+Članak 49. Preispitivanje modela, ispitivanje otpornosti na stres i retroaktivno ispitivanje
---+Članak 49. 1.
---+Article 49 1a.
---+Article 49 1b.
---+Article 49 1c.
---+Article 49 1d.
---+Article 49 1e.
---+Article 49 1f.
---+Article 49 1g.
---+Article 49 1h.
---+Article 49 1i.
---+Članak 49. 2.
---+Članak 49. 3.
---+Članak 49. 4.
---+Članak 49. 5.
---+Članak 49. 6.

Članak 49. Preispitivanje modela, ispitivanje otpornosti na stres i retroaktivno ispitivanje

1. Pregled

,
Članak 49. 1.
Središnja druga ugovorna strana redovito preispituje modele i parametre za izračun svojih zahtjeva za iznos nadoknade, doprinosa u jamstveni fond, zahtjeva za kolateral i ostalih mehanizama za kontrolu rizika. Strogo i često ispituje otpornost tih modela na stres radi procjene njihove otpornosti u ekstremnim, ali mogućim tržišnim uvjetima i retroaktivnim ispitivanjima procjenjuje pouzdanost primijenjene metodologije. Središnja druga ugovorna strana dužna je ishoditi neovisnu potvrdu, obavijestiti svoje nadležno tijelo i ESMA-u o rezultatima provedenih ispitivanja i ishoditi njihovu potvrdu u skladu sa stavcima od 1.a do 1.e prije donošenja bitnih promjena modela i parametara.

Ako središnja druga ugovorna strana namjerava donijeti promjenu modela ili parametra iz prvog podstavka, dužna je učiniti jedno od sljedećeg:

(a) 

ako središnja druga ugovorna strana smatra da je planirana promjena znatna u skladu sa stavkom 1.i, podnosi zahtjev za potvrđivanje te promjene u skladu s postupkom utvrđenim u ovom članku;

(b) 

ako središnja druga ugovorna strana smatra da planirana promjena nije znatna u skladu sa stavkom 1.i ovog članka, podnosi zahtjev za potvrđivanje promjene u skladu s postupkom utvrđenim u članku 49.a.
Article 49 1a.
All changes to models and parameters not assessed under Article 49a shall be assessed in accordance with the procedure laid down in this Article.

The adopted models and parameters, including any significant change thereto, shall be subject to an opinion of the college referred to in Article 18 in accordance with this Article.

ESMA shall ensure that information on the results of the stress tests is passed on to the ESAs, the ESCB and the Single Resolution Board to enable them to assess the exposure of financial undertakings to the default of CCPs.
Article 49 1b.
Where a CCP intends to adopt any change to a model or parameter referred to in paragraph 1, it shall submit an application for validation of such change in an electronic format via the central database. That application shall be immediately shared with the CCP’s competent authority, ESMA and the college referred to in Article 18. The CCP shall enclose an independent validation of the intended change to its application.

Within two working days of submission of such application, an acknowledgement of receipt of the application shall be sent to the CCP via the central database.
Article 49 1c.
The CCP’s competent authority and ESMA shall each assess, within 10 working days of the acknowledgement of receipt of the application, whether the application contains the documents required and whether those documents contain all the information required pursuant to paragraph 5, point (d).

Where the CCP’s competent authority or ESMA concludes that not all documents or information required have been submitted, the CCP’s competent authority shall request the applicant CCP to submit additional documents or information that it or ESMA has identified as missing, via the central database. The timeframe set out in the first subparagraph of this paragraph may in that case be extended by a maximum of 10 working days. The application shall be rejected where the CCP’s competent authority or ESMA concludes that the CCP has failed to comply with any such request and, in such a case, the authority which concluded that the application is to be rejected shall inform the other authority thereof. The CCP’s competent authority shall inform the CCP of the decisions to reject the application via the central database and also inform the CCP of the documents or information identified as missing.
Article 49 1d.

