in force 2025-01-17 MODIFIED+251 −220§
Amended by Regulation (EU) 2022/2554 32022R2554
applies from: unchanged
Paragraph 1 now specifies that the business continuity policy and disaster recovery plan must include ICT business continuity policy and ICT response and recovery plans put in place and implemented in accordance with Regulation (EU) 2022/2554, while the earlier sentence about recovering all transactions at the time of disruption to allow continued operation and settlement on the scheduled date has been removed.
Paragraph 3 now excludes ICT business continuity policy and disaster recovery plans from the scope of the regulatory technical standards that ESMA is to develop on the minimum content and requirements of the business continuity policy and disaster recovery plan.
The prior version of both paragraphs contained no such references to ICT business continuity or to Regulation (EU) 2022/2554.
Cited: Art. 34, v2 · Art. 34, v1
text before / after
02012R0648-20241224 → 02012R0648-20250117
Article 34
Business continuity
1. A CCP shall establish, implement and maintain an adequate business continuity policy and disaster recovery plan plan, which shall include ICT business continuity policy and ICT response and recovery plans put in place and implemented in accordance with Regulation (EU) 2022/2554, aiming at ensuring to ensure the preservation of its functions, the timely recovery of operations and the fulfilment of the CCP’s obligations. Such a plan shall at least allow for the recovery of all transactions at the time of disruption to allow the CCP to continue to operate with certainty and to complete settlement on the scheduled date.
2. A CCP shall establish, implement and maintain an adequate procedure ensuring the timely and orderly settlement or transfer of the assets and positions of clients and clearing members in the event of a withdrawal of authorisation pursuant to a decision under Article 20.
3. In order to ensure consistent application of this Article, ESMA shall, after consulting the members of the ESCB, develop draft regulatory technical standards specifying the minimum content and requirements of the business continuity policy and of the disaster recovery plan. plan, excluding ICT business continuity policy and disaster recovery plans.
ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.