Recital 34

(34) It is necessary to ensure that CCPs comply with Regulation (EU) No 648/2012 on an ongoing basis, particularly in relation to the provision of additional clearing services or activities authorised via the accelerated procedure or exempted from authorisation as a result of the implementation of business-as-usual changes, as well as the implementation of model changes after an accelerated procedure for the validation of such a model change, as in such cases ESMA and the college do not issue separate opinions. Hence, the review conducted by the CCP’s competent authority, at least on an annual basis, should in particular consider those additional clearing services or activities and model changes. To ensure supervisory convergence and coordination between competent authorities and ESMA, and that Union CCPs are safe, robust and competitive in providing their services throughout the Union, the competent authority should, at least annually, submit its report in relation to its review and evaluation of a CCP to ESMA and the college for their opinions. ESMA’s opinion should assess the aspects covered by the competent authority’s report, which include a follow-up on the provision of services or activities by the CCP, with specific attention to accelerated procedures and business-as-usual changes, as well as the cross-border risks the CCP might be exposed to, and considering the CCP’s overall position as a clearing service provider within the Union. On-site inspections play a key role in the conduct of supervisory tasks, offering invaluable information to competent authorities. As such, they should be conducted at least once a year and, to ensure the prompt exchange of information, knowledge sharing and effective cooperation between the competent authorities and ESMA, ESMA should be informed of both planned and urgent on-site inspections, be able to request to participate in such inspections and receive any relevant information in relation to such on-site inspections, as well as a reasoned explanation for any refusal to permit ESMA to participate. In addition, to further enhance coordination between ESMA and the competent authorities, ESMA, under specific circumstances and in the context of the supervisory review and evaluation, may request an ad hoc meeting with the CCP and the competent authority concerned. The college should be informed of the outcome of such a meeting. To strengthen information sharing between the competent authorities and ESMA, the latter should also be able to request from the competent authorities the information it needs to carry out its tasks in the context of the supervisory review and evaluation.

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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.