in force 2024-12-24 MODIFIED+1,600 −642§
Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671
applies from: unchanged
Paragraph 1 now allows the competent authority to withdraw authorisation in full or in part, and the former four grounds (a)-(d) have been expanded and split into seven points (a)-(g), adding a specific ground for a clearing service or activity in a class of derivatives, securities, other financial instruments or non-financial instruments not used within 12 months, and separating renunciation and non-provision of services into their own points with the non-provision period extended to 12 months and tied to a class of instruments.
Paragraphs 2 to 5 have been restructured: the earlier notification-to-ESMA duty is removed, the power to limit withdrawal now sits in paragraph 2 and is phrased in terms of a particular clearing service or activity in one or more classes of instruments, the consultation duty in paragraph 3 becomes a request for an opinion from ESMA and the college made in accordance with Article 17b, and paragraph 4 names ESMA alongside college members as able to request an examination of continued compliance.
The former paragraph 6, requiring a fully reasoned decision to be sent to ESMA and the college, and the former paragraph 7, stating that the withdrawal decision takes effect throughout the Union, have been merged into a single paragraph 5 that states the decision takes effect throughout the Union and adds a requirement for the competent authority to inform the CCP via the central database without undue delay.
Cited: Art. 20, v1 · Art. 20, v2
text before / after
texts differ too much for an inline diff; shown separately
before (02012R0648-20220812)
Article 20 Withdrawal of authorisation 1. Without prejudice to Article 22(3), the CCP’s competent authority shall withdraw authorisation where the CCP: (a) has not made use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services or performed no activity for the preceding six months; (b) has obtained authorisation by making false statements or by any other irregular means; (c) is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial action requested by the CCP’s competent authority within a set time frame; (d) has seriously and systematically infringed any of the requirements laid down in this Regulation. 2. Where the CCP’s competent authority considers that one of the circumstances referred to in paragraph 1 applies, it shall, within five working days, notify ESMA and the members of college accordingly. 3. The CCP’s competent authority shall consult the members of the college on the necessity to withdraw the authorisation of the CCP, except where a decision is required urgently. 4. Any member of the college may, at any time, request that the CCP’s competent authority examine whether the CCP remains in compliance with the conditions under which authorisation was granted. 5. The CCP’s competent authority may limit the withdrawal to a particular service, activity, or class of financial instruments. 6. The CCP’s competent authority shall send ESMA and the members of the college its fully reasoned decision, which shall take into account the reservations of the members of the college. 7. The decision on the withdrawal of authorisation shall take effect throughout the Union.
after (02012R0648-20241224)
Article 20 Withdrawal of authorisation 1. Without prejudice to Article 22(3), a CCP’s competent authority shall withdraw authorisation, in full or in part, where the CCP: (a) has not made use of the authorisation within 12 months; (b) has not made use of an authorisation for a clearing service or activity in a class of derivatives, securities, other financial instruments or non-financial instruments, within 12 months of the date when the authorisation was granted or of the date when the CCP last offered such clearing service or activity; (c) expressly renounces the authorisation; (d) has provided no services or performed no activity for the preceding 12 months in a class of derivatives, securities, other financial instruments or non-financial instruments covered by an authorisation; (e) has obtained authorisation by making false statements or by any other irregular means; (f) is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial action within the set timeframe; or (g) has seriously and systematically infringed any of the requirements laid down in this Regulation. 2. Where the CCP’s competent authority withdraws the authorisation of the CCP pursuant to paragraph 1, it may limit such withdrawal of authorisation to a particular clearing service or activity in one or more classes of derivatives, securities, other financial instruments or non-financial instruments. 3. Before the CCP’s competent authority takes a decision to withdraw the authorisation of the CCP in full or in part, including for one or more clearing services or activities in one or more classes of derivatives, securities, other financial instruments or non-financial instruments under paragraph 1, it shall, in accordance with Article 17b, request the opinion of ESMA and the college referred to in Article 18 on the necessity of withdrawing the authorisation, in full or in part, of the CCP, except where a decision is required urgently. 4. ESMA or any member of the college referred to in Article 18 may, at any time, request that the CCP’s competent authority examine whether the CCP remains in compliance with the conditions under which the authorisation was granted. 5. Where the CCP’s competent authority takes a decision to withdraw the authorisation of the CCP in full or in part, including for one or more clearing services or activities in one or more classes of derivatives, securities, other financial instruments or non-financial instruments, that decision shall take effect throughout the Union and the CCP’s competent authority shall inform the CCP, via the central database, without undue delay.