in force 2021-02-11
02012R0648-20200618 → 02012R0648-20210211
Amended by Regulation (EU) 2021/23 32021R0023
Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (Text with EEA relevance)
detected 2026-08-13
9 provisions touched — 9 substantive, 0 date-only, 8 disputed · 7 changes without an explanation
Emendrix checks every change against three independent sources. Where they disagree it says so rather than picking a winner.
MODIFIED +75 −12 Art. 1 Subject matter and scope§
applies from: unchanged
Sources disagree — the text comparison and the amending act's instructions found this change; the EU's own amendment metadata does not list it. All are shown; none is overruled.
The list of countries in Article 1(4)(c) now ends with a semicolon after Switzerland rather than a full stop, and a new item (ix) adds the United Kingdom of Great Britain and Northern Ireland to the list of countries whose central banks and public debt management bodies are named.
All other text of Article 1, including paragraphs 1 through 3, 5, and 6, remains identical between the two versions.
Cited: Art. 1, v2 · Art. 1, v1
text before / after
02012R0648-20200618 → 02012R0648-20210211
Article 1
Subject matter and scope
1. This Regulation lays down clearing and bilateral risk-management requirements for over-the-counter (OTC) derivative contracts, reporting requirements for derivative contracts and uniform requirements for the performance of activities of central counterparties (CCPs) and trade repositories.
2. This Regulation shall apply to CCPs and their clearing members, to financial counterparties and to trade repositories. It shall apply to non-financial counterparties and trading venues where so provided.
3. Title V of this Regulation shall apply only to transferable securities and money-market instruments, as defined in point (18)(a) and (b) and point (19) of Article 4(1) of Directive 2004/39/EC.
4. This Regulation shall not apply to:
(a) the members of the ESCB and other Member States’ bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt;
(b) the Bank for International Settlements;
(c) the central banks and public bodies charged with or intervening in the management of the public debt in the following countries:
(i) Japan;
(ii) United States of America;
(iii) Australia;
(iv) Canada;
(v) Hong Kong;
(vi) Mexico;
(vii) Singapore;
(viii) Switzerland. Switzerland;
(ix) the United Kingdom of Great Britain and Northern Ireland.
5. With the exception of the reporting obligation under Article 9, this Regulation shall not apply to the following entities:
(a) multilateral development banks, as listed under Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC;
(b) public sector entities within the meaning of point (18) of Article 4 of Directive 2006/48/EC where they are owned by central governments and have explicit guarantee arrangements provided by central governments;
(c) the European Financial Stability Facility and the European Stability Mechanism.
6. The Commission shall be empowered to adopt delegated acts in accordance with Article 82 to amend the list set out in paragraph 4 of this Article.
To that end, by 17 November 2012 the Commission shall present to the European Parliament and the Council a report assessing the international treatment of public bodies charged with or intervening in the management of the public debt and central banks.
The report shall include a comparative analysis of the treatment of those bodies and of central banks within the legal framework of a significant number of third countries, including at least the three most important jurisdictions as regards volumes of contracts traded, and the risk-management standards applicable to the derivative transactions entered into by those bodies and by central banks in those jurisdictions. If the report concludes, in particular in regard to the comparative analysis, that the exemption of the monetary responsibilities of those third-country central banks from the clearing and reporting obligation is necessary, the Commission shall add them to the list set out in paragraph 4.
INSERTED ±0 Art. 6b§
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 +1,082 −0 Art. 13a Replacement of interest rate benchmarks in legacy trades§
applies from: unknown (an inserted provision states its own application date only in prose)
A new Article 13a is added, setting out that counterparties may keep applying their existing risk-management procedures for certain non-centrally cleared OTC derivative contracts even where those contracts are novated after 11 February 2021 solely to replace an interest rate benchmark or to add fallback provisions relating to it.
It also provides that transactions entered into or novated before the clearing obligation under Article 4 took effect, and later novated after 11 February 2021 for that same sole purpose of replacing an interest rate benchmark or adding fallback provisions, do not thereby become subject to that clearing obligation.
Cited: Art. 13a, v2
text before / after
inserted text (02012R0648-20210211)
Article 13a Replacement of interest rate benchmarks in legacy trades 1. Counterparties referred to in Article 11(3) may continue to apply the risk-management procedures that they have in place at the date of application of this Regulation in respect of non-centrally cleared OTC derivative contracts entered into or novated before the date on which the obligation to have risk-management procedures pursuant to Article 11(3) takes effect where, after 11 February 2021, those contracts are novated for the sole purpose of replacing the interest rate benchmark they are referring to or of introducing fallback provisions in relation to that benchmark. 2. Transactions entered into or novated before the date on which the clearing obligation takes effect pursuant to Article 4 and which, after 11 February 2021, are subsequently novated for the sole purpose of replacing the interest rate benchmark they are referring to or of introducing fallback provisions in relation to that benchmark, shall not, for that reason, become subject to the clearing obligation referred to in Article 4.
MODIFIED ±0 Art. 24a§
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. 28§
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. 37§
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. 38§
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. 45a§
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.
The full entry, with the citation mapping v1 = 02012R0648-20200618, v2 = 02012R0648-20210211, is committed at eu/32012R0648/CHANGELOG.md.