EMIR – Artículo 25 Reconocimiento de una ECC de un tercer país

Artículo 25 1.

Las ECC establecidas en terceros países podrán prestar servicios de compensación a miembros compensadores o plataformas de negociación establecidos en la Unión si las ECC han sido reconocidas por la AEVM.

Artículo 25 2.

La AEVM, previa consulta a las autoridades a que se refiere el apartado 3, podrá reconocer a las ECC establecidas en un tercer país que hayan solicitado el reconocimiento para prestar determinados servicios o actividades de compensación si:

a)

la Comisión ha adoptado un acto de ejecución con arreglo al apartado 6;

b)

las ECC están autorizadas en el tercer país de que se trate y están sujetas a una supervisión y un control del cumplimiento efectivos que garanticen el pleno respeto de los requisitos prudenciales aplicables en dicho tercer país;

c)

se han establecido acuerdos de cooperación con arreglo al apartado 7;

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d)

la entidad de contrapartida central está establecida o autorizada en un tercer país respecto del cual la Comisión Europea considera que no tiene, de conformidad con la Directiva (UE) 2015/849 del Parlamento Europeo y del Consejo ( 20 ), en su régimen nacional de lucha contra el blanqueo de capitales y financiación del terrorismo, deficiencias estratégicas que planteen una amenaza significativa para el sistema financiero de la Unión;

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e)

la ECC no ha sido clasificada en la categoría de las ECC que tienen o pueden adquirir importancia sistémica con arreglo al apartado 2 bis, y es, por lo tanto, una ECC de nivel 1.

Article 25 2a.

ESMA shall, after consulting the ESRB and the central banks of issue referred to in point (f) of paragraph 3, determine whether a third-country CCP is systemically important or likely to become systemically important for the financial stability of the Union or of one or more of its Member States (Tier 2 CCP) by taking into account all of the following criteria:

(a)

the nature, size and complexity of the CCP's business in the Union, and outside the Union to the extent its business may have a systemic impact on the Union or on one or more of its Member States, including:

(i)

the value in aggregate terms and in each Union currency of transactions cleared by the CCP, or the aggregate exposure of the CCP engaged in clearing activities to its clearing members and, to the extent the information is available, their clients and indirect clients established in the Union, including where they have been designated by Member States as other systemically important institutions (O-SIIs) pursuant to Article 131(3) of Directive 2013/36/EU; and

(ii)

the risk profile of the CCP in terms of, amongst others, legal, operational and business risk;

(b)

the effect that the failure of or a disruption to the CCP would have on:

(i)

financial markets, including the liquidity of the markets served;

(ii)

financial institutions;

(iii)

the broader financial system; or

(iv)

the financial stability of the Union or of one or more of its Member States;

(c)

the CCP's clearing membership structure including, to the extent the information is available, the structure of its clearing members' network of clients and indirect clients, established in the Union;

(d)

the extent to which alternative clearing services provided by other CCPs exist in financial instruments denominated in Union currencies for clearing members and, to the extent the information is available, their clients and indirect clients established in the Union;

(e)

the CCP's relationships, interdependencies, or other interactions with other financial market infrastructures, other financial institutions and the broader financial system to the extent that that is likely to have an impact on the financial stability of the Union or one or more of its Member States.

The Commission shall adopt a delegated act in accordance with Article 82 to specify further the criteria set out in the first subparagraph by 2 January 2021.

Without prejudice to the outcome of the recognition process, ESMA shall, after conducting the assessment referred to in the first subparagraph, inform the applicant CCP whether or not it is considered to be a Tier 1 CCP within 30 working days of the determination that that CCP's application is complete in accordance with the second subparagraph of paragraph 4.

Article 25 2b.

