+Article 85 11.

Article 85 11.

By 25 December 2026, ESMA, in cooperation with the ESRB, shall submit a report to the Commission. The report shall:

(a) 

define in detail the notion of procyclicality in the context of Article 41 for margins called by a CCP and Article 46 for haircuts applied to collateral held by a CCP;

(b) 

assess how the anti-procyclicality provisions of this Regulation and Commission Delegated Regulation (EU) No 153/2013 ( 33 ) have been applied over the years and whether further measures are necessary to improve the use of anti-procyclicality tools;

(c) 

inform on how anti-procyclicality tools could or could not result in margin increases that would be greater than without the application of said tools, taking into account the potential add-ons or offsets that a CCP is allowed to apply under this Regulation.

In preparing the report, ESMA shall also assess the rules applying to, and the practices of, third-country CCPs, as well as international developments concerning procyclicality.

1. Forbhreathnú

,

1.1 Tagairtí

1.2 Ceanglais aitheanta

1.3 Caighdeáin ghaolmhara

2. Ceanglais aitheanta

Ceanglais

3. Caighdeáin ghaolmhara

Caighdeáin