in force 2022-08-12 MODIFIED+231 −12§
Amended by Regulation (EU) 2021/23 32021R0023
applies from: unchanged
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Paragraph 2 adds a new point (c) exempting the central bank and other bodies performing similar functions, along with other public bodies charged with or intervening in the management of public debt, in the United Kingdom of Great Britain and Northern Ireland from Articles 4 and 15.
Point (b), which exempts the Bank for International Settlements, is otherwise unchanged apart from the punctuation needed to accommodate the new point (c).
Cited: Art. 2, v2 · Art. 2, v1
text before / after
32015R2365 → 02015R2365-20220812
Article 2
Scope
1. This Regulation applies to:
(a) a counterparty to an SFT that is established:
(i) in the Union, including all its branches irrespective of where they are located;
(ii) in a third country, if the SFT is concluded in the course of the operations of a branch in the Union of that counterparty;
(b) management companies of undertakings for collective investment in transferable securities (UCITS) and UCITS investment companies in accordance with Directive 2009/65/EC;
(c) managers of alternative investment funds (AIFMs) authorised in accordance with Directive 2011/61/EU;
(d) a counterparty engaging in reuse that is established:
(i) in the Union, including all its branches irrespective of where they are located;
(ii) in a third country, where either:
the reuse is effected in the course of the operations of a branch in the Union of that counterparty, or
the reuse concerns financial instruments provided under a collateral arrangement by a counterparty established in the Union or a branch in the Union of a counterparty established in a third country.
2. Articles 4 and 15 do not apply to:
(a) members of the European System of Central Banks (ESCB), other Member States’ bodies performing similar functions, and other Union public bodies charged with, or intervening in, the management of the public debt;
(b) the Bank for International Settlements. Settlements;
(c) the central bank and other bodies performing similar functions and other public bodies charged with, or intervening in, the management of the public debt in the United Kingdom of Great Britain and Northern Ireland.
3. Article 4 does not apply to transactions to which a member of the ESCB is a counterparty.
4. The Commission shall be empowered to adopt delegated acts in accordance with Article 30 to amend the list set out in paragraph 2 of this Article.
To that end and before adopting such delegated acts, the Commission shall present to the European Parliament and to the Council a report assessing the international treatment of central banks and of public bodies charged with or intervening in the management of the public debt.
That report shall include a comparative analysis of the treatment of central banks and of those bodies within the legal framework of a number of third countries. Provided that the report concludes, in particular with regard to the comparative analysis and potential effects, that the exemption of the monetary responsibilities of those third-country central banks and bodies from Article 15 is necessary, the Commission shall adopt a delegated act adding them to the list set out in paragraph 2 of this Article.