Where ESMA determines a CCP to be systemically important or likely to become systemically important (Tier 2 CCP) in accordance with paragraph 2a, it shall only recognise that CCP to provide certain clearing services or activities where, in addition to the conditions referred to in points (a) to (d) of paragraph 2, the following conditions are fulfilled:

(a)

the CCP complies, at the moment of recognition and thereafter on an ongoing basis, with the requirements set out in Article 16 and in Titles IV and V. With regard to the CCP's compliance with Articles 41, 44, 46, 50 and 54, ESMA shall consult the central banks of issue referred to in point (f) of paragraph 3 in accordance with the procedure set out in Article 24b(1). ESMA shall take into account, in accordance with Article 25a, the extent to which a CCP's compliance with those requirements is satisfied by its compliance with comparable requirements applicable in the third country;

(b)

the central banks of issue referred to in point (f) of paragraph 3 have provided ESMA with written confirmation, within 30 working days of the determination that a third-country CCP is not a Tier 1 CCP in accordance with paragraph 2a or following the review in accordance with paragraph 5, that the CCP complies with the following requirements that those central banks of issue may have imposed in the carrying out of their monetary policy tasks:

(i)

to submit any information which the central bank of issue may require upon its reasoned request, where that information has not otherwise been obtained by ESMA;

(ii)

to fully and duly cooperate with the central bank of issue in the context of the assessment of the CCP's resilience to adverse market developments carried out in accordance with Article 25b(3);

(iii)

to open or notify the intent to open, in accordance with relevant access criteria and requirements, an overnight deposit account with the central bank of issue;

(iv)

to comply with requirements, applied in exceptional situations by the central bank of issue, within its competences to address temporary systemic liquidity risks affecting the transmission of monetary policy or the smooth operation of payment systems, and relating to liquidity risk control, margin requirements, collateral, settlement arrangements or interoperability arrangements.

The requirements referred to in subpoint (iv) shall ensure the efficiency, soundness and resilience of CCPs and be aligned with those set out in Article 16 and in Titles IV and V of this Regulation.

The application of the requirements referred to in subpoint (iv) shall be a condition for recognition for a limited period of time of up to six months. Where at the end of that period the central bank of issue considers that the exceptional situation persists, the application of the requirements for recognition purposes may be extended once by an additional period not exceeding six months.

Before imposing, or extending the application of, the requirements referred to in subpoint (iv), the central bank of issue shall inform ESMA, the other central banks of issue referred to in point (f) of paragraph 3 and the members of the third-country CCP college and provide them with an explanation of the effects of the requirements it intends to impose on the efficiency, soundness and resilience of CCPs and with a justification of why the requirements are necessary and proportionate to ensure the transmission of monetary policy or the smooth operation of payment systems in relation to the currency it issues. ESMA shall submit to the central bank of issue an opinion within 10 working days of the transmission of the draft requirement or draft extension. In emergency situations, the aforementioned period shall not exceed 24 hours. In its opinion, ESMA shall consider in particular the effects of the requirements imposed on the efficiency, soundness and resilience of the CCP. The other central banks of issue referred to in point (f) of paragraph 3 may submit an opinion within the same deadline. Upon conclusion of the period for consultation, the central bank of issue shall duly consider the amendments proposed in the opinions of ESMA or the central banks of issue referred to in point (f) of paragraph 3.

The central bank of issue shall also inform the European Parliament and the Council before extending the application of requirements referred to in subpoint (iv).

The central bank of issue shall cooperate and share information on a continuous basis with ESMA and the other central banks of issue referred to in point (f) of paragraph 3 in relation to the requirements referred to in subpoint (iv), in particular in relation to the assessment of systemic liquidity risks and the effects of the imposed requirements on the efficiency, soundness and resilience of CCPs.

Where a central bank of issue imposes any of the requirements referred to in this point after a Tier 2 CCP has been recognised, compliance with any such requirement shall be considered as a condition for recognition and the central banks of issue shall provide ESMA with written confirmation, within 90 working days, that the CCP complies with the requirement.

