Commission Delegated Regulation (EU) No 876/2013 of 28 May 2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on colleges for central counterparties Text with EEA relevance

Article 1

Determination of most relevant currencies

Article 2

The operational organisation of colleges

Article 3

Participation in the colleges

Article 4

Governance of the colleges

The co-chairs shall at least ensure that:

(a) the objectives of any meeting or activity of the college are clearly identified;

(b) the college meetings or activities remain effective, while ensuring that all college members are fully informed of the college activities that are relevant to them;

(c) the timetable for meetings or activities of the college is defined so that their outcome provides assistance to the supervision of the CCP;

(d) the CCP and other key stakeholders have a clear understanding of the role and functioning of the college;

(e) the activities of the college are regularly reviewed and remedial action is taken if the college is not operating effectively;

(f) the agenda is set for an annual crisis management planning meeting amongst members of the college in cooperation with the CCP if necessary.

To ensure the efficiency and effectiveness of the college, the co-chairs shall act as a central point of contact for any matter related to the practical organisation of the college and keep each other informed. The co-chairs shall at least perform the following tasks:

(a) draw-up, update and circulate the contact list of members of the college;

(b) prepare and circulate the agenda and documentation for meetings or activities of the college;

(ba) discuss the implementation of the annual supervisory priorities referred to in Article 24a(7), point (ba), of Regulation (EU) No 648/2012;

(c) record minutes of the meetings and formalise action points;

(d) manage the college website, if any;

(e) where necessary, provide information and specialised teams where appropriate, to assist the college in its tasks;

(f) share all information in a timely and appropriate manner among members of the college.

For the purposes of point (b), the co-chairs shall circulate a draft agenda for each meeting of the college, other than for meetings called in emergency situations, well in advance of each meeting, in order to enable the members of the college to contribute to the setting of the agenda, in particular by adding points to the agenda.

The agenda shall be finalised by the co-chairs and distributed to members of the college sufficiently in advance of a meeting of the college. The co-chairs and other members of the college shall distribute any information to be considered at a meeting of the college well in advance of the meeting.

For the purposes of point (c), the CCP’s competent authority shall distribute the minutes of meetings to members of the college once those minutes are agreed by the co-chairs and as soon as practicable following the meetings and shall give members of the college sufficient time to comment.

Members of the college may request that the co-chairs hold a meeting of the college. The co-chairs shall duly provide reasons for any rejection of such request.

Article 5

Exchange of information among authorities

The CCP’s competent authority shall at least provide the following information to the college members:

(a) significant changes to the structure and ownership of the CCP’s group;

(b) significant changes in the level of the CCP’s capital;

(c) changes in the organisation, senior management, processes or arrangements when those changes have a significant impact on governance or risk management;

(d) a list of clearing members of the CCP;

(e) details of the authorities involved in the supervision of the CCP, including any changes in their responsibilities;

(f) information on any material threats to the CCP’s ability to comply with Regulation (EU) No 648/2012 and relevant delegated and implementing regulations;

(g) difficulties that have potentially significant spill-over effects;

(h) factors which suggest a potentially high risk of contagion;

(i) significant developments in the financial position of the CCP;

(j) early warnings of possible liquidity difficulties, or major fraud;

(k) events of member default and any follow-up actions;

(l) sanctions and exceptional supervisory measures;

(m) reports on performance problems or incidents occurred, including ICT and cyber-related incidents, and remedial actions taken;

(n) regular data on the activity of the CCP, the scope and frequency of which shall be agreed as part of the written agreement described in Article 2;

(o) overview of major commercial proposals, new products or services to be offered including any extensions of activities or services to be implemented by the CCP in accordance with Article 15a of Regulation (EU) No 648/2012, and any information on changes to the CCP’s business;

(p) changes in the CCP’s risk models and parameters, including changes to parameters referred to in Article 49(1h) of Regulation (EU) No 648/2012, stress testing and back testing;

(q) changes in the CCP’s interoperability arrangements, where applicable;

(r) changes in any outsourcing arrangements of the CCP for major activities linked to risk management, including any changes to the list of critical third-party service providers of the CCP;

(s) changes in the participation requirements, clearing membership models and account segregation models of the CCP;

(t) changes in the default procedures of the CCP, and reports on the test of the CCP’s default procedures conducted by the CCP in accordance with Article 49(2) of Regulation (EU) No 648/2012;

(u) changes in the payment and settlement arrangements of the CCP;

(v) any information relevant to ad hoc meetings between ESMA, the CCP’s competent authority and the CCP and any relevant information received in relation to on-site inspections planned, ongoing or already carried out;

(w) any information relevant to the implementation status of recommendations or conditions included in ESMA or college opinions or ESMA validations;

(x) any information regarding the competent authority’s decision to follow or not follow the input from ESMA and the college pursuant to Article 17a(3) of Regulation (EU) No 648/2012;

(y) a presentation of the CCP’s competent authority’s annual supervisory programme and of its implementation.

Article 6

Voluntary sharing and delegation of tasks

Parties to specific delegation arrangements and arrangements for the voluntary entrustment of tasks shall agree on detailed terms which cover at least the following topics:

(a) the specific activities in clearly specified areas that will be entrusted or delegated;

(b) the procedures and processes to be applied;

(c) the role and the responsibilities of each party;

(d) the type of information to be exchanged among the parties.

Article 7

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.