in force 2024-01-16
02012R0236-20240109 → 02012R0236-20240116
Amended by Regulation (EU) 2023/2845 32023R2845
Regulation (EU) 2023/2845 of the European Parliament and of the Council of 13 December 2023 amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories and amending Regulation (EU) No 236/2012 (Text with EEA relevance)
detected 2026-08-13
1 provision touched — 1 substantive, 0 date-only, 2 disputed · 1 change without an explanation
Emendrix checks every change against three independent sources. Where they disagree it says so rather than picking a winner.
MODIFIED ±0 Art. 15 Buy-in procedures§
applies from: unchanged
Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.
No explanation shipped — the difference between the two versions lies beyond the characters this stage can show, so no explanation was requested.
text before / after
02012R0236-20240109 → 02012R0236-20240116
Article 15 Buy-in procedures 1. A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place which comply with all of the following requirements: (a) where a natural or legal person who sells shares is not able to deliver the shares for settlement within four business days after the day on which settlement is due, procedures are automatically triggered for the buy-in of the shares to ensure delivery for settlement; (b) where the buy-in of the shares for delivery is not possible, an amount is paid to the buyer based on the value of the shares to be delivered at the delivery date plus an amount for losses incurred by the buyer as a result of the settlement failure; and (c) the natural or legal person who fails to settle reimburses all amounts paid pursuant to points (a) and (b). 2. A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place, which ensure that where a natural or legal person who sells shares fails to deliver the shares for settlement by the date on which settlement is due, such person must make daily payments for each day that the failure continues. The daily payments shall be sufficiently high to act as a deterrent to natural or legal persons failing to settle.
MODIFIED +2 −482 Art. 15 Buy-in procedures§
applies from: unchanged
Sources disagree — the text comparison and the EU's own amendment metadata found this change; the amending act's instructions do not mention it. All are shown; none is overruled.
The provision no longer contains a separate numbered paragraph 2 requiring daily payments from a person who fails to deliver shares by settlement date, nor the following sentence requiring those payments to be sufficiently high to act as a deterrent.
The remaining text, previously labeled as paragraph 1, is no longer numbered and instead runs as the sole introductory statement before points (a) to (c), with the phrase "within four business days after the day" changed to "within four business days of the day".
Cited: Art. 15, v1 · Art. 15, v2
text before / after
02012R0236-20240109 → 02012R0236-20240116
Article 15
Buy-in procedures
1. A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place which comply with all of the following requirements:
(a) where a natural or legal person who sells shares is not able to deliver the shares for settlement within four business days after of the day on which settlement is due, procedures are automatically triggered for the buy-in of the shares to ensure delivery for settlement;
(b) where the buy-in of the shares for delivery is not possible, an amount is paid to the buyer based on the value of the shares to be delivered at the delivery date plus an amount for losses incurred by the buyer as a result of the settlement failure; and
(c) the natural or legal person who fails to settle reimburses all amounts paid pursuant to points (a) and (b).
2. A central counterparty in a Member State that provides clearing services for shares shall ensure that procedures are in place, which ensure that where a natural or legal person who sells shares fails to deliver the shares for settlement by the date on which settlement is due, such person must make daily payments for each day that the failure continues.
The daily payments shall be sufficiently high to act as a deterrent to natural or legal persons failing to settle.
The full entry, with the citation mapping v1 = 02012R0236-20240109, v2 = 02012R0236-20240116, is committed at eu/32012R0236/CHANGELOG.md.