in force 2019-12-18
02012R0648-20190617 → 02012R0648-20191218
Amended by Regulation (EU) 2019/834 32019R0834
Regulation (EU) 2019/834 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories (Text with EEA relevance.)
detected 2026-08-13
26 provisions touched — 26 substantive, 0 date-only, 24 disputed · 24 changes 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. 2§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 4§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
INSERTED ±0 Art. 4a§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 5§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 6§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
INSERTED ±0 Art. 6a§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 9§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 10§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 11§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED +715 −0 Art. 38 Transparency§
applies from: unchanged
The revised text adds a new paragraph 6 requiring a CCP to provide its clearing members with a simulation tool for determining, on a gross basis, the additional initial margin the CCP may require on a new transaction, accessible only on a secured basis and with non-binding results.
It also adds a new paragraph 7 requiring a CCP to give clearing members information on its initial margin models, covering the design and operation of the model, its key assumptions and limitations and the circumstances in which those assumptions cease to be valid, and requiring that information to be documented.
Paragraphs 1 through 5 remain textually the same between the two versions.
Cited: Art. 38, v2 · Art. 38, v1
text before / after
02012R0648-20190617 → 02012R0648-20191218
Article 38 Transparency 1. A CCP and its clearing members shall publicly disclose the prices and fees associated with the services provided. They shall disclose the prices and fees of each service provided separately, including discounts and rebates and the conditions to benefit from those reductions. A CCP shall allow its clearing members and, where relevant, their clients separate access to the specific services provided. A CCP shall account separately for costs and revenues of the services provided and shall disclose that information to the competent authority. 2. A CCP shall disclose to clearing members and clients the risks associated with the services provided. 3. A CCP shall disclose to its clearing members and to its competent authority the price information used to calculate its end-of-day exposures to its clearing members. A CCP shall publicly disclose the volumes of the cleared transactions for each class of instruments cleared by the CCP on an aggregated basis. 4. A CCP shall publicly disclose the operational and technical requirements relating to the communication protocols covering content and message formats it uses to interact with third parties, including the operational and technical requirements referred to in Article 7. 5. A CCP shall publicly disclose any breaches by clearing members of the criteria referred to in Article 37(1) and the requirements laid down in paragraph 1 of this Article, except where the competent authority, after consulting ESMA, considers that such disclosure would constitute a threat to financial stability or to market confidence or would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved.6. A CCP shall provide its clearing members with a simulation tool allowing them to determine the amount of additional initial margin, on a gross basis, that the CCP may require upon the clearing of a new transaction. That tool shall only be accessible on a secured access basis, and the results of the simulation shall not be binding. 7. A CCP shall provide its clearing members with information on the initial margin models it uses. That information shall: (a) clearly explain the design of the initial margin model and how it operates; (b) clearly describe the key assumptions and limitations of the initial margin model and the circumstances under which those assumptions are no longer valid; (c) be documented.
MODIFIED +239 −0 Art. 39 Segregation and portability§
applies from: unchanged
A new paragraph 11 has been added stating that Member States' national insolvency laws shall not prevent a CCP from acting in accordance with Article 48(5), (6) and (7) with regard to the assets and positions recorded in accounts referred to in paragraphs 2 to 5 of Article 39.
All other paragraphs of Article 39, covering segregation, disclosure, right of use and the definition of assets, remain unchanged between the two versions.
Cited: Art. 39, v2 · Art. 39, v1
text before / after
02012R0648-20190617 → 02012R0648-20191218
Article 39 Segregation and portability 1. A CCP shall keep separate records and accounts that shall enable it, at any time and without delay, to distinguish in accounts with the CCP the assets and positions held for the account of one clearing … 486 unchanged words … in another account. 10. Assets refer to collateral held to cover positions and include the right to the transfer of assets equivalent to that collateral or the proceeds of the realisation of any collateral, but does not include default fund contributions.11. Member States' national insolvency laws shall not prevent a CCP from acting in accordance with Article 48(5), (6) and (7) with regard to the assets and positions recorded in accounts as referred to in paragraphs 2 to 5 of this Article.
MODIFIED ±0 Art. 56§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 62§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 63§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 64§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 65§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 67§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 72§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
INSERTED ±0 Art. 76a§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 78§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 80§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 81§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 82§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 85§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 86§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
MODIFIED ±0 Art. 89§
applies from: unknown
Sources disagree — the amending act's instructions found this change; the text comparison finds no difference in the provision's text and the EU's own amendment metadata does not list it. All are shown; none is overruled.
No explanation shipped — the structural diff did not see this change, so it carries no text; another signal named the unit and the disagreement ships as `disputed`.
text before / after
No text on either side: this unit was named by a signal that carries no text, and only the structural diff carries any.
The full entry, with the citation mapping v1 = 02012R0648-20190617, v2 = 02012R0648-20191218, is committed at eu/32012R0648/CHANGELOG.md.