Article 3

Directive (EU) 2019/2034 is amended as follows: in Article 3(1), the following points are added: (*3) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).’;" “central counterparty” or “CCP” means a CCP as defined in Article 2, point (1), of Regulation (EU) No 648/2012 of the European Parliament and of the Council (*3); “qualifying central counterparty” or “QCCP” means a “qualifying central counterparty” or “QCCP” as defined in Article 4(1), point (88), of Regulation (EU) No 575/2013. in Article 26(1), point (b) is replaced by the following: ; effective processes to identify, manage, monitor and report the risks that investment firms are or might be exposed to, or the risks that they pose or might pose to others, including concentration risk arising from exposures towards central counterparties, taking into account the conditions set out in Article 7a of Regulation (EU) No 648/2012;’ Article 29(1) is amended as follows: the following point is added: ; material sources and effects of concentration risk arising from exposures towards central counterparties and any material impact on own funds.’ the following subparagraph is inserted after the fifth subparagraph: ‘For the purpose of the first subparagraph, point (e), Member States shall ensure that the management body develops specific plans and quantifiable targets in accordance with the requirements laid down in Article 7a of Regulation (EU) No 648/2012 to monitor and address the concentration risk arising from exposures towards central counterparties offering services of substantial systemic importance for the Union or one or more of its Member States.’; in Article 36(1), the following subparagraph is added: ‘For the purpose of the first subparagraph, point (a), competent authorities shall assess and monitor developments in the practices of investment firms concerning the management of their concentration risk arising from exposures towards central counterparties, including the plans developed in accordance with Article 29(1) of this Directive as well as the progress made in adapting their business models to the requirements laid down in Article 7a of Regulation (EU) No 648/2012.’; Article 39(2) is amended as follows: the introductory wording is replaced by the following: ‘For the purposes of Article 29, Article 36, Article 37(3) and Article 38 of this Directive and of the application of Regulation (EU) 2019/2033, competent authorities shall have at least the following powers:’; the following point is added: to require investment firms to reduce exposures towards a central counterparty or to realign exposures across their clearing accounts in accordance with Article 7a of Regulation (EU) No 648/2012, where the competent authority considers that there is excessive concentration risk arising from exposures towards that central counterparty.’.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.