in force 2024-12-24 MODIFIED+1,643 −17§
Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671
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: 2025-12-25
Paragraph 3 now describes authorisation as covering services and activities linked to clearing, and specifies coverage extending to classes of derivatives, securities, other financial instruments or non-financial instruments, and it adds a requirement that an entity applying for authorisation to clear financial instruments include in its application the classes of non-financial instruments suitable for clearing that it intends to clear.
Two new paragraphs, 6 and 7, are added requiring ESMA, in close cooperation with the ESCB, to develop draft regulatory technical standards on the documents and information accompanying an authorisation application, and draft implementing technical standards on the electronic format of that application, both to be submitted to the Commission by 25 December 2025.
The earlier version of the article contained no equivalent of these new paragraphs 6 and 7 and described the scope of authorisation in paragraph 3 differently, referring only to activities linked to clearing and to classes of financial instruments covered.
Cited: Art. 14, v2 · Art. 14, v1
text before / after
02012R0648-20220812 → 02012R0648-20241224
Article 14
Authorisation of a CCP
1. Where a legal person established in the Union intends to provide clearing services as a CCP, it shall apply for authorisation to the competent authority of the Member State where it is established (the CCP’s competent authority), in accordance with the procedure set out in Article 17.
2. Once authorisation has been granted in accordance with Article 17, it shall be effective for the entire territory of the Union.
3. Authorisation The authorisation referred to in paragraph 1 shall be granted only for services and activities linked to clearing and shall specify the services or activities for which the CCP is authorised to provide or perform clearing services, including the classes of derivatives, securities, other financial instruments or non-financial instruments covered by such authorisation.
An entity applying for authorisation as a CCP to clear financial instruments shall include in its application the classes of non-financial instruments suitable for clearing that such CCP intends to clear.
4. A CCP shall comply at all times with the conditions necessary for authorisation.
A CCP shall, without undue delay, notify the competent authority of any material changes affecting the conditions for authorisation.
5. Authorisation referred to in paragraph 1 shall not prevent Member States from adopting or continuing to apply, in respect of CCPs established in their territory, additional requirements including certain requirements for authorisation under Directive 2006/48/EC.6. ESMA, in close cooperation with the ESCB, shall develop draft regulatory technical standards to specify the list of required documents that are to accompany an application for authorisation as referred to in paragraph 1 and to specify the information that such documents are to contain with a view to demonstrating that the applicant CCP complies with all relevant requirements of this Regulation.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 25 December 2025.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
7. ESMA shall develop draft implementing technical standards to specify the electronic format of the application for authorisation referred to in paragraph 1 of this Article to be submitted to the central database.
ESMA shall submit the draft implementing technical standards referred to in the first subparagraph to the Commission by 25 December 2025.
Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph of this paragraph in accordance with Article 15 of Regulation (EU) No 1095/2010.