Recital 57

(57) In relation to the validation of changes to the models and parameters of CCPs, amendments should be introduced to simplify the process in order to facilitate CCPs’ ability to respond promptly to market developments that may require amendments to their risk models and parameters. To ensure supervisory convergence, Regulation (EU) No 648/2012 should specify the conditions to be considered when assessing whether a given change is significant and ESMA, in close cooperation with the ESCB, is requested to further refine such conditions by defining quantitative thresholds and specific elements to be considered. In particular, ESMA should specify the criteria for changes that should be considered significant, including which structural elements of risk models should be included within the scope of changes that are considered significant. Those structural elements of risk models should include, for example, the anti-procyclicality tools implemented by CCPs. All significant changes should be subject to full validation before their adoption. Where a CCP applies and uses a previously validated model or applies only minor changes to it, such as adjusting the parameters within an approved range that is part of the validated model due to external factors such as changes to prices in the market, it should not be considered a change to the model and therefore it does not need to be validated.

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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.