Where a central bank of issue has not provided a written confirmation to ESMA within the deadline, ESMA may consider that requirement to be fulfilled;

(c)

the CCP has provided ESMA with:

(i)

a written statement, signed by its legal representative, expressing the unconditional consent of the CCP to:

—

provide within three working days after service of a request by ESMA any documents, records, information and data held by that CCP at the time the request is served, and

—

allow ESMA to access any of the CCP's business premises;

(ii)

a reasoned legal opinion by an independent legal expert confirming that the consent expressed is valid and enforceable under the relevant applicable laws;

(d)

the CCP has implemented all necessary measures and established all necessary procedures to ensure the effective compliance with the requirements laid down in points (a) and (c);

(e)

the Commission has not adopted an implementing act in accordance with paragraph 2c.

Article 25 2c.

ESMA, after consulting the ESRB and in agreement with the central banks of issue referred to in point (f) of paragraph 3 in accordance with Article 24b(3) and commensurate with the degree of systemic importance of the CCP in accordance with paragraph 2a of this Article, may, on the basis of a fully reasoned assessment, conclude that a CCP or some of its clearing services are of such substantial systemic importance that that CCP should not be recognised to provide certain clearing services or activities. The agreement of a central bank of issue shall only relate to the currency it issues and not to the recommendation as a whole as referred to in the second subparagraph of this paragraph. In its assessment ESMA shall also:

(a)

explain how compliance with the conditions set out in paragraph 2b would not sufficiently address the financial stability risk for the Union or for one or more of its Member States;

(b)

describe the characteristics of the clearing services provided by the CCP, including the liquidity and physical settlement requirements associated with the provision of such services;

(c)

provide a quantitative technical assessment of the costs and benefits and consequences of a decision not to recognise the CCP to provide certain clearing services or activities, taking into account:

(i)

the existence of potential alternative substitutes for the provision of the clearing services concerned in the currencies concerned to clearing members, and to the extent the information is available, their clients and indirect clients established in the Union;

(ii)

the potential consequences of including the outstanding contracts held at the CCP within the scope of the implementing act.

On the basis of its assessment, ESMA shall recommend that the Commission adopt an implementing act confirming that that CCP should not be recognised to provide certain clearing services or activities.

The Commission shall have a minimum of 30 working days to assess ESMA's recommendation.

After submission of the recommendation referred to in the second subparagraph, the Commission may, as a measure of last resort, adopt an implementing act specifying:

(a)

that following the adaptation period specified by the Commission in accordance with point (b) of this subparagraph, some or all of the clearing services of that third-country CCP can only be provided to clearing members and trading venues established in the Union by that CCP after it has been authorised to do so in accordance with Article 14;

(b)

an appropriate adaptation period for the CCP, its clearing members and their clients. The adaptation period shall not exceed two years, and may only be extended once by an additional period of six months where the reasons for granting an adaptation period still exist;

(c)

the conditions under which that CCP may continue to provide certain clearing services or activities during the adaptation period referred to in point (b);

(d)

any measures that shall be taken during the adaptation period, in order to limit the potential costs to clearing members and their clients, in particular those established in the Union.

In specifying the services and adaptation period referred to in points (a) and (b) of the fourth subparagraph, the Commission shall consider:

(a)

the characteristics of the services offered by the CCP and their substitutability;

(b)

whether and to what extent, outstanding cleared transactions shall be included within the scope of the implementing act, taking into account the legal and economic consequences of that inclusion;

(c)

the potential cost implications to clearing members and, where that information is available, their clients, in particular those established in the Union.

The implementing act shall be adopted in accordance with the examination procedure referred to in Article 86(2).

Artículo 25 3.

