EMIR – 25 artikla Kolmannen maan keskusvastapuolen tunnustaminen

25 artikla 1.

Kolmanteen maahan sijoittautunut keskusvastapuoli voi tarjota määrityspalveluja unioniin sijoittautuneille määritysosapuolille tai markkinapaikoille vain, jos arvopaperimarkkinaviranomainen on tunnustanut kyseisen keskusvastapuolen.

25 artikla 2.

Arvopaperimarkkinaviranomainen voi 3 kohdassa tarkoitettuja viranomaisia kuultuaan tunnustaa kolmanteen maahan sijoittautuneen keskusvastapuolen, joka on hakenut tunnustamista tarjotakseen tiettyjä määrityspalveluja tai -toimia, jos:

a)

komissio on antanut 6 kohdan mukaisen täytäntöönpanosäädöksen;

b)

keskusvastapuoli on saanut toimiluvan kyseisessä kolmannessa maassa, jossa sitä ja vaatimusten täytäntöönpanoa myös tosiasiallisesti valvotaan varmistaen, että se täyttää kyseisessä kolmannessa maassa sovellettavat vakavaraisuusvaatimukset täysimääräisesti;

c)

yhteistyöjärjestelyt on vahvistettu 7 kohdan mukaisesti;

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d)

keskusvastapuoli on sijoittautunut kolmanteen maahan tai saanut toimiluvan kolmannessa maassa, jonka kansallisessa rahanpesun ja terrorismin rahoituksen torjuntajärjestelmässä komissio Euroopan parlamentin ja neuvoston direktiivin (EU) 2015/849 ( 20 ) mukaisesti ei katso olevan strategisia puutteita, jotka muodostavat merkittäviä uhkia unionin rahoitusjärjestelmälle;

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e)

keskusvastapuolta ei pidetä järjestelmän kannalta merkittävänä tai sen ei katsota mahdollisesti tulevan järjestelmän kannalta merkittäväksi 2 a kohdan mukaisesti, ja näin ollen se on ensimmäisen tason keskusvastapuoli.

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).

25 artikla 3.

Arvioidessaan, täyttyvätkö 2 kohdan a–d alakohdassa tarkoitetut edellytykset, arvopaperimarkkinaviranomaisen on kuultava

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a)

sen jäsenvaltion toimivaltaista viranomaista, jossa keskusvastapuoli tarjoaa tai aikoo tarjota määrityspalveluja ja jonka keskusvastapuoli on valinnut;

b)

toimivaltaisia viranomaisia, jotka vastaavat niihin kolmeen jäsenvaltioon sijoittautuneiden keskusvastapuolen määritysosapuolten valvonnasta, jotka kokonaismäärän perusteella suorittavat tai joiden keskusvastapuoli odottaa suorittavan suurimmat maksut 42 artiklassa tarkoitettuun keskusvastapuolen maksukyvyttömyysrahastoon yhden vuoden aikana;

c)

toimivaltaisia viranomaisia, jotka vastaavat niiden unionissa sijaitsevien markkinapaikkojen valvonnasta, joille keskusvastapuoli tarjoaa tai aikoo tarjota palvelujaan;

d)

toimivaltaisia viranomaisia, jotka valvovat niitä unioniin sijoittautuneita keskusvastapuolia, joiden kanssa on tehty yhteentoimivuusjärjestelyt;

e)

niiden jäsenvaltioiden asianomaisia EKPJ:n jäseniä, joissa keskusvastapuoli tarjoaa tai aikoo tarjota määrityspalveluja, sekä niiden keskusvastapuolten, joiden kanssa on tehty yhteentoimivuusjärjestelyt, valvonnasta vastaavia EKPJ:n asianomaisia jäseniä;

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f)

kaikkia keskuspankkeja, jotka laskevat liikkeeseen keskusvastapuolessa määritetyissä tai määritettävissä rahoitusvälineissä käytetyt unionin valuutat.

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25 artikla 4.

Edellä 1 kohdassa tarkoitetun keskusvastapuolen on jätettävä hakemuksensa arvopaperimarkkinaviranomaiselle.

