European Market Infrastructure Regulation

02012R0648-20150916 → 02012R0648-20160112

Article 2 Definitions For the purposes of this Regulation, the following definitions shall apply: (1) CCP means a legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer; (2) trade repository means a legal person that centrally collects and maintains the records of derivatives; (3) clearing means the process of establishing positions, including the calculation of net obligations, and ensuring that financial instruments, cash, or both, are available to secure the exposures arising from those positions; (4) trading venue means a system operated by an investment firm or a market operator within the meaning of Article 4(1)(1) and 4(1)(13) of Directive 2004/39/EC other than a systematic internaliser within the meaning of Article 4(1)(7) thereof, which brings together buying or selling interests in financial instruments in the system, in a way that results in a contract in accordance with Title II or III of that Directive; (5) derivative or derivative contract means a financial instrument as set out in points (4) to (10) of Section C of Annex I to Directive 2004/39/EC as implemented by Article 38 and 39 of Regulation (EC) No 1287/2006; (6) class of derivatives means a subset of derivatives sharing common and essential characteristics including at least the relationship with the underlying asset, the type of underlying asset, and currency of notional amount. Derivatives belonging to the same class may have different maturities; (7) OTC derivative or OTC derivative contract means a derivative contract the execution of which does not take place on a regulated market as within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered as to be equivalent to a regulated market in accordance with Article 19(6) 2a of Directive 2004/39/EC; this Regulation; (8) financial counterparty means an investment firm authorised in accordance with Directive 2004/39/EC, a credit institution authorised in accordance with Directive 2006/48/EC, an insurance undertaking authorised in accordance with Directive 73/239/EEC, an assurance undertaking authorised in accordance with Directive 2002/83/EC, … 1,038 unchanged words … such relationship during the five years preceding his membership of the board; (29) senior management means the person or persons who effectively direct the business of the CCP or the trade repository, and the executive member or members of the board.

inserted text (02012R0648-20160112)

Article 2a
Equivalence decisions for the purposes of the definition of OTC derivatives
1. For the purposes of Article 2(7) of this Regulation, a third-country market shall be considered to be equivalent to a regulated market within the meaning of Article 4(1)(14) of Directive 2004/39/EC where it complies with legally binding requirements which are equivalent to the requirements laid down in Title III of that Directive and it is subject to effective supervision and enforcement in that third country on an ongoing basis, as determined by the Commission in accordance with the procedure referred to in paragraph 2 of this Article.
2. The Commission may adopt implementing acts determining that a third-country market complies with legally binding requirements which are equivalent to the requirements laid down in Title III of Directive 2004/39/EC and it is subject to effective supervision and enforcement in that third country on an ongoing basis for the purposes of paragraph 1.
Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 86(2) of this Regulation.
3. The Commission and ESMA shall publish on their websites a list of those markets that are to be considered to be equivalent in accordance with the implementing act referred to in paragraph 2. That list shall be updated periodically.

02012R0648-20150916 → 02012R0648-20160112

Article 81 Transparency and data availability 1. A trade repository shall regularly, and in an easily accessible way, publish aggregate positions by class of derivatives on the contracts reported to it. 2. A trade repository shall collect and maintain data and shall ensure that the entities referred to in paragraph 3 have direct and immediate access to the details of derivatives contracts they need to fulfil their respective responsibilities and mandates. 3. A trade repository shall make the necessary information available to the following entities to enable them to fulfil their respective responsibilities and mandates: (a) ESMA; (b) EBA; (c) EIOPA; (d) the ESRB; (c) (e) the competent authority supervising CCPs accessing the trade repository; (d) repositories; (f) the competent authority supervising the trading venues of the reported contracts; (e) (g) the relevant members of the ESCB; (f) ESCB, including the ECB in carrying out its tasks within a single supervisory mechanism under Council Regulation (EU) No 1024/2013Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63).; (h) the relevant authorities of a third country that has entered into an international agreement with the Union as referred to in Article 75; (g) (i) supervisory authorities appointed designated under Article 4 of Directive 2004/25/EC of the European Parliament and of the CouncilDirective 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bidsOJ bids (OJ L 142, 30.4.2004, p. 12.; (h) 12).; (j) the relevant Union securities and market authorities; (i) authorities whose respective supervisory responsibilities and mandates cover contracts, markets, participants and underlyings which fall within the scope of this Regulation; (k) the relevant authorities of a third country that have entered into a cooperation arrangement with ESMA ESMA, as referred to in Article 76; (j) (l) the Agency for the Cooperation of Energy Regulators; (k) Regulators established by Regulation (EC) No 713/2009 of the European Parliament and of the CouncilRegulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators (OJ L 211, 14.8.2009, p. 1).; (m) the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the CouncilDirective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).. 190).; (n) the Single Resolution Board established by Regulation (EU) No 806/2014; (o) competent authorities or national competent authorities within the meaning of Regulations (EU) No 1024/2013 and (EU) No 909/2014 and of Directives 2003/41/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU and, 2014/65/EU, and supervisory authorities within the meaning of Directive 2009/138/EC; (p) the competent authorities designated in accordance with Article 10(5) of this Regulation. 4. ESMA shall share the information necessary for the exercise of their duties with other relevant Union authorities. 5. In order to ensure consistent application of this Article, ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards specifying the frequency and the details of the information referred to in paragraphs 1 and 3 as well as operational standards required in order to aggregate and compare data across repositories and for the entities referred to in paragraph 3 to have access to information as necessary. Those draft regulatory technical standards shall aim to ensure that the information published under paragraph 1 is not capable of identifying a party to any contract. ESMA shall submit those 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.