in force 2024-12-24 MODIFIED+228 −1,001§
Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671
applies from: unchanged
The heading now specifies that the mechanism concerns OTC derivative contracts not cleared by a CCP, whereas the earlier heading referred generally to duplicative or conflicting rules.
The body of the article now refers to assistance by the ESAs rather than ESMA, and narrows its cross-references from Articles 4, 9, 10 and 11 to Article 11 alone, with paragraph 2(b) now referencing Article 83 for professional secrecy instead of the Regulation generally.
Paragraph 3 now describes counterparties entering into an OTC derivative contract not cleared by a CCP, deemed to have fulfilled obligations under Article 11 where at least one counterparty is subject to equivalent requirements under the implementing act, and the former paragraph 4 on monitoring, reporting and withdrawal of equivalence recognition no longer appears in the text shown.
Cited: Art. 13, v1 · Art. 13, v2
text before / after
02012R0648-20220812 → 02012R0648-20241224
Article 13
Mechanism to avoid duplicative or conflicting rules
with regard to OTC derivative contracts not cleared by a CCP
1. The Commission shall be assisted by ESMA the ESAs in monitoring and preparing reports to the European Parliament and to the Council on the international application of principles laid down in Articles 4, 9, 10 and Article 11, in particular with regard to potential duplicative or conflicting requirements on market participants, and recommend possible action.
2. The Commission may adopt implementing acts declaring that the legal, supervisory and enforcement arrangements of a third country:
(a) are equivalent to the requirements laid down in this Regulation under Articles 4, 9, 10 and Article 11;
(b) ensure protection of professional secrecy that is equivalent to that set out in this Regulation; Article 83; and
(c) are being applied effectively applied and enforced in an equitable and non-distortive manner so as to ensure effective supervision and enforcement in that third country.
Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 86(2).
3. An implementing act on equivalence as referred to in paragraph 2 shall imply that counterparties entering into an OTC derivative contract not cleared by a transaction CCP subject to this Regulation shall be deemed to have fulfilled the obligations contained in Articles 4, 9, 10 and Article 11 where at least one of the counterparties is established in subject to the requirements which are considered equivalent under that third country.
4. The Commission shall, in cooperation with ESMA, monitor the effective implementation by third countries, for which an implementing act on equivalence has been adopted, of the requirements equivalent to those laid down in Articles 4, 9, 10 and 11 and regularly report, at least on an annual basis, to the European Parliament and the Council. Where the report reveals an insufficient or inconsistent application of the equivalent requirements by third country authorities, the Commission shall, within 30 calendar days of the presentation of the report, withdraw the recognition as equivalent of the third country legal framework in question. Where an implementing act on equivalence is withdrawn, counterparties shall automatically be subject again to all requirements laid down in this Regulation. equivalence.