Within 40 working days of concluding that all documents and information have been submitted in accordance with paragraph 1c:

(a) 

the competent authority shall conduct a risk assessment of the significant change and submit its report to ESMA and the college referred to in Article 18; and

(b) 

ESMA shall conduct a risk assessment of the significant change and submit its report to the CCP’s competent authority and the college referred to in Article 18.

During the period referred to in the first subparagraph of this paragraph, the CCP’s competent authority, ESMA or any of the members of the college referred to in Article 18 may submit, via the central database, questions directly to, and request complementary information from, the applicant CCP and shall set a deadline by which the applicant CCP is to provide such information.

Within 15 working days of the receipt of the reports referred to in the first subparagraph, the college referred to in Article 18 shall adopt an opinion pursuant to Article 19 and transmit it to ESMA and the competent authority. Notwithstanding a provisional adoption in accordance with paragraph 1g, the competent authority and ESMA shall not adopt a decision granting or refusing the validation of significant changes to models or parameters until such an opinion has been adopted by the college referred to in Article 18, unless the college has not adopted that opinion within the deadline.
Article 49 1e.
Within 10 working days of receipt of the opinion of the college referred to in Article 18, or after the expiry of the deadline for providing that opinion, whichever is earlier, the CCP’s competent authority and ESMA shall each grant or refuse the validation, taking into account the reports referred to in paragraph 1d, first subparagraph of this Article, and that opinion, and shall inform each other in writing thereof, providing a fully reasoned explanation for the grant or refusal. Where the CCP’s competent authority or ESMA has not validated the change, the validation shall be refused.

Where the CCP’s competent authority or ESMA does not agree with the opinion of the college referred to in Article 18, including with any of the conditions or recommendations contained therein, its decision shall contain full reasons and an explanation of any significant deviation from that opinion or those conditions or recommendations.
Article 49 1f.
The CCP’s competent authority shall inform the CCP, within the deadline referred to in paragraph 1e, whether the validations have been granted or refused and shall provide a fully reasoned explanation therefor.
Article 49 1g.
The CCP may not adopt any significant change to a model or parameter referred to in paragraph 1 before obtaining validation by both its competent authority and ESMA.

By way of derogation from the first subparagraph, where requested by the CCP, the competent authority, in agreement with ESMA, may allow for a provisional adoption of a significant change of a model or parameter prior to their validations where duly justified. Such a temporary change shall only be allowed for a certain period of time jointly specified by the CCP’s competent authority and ESMA. After the expiry of that period, the CCP shall not be allowed to use such change unless it has been validated pursuant to this Article.
Article 49 1h.
Changes to parameters that are the result of applying a methodology that is part of a validated model, either due to external input or due to a regular review or calibration exercise, shall not be considered changes to models and parameters for the purpose of this Article and Article 49a.
Article 49 1i.

A change shall be considered significant where at least one of the following conditions is met:

(a) 

the change leads to a significant decrease or increase of the CCP’s total pre-funded financial resources, including margin requirements, default fund and dedicated own resources as referred to in Article 45(4);

(b) 

the structure or the structural elements of the margin model are changed;

(c) 

a component of the margin model, including a margin parameter or an add-on, is introduced, removed, or amended in a manner which leads to a significant decrease or increase of the output of the margin model at the CCP level;

(d) 

the methodology used to compute portfolio offsets is changed leading to a significant decrease or increase of the total margin requirements for the financial instruments within the portfolio;

(e) 

the methodology for defining and calibrating stress test scenarios for the purpose of determining the size of the CCP’s default funds and the size of the individual clearing members’ contributions to those default funds is changed, leading to a significant decrease or increase in the size of any of the default funds or of any individual default fund contribution;

(f) 

the methodology applied to assess liquidity risk is changed, leading to a significant decrease or increase of the estimated liquidity needs in any currency or the total liquidity needs;

(g) 

the methodology applied to determine the concentration risk a CCP has towards an individual counterparty is changed, such that the CCP’s overall exposure to that counterparty decreases or increases significantly;

(h) 

the methodology applied to value collateral, or calibrate collateral haircuts, is changed, such that the total value of collateral decreases or increases significantly;