Al evaluar si se cumplen las condiciones enumeradas en el apartado 2, letras a) a d), la AEVM consultará a:

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a)

la autoridad competente de un Estado miembro en el que la ECC preste o tenga intención de prestar servicios de compensación y que haya sido seleccionado por la ECC;

b)

las autoridades competentes responsables de la supervisión de los miembros compensadores de la ECC que estén establecidos en los tres Estados miembros que aporten globalmente o que, según las previsiones de la ECC, vayan a aportar globalmente, durante un período de un año, la mayor contribución al fondo de garantía frente a incumplimientos de la ECC al que se refiere el artículo 42;

c)

las autoridades competentes responsables de la supervisión de las plataformas de negociación situadas en la Unión a las que preste o vaya a prestar servicios la ECC;

d)

las autoridades competentes que supervisen ECC establecidas en la Unión con las que se hayan suscrito acuerdos de interoperabilidad;

e)

los miembros pertinentes del SEBC de los Estados miembros en que la ECC preste o tenga intención de prestar servicios de compensación y los miembros pertinentes del SEBC responsables de la supervisión de las ECC con las que se hayan suscrito acuerdos de interoperabilidad;

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f)

los bancos centrales de emisión de todas las monedas de la Unión en que estén denominados los instrumentos financieros que sean o hayan de ser compensados por la ECC.

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Artículo 25 4.

Las ECC a que se refiere el apartado 1 presentarán sus solicitudes a la AEVM.

Las ECC solicitantes proporcionarán a la AEVM toda la información que sea necesaria para su reconocimiento. En los treinta días hábiles siguientes a la recepción de la solicitud, la AEVM evaluará si esta está completa. En caso de que la solicitud no esté completa, la AEVM fijará un plazo para que la ECC solicitante proporcione información adicional. La AEVM enviará inmediatamente toda la información recibida de la ECC solicitante al colegio de ECC de terceros países.

La decisión de reconocimiento se basará en las condiciones establecidas en el apartado 2 para las ECC de nivel 1, y en el apartado 2, letras a) a d), y el apartado 2 ter para las ECC de nivel 2. En los 180 días hábiles siguientes a la determinación de que una solicitud está completa de conformidad con el párrafo segundo, la AEVM informará por escrito a la ECC solicitante de la concesión o la denegación del reconocimiento, justificando plenamente su decisión.

La AEVM publicará en su sitio web una lista de las ECC reconocidas de conformidad con el presente Reglamento, indicando su clasificación como ECC de nivel 1 o nivel 2.

Artículo 25 5.

La AEVM, previa consulta a las autoridades y entidades mencionadas en el apartado 3, revisará el reconocimiento de una ECC establecida en un tercer país:

a)

cuando dicha ECC pretenda ampliar o reducir el ámbito de sus actividades y servicios en la Unión, en cuyo caso la ECC informará a la AEVM presentando toda la información necesaria, y

b)

en todo caso, cada cinco años como mínimo.

Dicha revisión se realizará de conformidad con los apartados 2 a 4.

Cuando la revisión se lleve a cabo con arreglo al párrafo primero, letra b), del presente apartado, la ECC no estará obligada a presentar una nueva solicitud de reconocimiento, sino que proporcionará a la AEVM toda la información necesaria para que esta revise su reconocimiento. Cuando la AEVM lleve a cabo una revisión del reconocimiento de una ECC establecida en un tercer país de conformidad con el párrafo primero, letra b), del presente apartado, la AEVM no tratará dicha revisión como una solicitud de reconocimiento para la ECC reconocida de que se trate.

Cuando, tras la revisión mencionada en el párrafo primero, la AEVM determine que una ECC de un tercer país que ha sido clasificada como ECC de nivel 1 debería ser clasificada como ECC de nivel 2, establecerá un período de adaptación adecuado, no superior a dieciocho meses, dentro del cual la ECC deberá cumplir los requisitos previstos en el apartado 2 ter. La AEVM podrá prorrogar el período de adaptación por otros seis meses previa solicitud razonada de la ECC o de la autoridad competente responsable de la supervisión de los miembros compensadores, siempre que dicha prórroga esté justificada por circunstancias excepcionales y por las repercusiones de la situación en los miembros compensadores establecidos en la Unión.

Artículo 25 6.

