in force 2024-12-24 MODIFIED+1,697 −0§
Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671
applies from: unchanged
Paragraph 2 now specifies that the reasoned request must be submitted by the Tier 2 CCP electronically via the central database, whereas the earlier version described only the content the request must provide without mentioning format or a central database.
New subparagraphs have been added describing that ESMA shall grant comparable compliance, in part or in full, based on the reasoned request, and that ESMA shall withdraw comparable compliance, in full or in relation to a particular requirement, where the Tier 2 CCP no longer complies with the conditions and has not taken requested remedial action within the set timeframe, including a reference to an adaptation period not exceeding six months when determining the effect date of withdrawal.
Additional new subparagraphs state that where ESMA grants comparable compliance it continues to carry out its duties and tasks under the Regulation, including under specified Articles, and that it shall agree administrative arrangements with the third-country authority to ensure exchange of information and cooperation for ongoing monitoring.
Cited: Art. 25a, v1 · Art. 25a, v2
text before / after
02012R0648-20220812 → 02012R0648-20241224
Article 25a Comparable compliance 1. A CCP referred to in Article 25(2b) may submit a reasoned request that ESMA assesses whether in its compliance with the applicable third-country framework, taking into account the provisions of the implementing act adopted in accordance with Article 25(6), that CCP may be deemed to satisfy compliance with the requirements set out in Article 16 and Titles IV and V. ESMA shall immediately transmit the request to the third-country CCP college. 2. The request referred to in paragraph 1 of this Article shall provide the factual basis for a finding of comparability and the reasons why compliance with the requirements applicable in the third country satisfies the requirements set out in Article 16 and Titles IV and V. The Tier 2 CCP shall submit its reasoned request referred to in paragraph 1 in an electronic format via the central database. ESMA shall grant comparable compliance, in part or in full, where it decides, based on the reasoned request referred to in paragraph 1 of this Article, that the Tier 2 CCP in its compliance with relevant requirements applicable in the third country is deemed compliant with the requirements set out in Article 16 and Titles IV and V and thereby satisfies the requirement for recognition under Article 25(2b), point (a). ESMA shall withdraw, in full or in relation to a particular requirement, comparable compliance, where the Tier 2 CCP no longer complies with the conditions for comparable compliance and where such a CCP has not taken the remedial action requested by ESMA within the set timeframe. When determining the date of effect of the decision to withdraw comparable compliance, ESMA shall endeavour to provide for an appropriate adaptation period not exceeding six months. Where ESMA grants comparable compliance, it shall continue to be responsible for carrying out its duties and performing its tasks under this Regulation, in particular under Articles 25 and 25b, and shall continue to exercise its powers referred to in Articles 25c, 25d, 25f to 25m, 25p and 25q. Without prejudice to ESMA’s ability to perform its tasks under this Regulation, where ESMA grants comparable compliance, it shall agree administrative arrangements with the third-country authority in order to ensure the appropriate exchange of information and cooperation for ESMA to monitor that the requirements for comparable compliance are complied with on an ongoing basis. 3. The Commission, in order to ensure that the assessment referred to in paragraph 1 effectively reflects the regulatory objectives of the requirements set out in Article 16 and Titles IV and V and the Union's interests as a whole, shall adopt a delegated act specifying the following: (a) the minimum elements to be assessed for the purposes of paragraph 1of this Article; (b) the modalities and conditions to carry out the assessment. The Commission shall adopt the delegated act referred to in the first subparagraph in accordance with Article 82 by 2 January 2021.