No 648/2012. For the purposes of this Article, references in Articles 78 and 80 of Regulation (EU) No 648/2012 to Article 9 thereof shall be construed as references to Article 5 of this Regulation.
No 648/2012 and to establish a level playing-field between exchange traded and OTC derivatives, when determining the applicable counterparty risk limits. It is also necessary, for regulatory and harmonisation purposes, to increase counterparty risk limits only when the counterparties use CCPs that are authorised in a Member State or recognised, in accordance with Regulation (EU) No 648/2012, to provide clearing services to clearing members and their clients.
No 648/2012. This should be indicated with relation to a framework of qualitative or quantitative indicators included in the recovery plan.
No 648/2012. (23) CCPs should ensure that▌ their recovery plan is non-discriminatory and balanced in terms of▌ its impact and the incentives ▌it creates. The effects of the recovery measures on clearing members and, where the relevant information is available, their clients and on the financial system of the Union or one of its Member States more broadly should be proportionate. In particular, in accordance with Regulation (EU) No 648/2012 CCPs should ensure that their clearing members have limited exposures toward the CCP. CCPs should ensure that all relevant stakeholders are▌ involved in the drawing-up of the recovery plan through their involvement in the CCP's risk committee, as the case may be, and by being▌ appropriately consulted. Since opinions may be expected to differ among stakeholders, CCPs should establish clear processes to manage the diversity of stakeholders' views as well as any conflict of interest between those stakeholders and the CCP.
No 648/2012. (32a) In the framework of early intervention powers, and according to the relevant provisions under national law, the competent authority may appoint a temporary administrator, either to replace or to temporarily work with the board and senior management of the CCP. The task of the temporary administrator should be to exercise any powers conferred on it, subject to any condition imposed on it upon its appointment, with a view to promoting solutions to redress the financial situation of the CCP. The appointment of the temporary administrator should not unduly interfere with rights of the shareholders or owners or procedural obligations established under Union or national company law and should respect international obligations of the Union or Member States, relating to investment protection.
No 648/2012. (7b) ‘non-default event’ means a scenario in which losses are incurred by a CCP for any reason other than a default event, including but not limited to, business, custody, investment, legal or operational failures or fraud, including failures resulting from cyber-attacks;
No 648/2012. 4. The requirements expressed in the third paragraph shall not preclude either that reporting lines converge at the highest level of an organisation that subsumes different authorities or that, staff ▌may, under predefined conditions, be shared between the other functions entrusted to the resolution authority ▌to meet temporarily high workloads, or for the resolution authority to be able to avail of the expertise of shared staff. 4a. Authorities exercising supervision and resolution functions under Regulation (EU) No 648/2012 and this Regulation ▌and persons exercising those functions on their behalf shall cooperate closely in the preparation, planning and application of resolution decisions, both where the resolution authority and the competent authority are separate ▌entities and where the ▌functions are carried out in the same entity.
No 648/2012. To comply with this requirement, the CCPs may use the amount of capital it holds, in addition to its minimum capital requirements, to comply with the notification threshold referred to in the Delegated Act adopted on the basis of Article 16(3) of Regulation (EU)
No 648/2012. 9a. Clearing members shall communicate to their clients in a clear and transparent manner if and in what way measures in the CCP’s recovery plan may affect them.
No 648/2012. EBA shall submit those draft regulatory technical standards to the Commission by … [PO please insert the date = 1 year after the date of entry into force of this Regulation].’