La Comisión podrá adoptar un acto de ejecución con arreglo al artículo 5 del Reglamento (UE) n.o 182/2011, por el que determine que:

a)

el marco jurídico y de supervisión de un tercer país garantiza que las ECC autorizadas en dicho país cumplen de forma permanente requisitos jurídicamente vinculantes equivalentes a los requisitos establecidos en el título IV del presente Reglamento;

b)

dichas ECC están sometidas de forma permanente a una supervisión y un control del cumplimiento efectivos en dicho tercer país;

c)

el marco jurídico de ese tercer país establece un sistema equivalente efectivo para el reconocimiento de ECC autorizadas en virtud de regímenes jurídicos de terceros países.

La Comisión podrá supeditar la aplicación del acto de ejecución a que se refiere el párrafo primero al cumplimiento efectivo y permanente por un tercer país de cualquier requisito establecido en dicho acto y a la capacidad de la AEVM para ejercer de manera efectiva sus responsabilidades con respecto a las ECC de terceros países reconocidas en virtud de los apartados 2 y 2 ter, o en relación con el seguimiento a que se refiere el apartado 6 ter, en particular mediante la celebración y aplicación de los acuerdos de cooperación a que se refiere el apartado 7.

Cuando así lo justifique el interés de la Unión y teniendo en cuenta los posibles riesgos para la estabilidad financiera de la Unión derivados de la participación prevista de miembros compensadores y plataformas de negociación establecidos en la Unión en ECC establecidas en un tercer país, la Comisión podrá adoptar el acto de ejecución a que se refiere el párrafo primero independientemente de si se cumple lo dispuesto en la letra c) de dicho párrafo.

Article 25 6a.

The Commission may adopt a delegated act in accordance with Article 82 to specify further the criteria referred to in points (a), (b) and (c) of paragraph 6.

Article 25 6b.

ESMA shall monitor the regulatory and supervisory developments in third countries for which implementing acts have been adopted pursuant to paragraph 6.

Where ESMA identifies any regulatory or supervisory development in those third countries that may impact the financial stability of the Union or of one or more of its Member States, it shall inform the European Parliament, the Council, the Commission and the members of the third-country CCP college referred to in Article 25c without delay. All such information shall be treated confidentially.

ESMA shall submit a confidential report to the Commission and to the members of the third-country CCP college referred to in Article 25c on the regulatory and supervisory developments in the third countries referred to in the first subparagraph on an annual basis.

Artículo 25 7.

La AEVM celebrará acuerdos de cooperación efectivos con las autoridades competentes pertinentes de los terceros países cuyos marcos jurídicos y de supervisión hayan sido considerados equivalentes al presente Reglamento según lo dispuesto en el apartado 6.

Article 25 7a.

Where ESMA has not yet determined the tiering of a CCP or where ESMA has determined that all or some CCPs in a relevant third country are Tier 1 CCPs, the cooperation arrangements referred to in paragraph 7 shall take into account the risk that the provision of clearing services by those CCPs entails and shall specify:

(a)

the mechanism for the exchange of information on an annual basis between ESMA, the central banks of issue referred to in paragraph 3, point (f), and the competent authorities of the third countries concerned, so that ESMA is able to:

(i)

ensure that the CCP complies with the conditions for recognition under paragraph 2;

(ii)

identify any potential material impact on market liquidity or on the financial stability of the Union or of one or more of its Member States; and

(iii)

monitor clearing activities in one, or more, of the CCPs established in such third country by clearing members established in the Union, or that are part of a group subject to consolidated supervision in the Union;

(b)

exceptionally, the mechanism for the exchange of information on a quarterly basis requiring detailed information covering the aspects referred to in paragraph 2a, and in particular information on significant changes to risk models and parameters, the extension of CCP activities and services and changes in the client account structure, with the aim of detecting whether a CCP is potentially close to becoming or is potentially likely to become systemically important for the financial stability of the Union or of one or more of its Member States as well as the mechanism for the exchange of information on market developments that could have consequences for the financial stability of the Union;

(c)

the mechanism for prompt notification to ESMA where a third-country competent authority deems a CCP it is supervising to be in breach of the conditions of its authorisation or of other law to which it is subject;

