in force 2015-06-25
02012R0648-20140702 → 02012R0648-20150625
Amended by Directive (EU) 2015/849 32015L0849
Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance)
detected 2026-08-13
1 provision touched — 1 substantive, 0 date-only, 0 disputed · every change carries an explanation that passed its citation check
MODIFIED +545 −296 Art. 25 Recognition of a third-country CCP§
applies from: unknown (the text changed beyond its dates, so no date that moved can be read as the application date)
dates added to the text: 2015-05-20 · dates removed: 2005-10-26
Point (d) of Article 25(2) changes the reference from Directive 2005/60/EC to Directive (EU) 2015/849, and reframes the condition from the third country being considered to have equivalent anti-money-laundering and counter-terrorist-financing systems to those of the Union, to the third country not being considered by the Commission to have strategic deficiencies in its national anti-money laundering and counter financing of terrorism regime that pose significant threats to the financial system of the Union.
The remainder of Article 25, including paragraphs 1 and 3 through 8, is unchanged between the two versions.
Cited: Art. 25, v1 · Art. 25, v2
text before / after
02012R0648-20140702 → 02012R0648-20150625
Article 25
Recognition of a third-country CCP
1. A CCP established in a third country may provide clearing services to clearing members or trading venues established in the Union only where that CCP is recognised by ESMA.
2. ESMA, after consulting the authorities referred to in paragraph 3, may recognise a CCP established in a third country that has applied for recognition to provide certain clearing services or activities where:
(a) the Commission has adopted an implementing act in accordance with paragraph 6;
(b) the CCP is authorised in the relevant third country, and is subject to effective supervision and enforcement ensuring full compliance with the prudential requirements applicable in that third country;
(c) cooperation arrangements have been established pursuant to paragraph 7;
(d) the CCP is established or authorised in a third country that is considered as having equivalent systems for anti-money-laundering and combating not considered, by the financing of terrorism to those of the Union Commission in accordance with Directive (EU) 2015/849 of the criteria set out in European Parliament and of the common understanding between Member States on third-country equivalence under Directive 2005/60/EC CouncilDirective (EU) 2015/849 of the European Parliament and of the Council of 26 October 2005 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and terrorist financingOJ of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ L 309, 25.11.2005, 141, 5.6.2015, p. 15.. 73)., as having strategic deficiencies in its national anti-money laundering and counter financing of terrorism regime that poses significant threats to the financial system of the Union.
3. When assessing whether the conditions referred to in paragraph 2 are met, ESMA shall consult:
(a) the competent authority of a Member State in which the CCP provides or intends to provide clearing services and which has been selected by … 681 unchanged words … draft regulatory technical standards to the Commission by 30 September 2012.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
The full entry, with the citation mapping v1 = 02012R0648-20140702, v2 = 02012R0648-20150625, is committed at eu/32012R0648/CHANGELOG.md.