Tunnustamista hakevan keskusvastapuolen on annettava arvopaperimarkkinaviranomaiselle kaikki tiedot, jotka ovat tarpeen sen tunnustamiseksi. Arvopaperimarkkinaviranomainen arvioi 30 työpäivän kuluessa hakemuksen vastaanottamisesta, sisältääkö se kaikki tarvittavat tiedot. Jos hakemus ei ole täydellinen, arvopaperimarkkinaviranomaisen on asetettava määräaika, johon mennessä tunnustamista hakevan keskusvastapuolen on toimitettava lisätiedot. Arvopaperimarkkinaviranomaisen on toimitettava välittömästi kaikki tunnustamista hakevalta keskusvastapuolelta saadut tiedot kolmansien maiden keskusvastapuolten kollegiolle.

Tunnustamispäätöksen on perustuttava 2 kohdassa ensimmäisen tason keskusvastapuolten osalta sekä 2 kohdan a–d alakohdassa ja 2 b kohdassa toisen tason keskusvastapuolten osalta vahvistettuihin edellytyksiin. Arvopaperimarkkinaviranomainen antaa hakijana olevalle keskusvastapuolelle 180 työpäivän kuluessa siitä, kun hakemus on katsottu täydelliseksi toisen alakohdan mukaisesti, kaikilta osin perustellun kirjallisen ilmoituksen siitä, onko tunnustaminen myönnetty vai evätty.

Arvopaperimarkkinaviranomaisen on julkaistava verkkosivustollaan luettelo tämän asetuksen mukaisesti tunnustetuista keskusvastapuolista mainiten niiden luokitus ensimmäisen tason keskusvastapuoliksi tai toisen tason keskusvastapuoliksi.

25 artikla 5.

Arvopaperimarkkinaviranomaisen on 3 kohdassa tarkoitettuja viranomaisia ja yhteisöjä kuultuaan tarkasteltava uudelleen kolmanteen maahan sijoittautuneelle keskusvastapuolelle myönnettyä tunnustusta,

a)

jos keskusvastapuoli aikoo laajentaa tai supistaa toimiensa ja palvelujensa laajuutta unionissa, keskusvastapuolen on ilmoitettava tästä arvopaperimarkkinaviranomaiselle ja annettava sille kaikki tarvittavat tiedot; ja

b)

joka tapauksessa vähintään viiden vuoden välein.

Uudelleentarkastelu toteutetaan 2–4 kohdan mukaisesti.

Jos uudelleentarkastelu tehdään tämän kohdan ensimmäisen alakohdan b alakohtaa noudattaen, keskusvastapuolen ei tarvitse toimittaa uutta tunnustamishakemusta vaan sen on toimitettava arvopaperimarkkinaviranomaiselle kaikki tiedot, jotka tämä tarvitsee keskusvastapuolen tunnustamisen uudelleentarkastelun suorittamiseen. Jos arvopaperimarkkinaviranomainen tarkastelee uudelleen kolmanteen maahan sijoittautuneen keskusvastapuolen tunnustamista tämän kohdan ensimmäisen alakohdan b alakohdan mukaisesti, se ei saa kohdella tällaista uudelleentarkastelua asianomaisen tunnustetun keskusvastapuolen tunnustamishakemuksena.

Jos arvopaperimarkkinaviranomainen päättää ensimmäisessä alakohdassa tarkoitetun uudelleentarkastelun jälkeen, että kolmannen maan keskusvastapuoli, joka on aiemmin luokiteltu ensimmäisen tason keskusvastapuoleksi, olisi luokiteltava toisen tason keskusvastapuoleksi, arvopaperimarkkinaviranomainen asettaa asianmukaisen enintään 18 kuukauden pituisen sopeutumisajan, jonka kuluessa keskusvastapuolen on täytettävä 2 b kohdassa tarkoitetut vaatimukset. Arvopaperimarkkinaviranomainen voi jatkaa sopeutumisaikaa enintään kuudella kuukaudella keskusvastapuolen tai määritysosapuolten valvonnasta vastaavan toimivaltaisen viranomaisen perustellusta pyynnöstä, jos tällainen jatkaminen on poikkeuksellisten olosuhteiden ja unioniin sijoittautuneille määritysosapuolille aiheutuvien vaikutusten vuoksi perusteltua.