(d)

the mechanism for prompt notification to ESMA by the third-country competent authority where a third-country CCP which is supervised by that competent authority intends to extend or reduce its clearing services or activities;

(e)

the procedures necessary for the effective monitoring of regulatory and supervisory developments in a third country;

(f)

the procedures for third-country authorities to inform ESMA, the third-country CCP college referred to in Article 25c, and the central banks of issue referred to in paragraph 3, point (f), without undue delay of any emergency situations relating to the recognised CCP, including developments in financial markets, which may have an adverse effect on market liquidity and the stability of the financial system in the Union or one of its Member States and the procedures and contingency plans to address such situations;

(g)

the procedures for third-country authorities to assure the effective enforcement of decisions adopted by ESMA in accordance with Articles 25f, 25j, Article 25k(1), point (b), and Articles 25l, 25m and 25p;

(h)

the consent of third-country authorities to the onward sharing of any information they have provided to ESMA under the cooperation arrangements with the authorities referred to in paragraph 3 and the members of the third-country CCP college, subject to the professional secrecy requirements set out in Article 83.

Article 25 7b.

Where ESMA has determined that at least one CCP in a relevant third country is a Tier 2 CCP, the cooperation arrangements referred to in paragraph 7 shall specify in relation to those Tier 2 CCPs at least the following:

(a)

the elements referred to in paragraph 7a, points (a), (c), (e), (f) and (h), where cooperation arrangements are not already established with the relevant third country pursuant to that paragraph;

(b)

the mechanism for the exchange of information at least on a monthly basis, as appropriate, between ESMA, the central banks of issue referred to in paragraph 3, point (f), and the competent authorities of the third countries concerned, including access to all information requested by ESMA to ensure the CCP’s compliance with the requirements referred to in paragraph 2b;

(c)

the procedures concerning the coordination of supervisory activities, including the agreement of third-country authorities to allow investigations and on-site inspections in accordance with Articles 25g and 25h respectively;

(d)

the procedures for third-country authorities to assure the effective enforcement of decisions adopted by ESMA in accordance with Articles 25b, 25f to 25m, 25p and 25q;

(e)

the procedures for third-country authorities to:

(i)

consult ESMA on the preparation and assessment of recovery plans and on the preparation of resolution plans in relation to aspects relevant for the Union or one or more of its Member States;

(ii)

inform ESMA without undue delay of the establishment of recovery plans and resolution plans and any subsequent material changes to those plans in relation to aspects relevant for the Union or one or more of its Member States;

(iii)

inform ESMA without undue delay if a Tier 2 CCP intends to activate its recovery plan or where the third-country authorities have determined that there are indications of an emerging crisis situation that could affect the operations of that Tier 2 CCP, in particular, its ability to provide clearing services or where the third-country authorities envisage taking a resolution action in the near future.

Article 25 7c.

Where ESMA considers that a third-country competent authority fails to apply any of the provisions laid down in a cooperation arrangement established in accordance with paragraphs 7, 7a and 7b, it shall inform the Commission thereof confidentially and without delay. In such a case, the Commission may decide to review the implementing act adopted in accordance with paragraph 6.

Artículo 25 8.

A fin de asegurar la aplicación coherente del presente artículo, la AEVM elaborará proyectos de normas técnicas reglamentarias en las que se especifique la información que la ECC solicitante habrá de facilitar a la AEVM en su solicitud de reconocimiento.

La AEVM presentará a la Comisión estos proyectos de normas técnicas reglamentarias a más tardar el 30 de septiembre de 2012.

Se delegan en la Comisión los poderes para adoptar las normas técnicas reglamentarias a que se refiere el párrafo primero, de conformidad con los artículos 10 a 14 del Reglamento (UE) no 1095/2010.

Artículo 25 Reconocimiento de una ECC de un tercer país

1. Resumen

1.1 Referencias

1.2 Requisitos identificados

1.3 Estándares relacionados

2. Requisitos identificados

3. Estándares relacionados