in force 2024-12-24 MODIFIED+1,305 −50§
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, 2026-06-25 · dates removed: 2012-12-31
Paragraph 1 now extends prior approval to material changes to an already approved interoperability arrangement and adds a requirement that the CCPs' competent authorities request opinions from ESMA and from the college referred to in Article 18, replacing the earlier reference to the Article 17 procedure.
Paragraph 4 changes the deadline for ESMA to issue guidelines or recommendations from 31 December 2012 to 25 June 2026, and adds that those assessments are to be made by national competent authorities.
A new paragraph 5 is added requiring ESMA, after consulting the members of the ESCB and the ESRB, to develop draft regulatory technical standards on managing risks from interoperability arrangements and to submit them to the Commission by 25 December 2025, with power delegated to the Commission to adopt them.
Cited: Art. 54, v1 · Art. 54, v2
text before / after
02012R0648-20220812 → 02012R0648-20241224
Article 54
Approval of interoperability arrangements
1. An interoperability arrangement, or any material change to an approved interoperability arrangement under Title V shall be subject to the prior approval of the competent authorities of the CCPs involved. The CCPs’ competent authorities shall request the opinion of ESMA in accordance with Article 24a(7), first subparagraph, point (bc), and the college referred to in Article 18 in accordance with Article 19, and issued in accordance with the procedure under set out in Article 17 shall apply. 17b.
2. The competent authorities shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision.
3. Where a competent authority considers that the requirements laid down in paragraph 2 are not met, it shall provide explanations in writing regarding its risk considerations to the other competent authorities and the CCPs involved. It shall also notify ESMA, which shall issue an opinion on the effective validity of the risk considerations as grounds for denial of the interoperability arrangement. ESMA’s opinion shall be made available to all the CCPs involved. Where ESMA’s opinion differs from the assessment of the relevant competent authority, that competent authority shall reconsider its position, taking into account ESMA’s opinion.
4. By 31 December 2012, 25 June 2026, ESMA shall issue guidelines or recommendations with a view to establishing consistent, efficient and effective assessments of interoperability arrangements, arrangements by national competent authorities, in accordance with the procedure laid down in Article 16 of Regulation (EU) No 1095/2010.
ESMA shall develop drafts of those guidelines or recommendations after consulting the members of the ESCB.5. ESMA, after consulting the members of the ESCB and the ESRB, shall develop draft regulatory technical standards to further specify the requirements for CCPs to adequately manage the risks arising from interoperability arrangements. For that purpose, ESMA shall take into account the guidelines issued under paragraph 4 and assess whether the provisions included therein are appropriate in the case of interoperability arrangements covering all types of products or contracts, including derivative contracts and non-financial instruments.
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.