emendrix

Art. 7c

European Market Infrastructure Regulation · 32012R0648 · every event for this act · on EUR-Lex

Information on the provision of clearing services

1 change recorded across 1 event, newest first.

in force 2024-12-24 INSERTED+1,561 −0

Amended by Regulation (EU) 2024/2987 32024R2987 · Regulation (EU) 2022/1671 32022R1671

applies from: unknown (an inserted provision states its own application date only in prose)

A new Article 7c is added, requiring clearing members and clients that provide clearing services at both a CCP authorised under Article 14 and a CCP recognised under Article 25 to inform clients, where available, of the option to clear contracts through a CCP authorised under Article 14.

It also requires disclosure, in a clear and understandable manner, of fees and other associated costs charged for clearing services at each CCP, sets timing requirements for providing this information, and directs ESMA to develop draft regulatory technical standards on the fee information, to be submitted to the Commission by 25 December 2025.

Cited: Art. 7c, v2

text before / after

inserted text (02012R0648-20241224)

Article 7c
Information on the provision of clearing services
1. Clearing members and clients that provide clearing services both at a CCP authorised under Article 14 and at a CCP recognised under Article 25 shall inform their clients, where the offer is available, of the possibility to clear their contracts through a CCP authorised under Article 14.
2. Notwithstanding Article 4(3a), clearing members and clients that provide clearing services to clients shall disclose, in a clear and understandable manner, for each CCP at which they provide clearing services, the fees to be charged to such clients for the provision of clearing services and any other fees charged including fees charged to clients which pass on costs, and other associated costs related to the provision of clearing services.
3. Clearing members and clients that provide clearing services shall provide the information referred to in paragraph 1:
(a) when they establish a client clearing relationship with a client; and
(b) at least on a quarterly basis.
4. ESMA, in consultation with EBA, shall develop draft regulatory technical standards to further specify the type of information referred to in paragraph 2.
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.