(i) 

the change could have a material effect on the overall risk of the CCP.
Članak 49. 2.
Središnja druga ugovorna strana redovito ispituje ključne aspekte svojih postupaka u slučaju neispunjavanja obveza i poduzima sve odgovarajuće korake kako bi osigurala da ih razumiju svi članovi sustava poravnanja i da svi članovi sustava poravnanja imaju uspostavljene primjerene aranžmane za odgovor u slučaju događaja neispunjavanja obveza.
Članak 49. 3.
Središnja druga ugovorna strana javno objavljuje ključne informacije o svom modelu za upravljanje rizicima i pretpostavkama koje su korištene za obavljanje ispitivanja otpornosti na stres iz stavka 1.
Članak 49. 4.

Kako bi se osigurala dosljedna primjena ovog članka, ESMA, nakon savjetovanja s EBA-om, drugim mjerodavnim nadležnim tijelima i članovima ESSB-a, izrađuje nacrt regulatornih tehničkih standarda kojima se određuje:

(a) 

vrsta ispitivanja koja se provode za različite vrste financijskih instrumenata i portfelja;

(b) 

uključenost članova sustava poravnanja ili ostalih strana u tim ispitivanjima;

(c) 

učestalost ispitivanja;

(d) 

vremensko razdoblje ispitivanja;

(e) 

ključne informacije iz stavka 3.

ESMA dostavlja Komisiji navedeni nacrt regulatornih tehničkih standarda do 30. rujna 2012.

Delegira se ovlast Komisiji za donošenje regulatornih tehničkih standarda iz prvog podstavka u skladu s člancima 10. do 14. Uredbe (EU) br. 1095/2010.
Članak 49. 5.

ESMA u bliskoj suradnji s članovima ESSB-a izrađuje nacrt regulatornih tehničkih standarda kojima se dodatno određuje sljedeće:

(a) 

što čini znatno povećanje ili smanjenje za potrebe stavka 1.i točaka (a) i od (c) do (h);

(b) 

elementi koje treba uzeti u obzir pri procjeni je li ispunjen jedan od uvjeta iz stavka 1.i;

(c) 

druge promjene modela za koje se može smatrati da su već obuhvaćeni odobrenim modelom i stoga se ne smatraju promjenom modela i ne podliježu postupcima utvrđenima u ovom članku ili članku 49.a; te

(d) 

popisi potrebnih dokumenata koji se prilažu zahtjevu za izdavanje potvrde na temelju stavka 1.c ovog članka i članka 49.a te informacije koje takvi dokumenti moraju sadržavati da bi se dokazalo da središnja druga ugovorna strana ispunjava sve relevantne zahtjeve iz ove Uredbe.

Potrebni dokumenti i razina informacija moraju biti razmjerni vrsti potvrđivanja modela, ali moraju sadržavati dovoljno pojedinosti kako bi se osigurala pravilna analiza promjene.

Za potrebe prvog podstavka točke (a) ESMA može odrediti različite vrijednosti za različite točke stavka 1.i.

ESMA Komisiji dostavlja nacrt regulatornih tehničkih standarda iz prvog podstavka do 25. prosinca 2025.

Komisiji se delegira ovlast za dopunjavanje ove Uredbe donošenjem regulatornih tehničkih standarda iz prvog podstavka ovog stavka u skladu s člancima od 10. do 14. Uredbe (EU) br. 1095/2010.
Članak 49. 6.
ESMA izrađuje nacrt provedbenih tehničkih standarda kojima se određuje elektronički format zahtjeva koji se dostavlja u središnju bazu podataka radi potvrđivanja iz stavka 1.b ovog članka i članka 49.a.

ESMA Komisiji dostavlja nacrt regulatornih tehničkih standarda do 25. prosinca 2025.

Komisiji se dodjeljuje ovlast za donošenje provedbenih tehničkih standarda iz prvog podstavka ovog stavka u skladu s člankom 15. Uredbe (EU) br. 1095/2010.

1.1 Reference

1.2 Utvrđeni zahtjevi

1.3 Povezani standardi

2. Utvrđeni zahtjevi

Zahtjevi

3. Povezani standardi

Standardi
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