25 artikla 6.

Komissio voi antaa asetuksen (EU) N:o 182/2011 5 artiklan mukaisen täytäntöönpanosäädöksen, jossa määritetään, että

a)

kolmannen maan oikeudellisilla ja valvontajärjestelyillä varmistetaan, että kyseisessä kolmannessa maassa toimiluvan saaneet keskusvastapuolet noudattavat jatkuvasti oikeudellisesti sitovia vaatimuksia, jotka vastaavat tämän asetuksen IV osastossa säädettyjä vaatimuksia;

b)

kyseiset keskusvastapuolet ovat jatkuvasti tehokkaan valvonnan ja täytäntöönpanon alaisia kyseisessä kolmannessa maassa;

c)

kyseisen kolmannen maan oikeudelliseen kehykseen sisältyy tehokas vastaava järjestelmä, jolla tunnustetaan kolmansien maiden oikeudellisten järjestelyjen nojalla toimiluvan saaneet keskusvastapuolet.

Komissio voi edellyttää, että ensimmäisessä alakohdassa tarkoitetun täytäntöönpanosäädöksen soveltaminen edellyttää, että kolmas maa täyttää jatkuvasti kaikki kyseisessä alakohdassa säädetyt vaatimukset, ja että arvopaperimarkkinaviranomainen kykenee hoitamaan tehtäviään, jotka liittyvät 2 ja 2 b kohdan nojalla tunnustettujen kolmansien maiden keskusvastapuoliin tai 6 b kohdassa tarkoitettuun seurantaan, muun muassa hyväksymällä ja soveltamalla 7 kohdassa tarkoitettuja yhteistyöjärjestelyjä.

Jos se on unionin edun mukaista ja kun otetaan huomioon mahdolliset riskit, joita unionin rahoitusvakauteen kohdistuu siksi, että unioniin sijoittautuneiden määritysosapuolten ja markkinapaikkojen odotetaan osallistuvan kolmanteen maahan sijoittautuneisiin keskusvastapuoliin, komissio voi antaa ensimmäisessä alakohdassa tarkoitetun täytäntöönpanosäädöksen riippumatta siitä, täyttyykö kyseisen alakohdan c alakohta.

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.

25 artikla 7.

Arvopaperimarkkinaviranomainen vahvistaa tehokkaat yhteistyöjärjestelyt sellaisten kolmansien maiden asiaankuuluvien toimivaltaisten viranomaisten kanssa, joiden lainsäädäntö ja valvontajärjestelmä on tunnustettu tätä asetusta vastaaviksi 6 kohdan mukaisesti.

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.

25 artikla 8.

Jotta voidaan varmistaa tämän artiklan yhdenmukainen soveltaminen, arvopaperimarkkinaviranomainen laatii luonnoksia teknisiksi sääntelystandardeiksi, joissa yksilöidään tarkemmin tiedot, jotka tunnustamista hakevan keskusvastapuolen on toimitettava arvopaperimarkkinaviranomaiselle tunnustamista koskevassa hakemuksessaan.

Arvopaperimarkkinaviranomaisen on toimitettava nämä teknisten sääntelystandardien luonnokset komissiolle viimeistään 30 päivänä syyskuuta 2012.

Siirretään komissiolle valta hyväksyä ensimmäisessä alakohdassa tarkoitetut tekniset sääntelystandardit asetuksen (EU) N:o 1095/2010 10–14 artiklan mukaisesti.

25 artikla Kolmannen maan keskusvastapuolen tunnustaminen

1. Yleiskatsaus

1.1 Viittaukset

1.2 Tunnistetut vaatimukset

1.3 Liittyvät standardit

2. Tunnistetut vaatimukset

3. Liittyvät standardit