuated in accordance with Article 75 of Directive 2009/138/EC of the insurance and reinsurance undertakings established in the Member State.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards