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13.9.2013 Official
Journal
of
the
European
Union L
244/19
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)
THE EUROPEAN COMMISSION,
tasks assigned to college members as well as their
composition, establishment and management of
colleges have been articulated by the legislator in the
Having regard to the Treaty on the Functioning of the European
Regulation as legal obligations and, therefore, they are
Union,
binding and directly applicable in all Members States.
For the practical functioning of a college a written
agreement should be adopted by the members of that
college. In order to ensure the use of standard written
Having regard to Regulation (EU) No 648/2012 of the
agreements across CCP colleges, incorporating best
European Parliament and of the Council of 4 July 2012 on
practice on college operations, consistent approaches by
OTC derivatives, central counterparties and trade repositories ( 1 ),
competent authorities, and to facilitate the swift estab
and in particular Article 18(6) thereof,
lishment of CCP colleges within the deadline established
by Article 18(1) of Regulation (EU) No 648/2012, ESMA
should issue guidelines and recommendations in
Whereas:
accordance with the procedure laid down in Article 16
of Regulation (EU) No 1095/2010 of the European
Parliament and of the Council of 24 November 2010
(1) In
order
to
ensure
a
consistent
and
coherent
functioning
establishing a European Supervisory Authority
of colleges across the Union it is necessary to specify the
(European Securities and Markets Authority) ( 2 ).
arrangements for the participation in the colleges for
CCPs to facilitate the exercise of the tasks specified in
Regulation (EU) No 648/2012.
(6) Nothing
in
this
act
should
prejudice
the
power
of
the
Commission to launch infringement proceedings in
accordance with Article 258 of the TFEU, as well as
(2)
The exclusion of a central bank of issue of a relevant
the actions provided for in Article 265 and Article 271(d)
Union currency of financial instruments cleared in the
of the TFEU.
CCP does not affect the rights of such central bank of
issue to request and receive information in accordance
with Article 18(3) and Article 84 of Regulation (EU) No
648/2012.
(7) To
ensure
the
timely
and
up-to-date
exchange
of
information amongst college members, the college
should meet regularly and allow the opportunity for
college members to discuss and provide input to the
(3)
The activity of a CCP may be relevant for a particular
competent authority’s review of the arrangements,
central bank of issue in view of the volumes cleared in
strategy, process and mechanism employed by the CCP
the currency issued by such central bank. However, the
to comply with Regulation (EU) No 648/2012, as well as
relevance of a currency for the participation of a central
to discuss the competent authority’s evaluation of the
bank of issue in the college of the CCP should be
risks to which the CCP is, or may be, exposed and that
determined by the share represented by that currency
it could pose.
from among the CCP’s average open cleared positions,
in order to maintain a proportionate size of the college.
(8)
To ensure all the views of the college members are duly
(4) To
ensure
college
meetings
achieve
an
effective
result,
the
taken into account, the competent authority should do
objectives of any meeting or activity of the college
its utmost to ensure that any disagreement among auth
should be clearly identified by the competent authority
orities that are to become members of a college are
of the CCP, in consultation with the college members.
resolved before finalising the written agreement for the
Those objectives should be circulated well in advance to
establishment and functioning of the college. ESMA
the participants together with documentation prepared
should facilitate the finalisation of the agreement
by the CCP’s competent authority or by other members
through its mediation role, where appropriate.
of the college, so as to create effective discussion.
(9)
This Regulation is based on the draft regulatory technical
(5)
The function of colleges is to facilitate the exercise of the
standards submitted by the European Securities and
tasks specified in Regulation (EU) No 648/2012, and the
Markets Authority (ESMA) to the Commission.
( 1 ) OJ L 201, 27.7.2012, p. 1.
( 2 ) OJ L 331, 15.12.2010, p. 84.

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L 244/20
EN
Official Journal of the European Union
13.9.2013
(10) ESMA has consulted, where relevant, the European
convene a meeting to agree on the final written agreement
Banking Authority (EBA), the European Systemic Risk
taking into account the deadline referred to in Article 18(1)
Board and the members of the European System of
of Regulation (EU) No 648/2012.
Central Banks (ESCB) before submitting the draft
technical standards on which this Regulation is based.
In accordance with Article 10 of Regulation (EU) No
4. The college shall be deemed to be established following
1095/2010, ESMA has conducted open public consul
the adoption of the written agreement.
tations on such draft regulatory technical standards,
analysed the potential related costs and benefits and
requested the opinion of the Securities and Markets
5. All members of the college will be bound by the written
Stakeholder Group established in accordance with
agreement adopted in accordance with paragraphs 1 to 3 of this
Article 37 of Regulation (EU) No 1095/2010,
Article.
Article 3
HAS ADOPTED THIS REGULATION:
Participation in the colleges
Article 1
1. Where a request for information is made to a college by a
competent authority of a Member State which is not a member
Determination of most relevant currencies
of the college in accordance with Article 18(3) of Regulation
1. The
most
relevant
Union
currencies
shall
be
identified
on (EU) No 648/2012, the CCP’s competent authority, after having
the basis of the relative share of each currency in the CCP’s
consulted the college, shall decide on the most appropriate way
average end-of-day open positions across all financial
to provide and request information to and from the authorities
instruments cleared by the CCP, calculated over a period of
that are not members of the college.
one year.
2. Each
member
of
the
college
shall
designate
one
participant
2. The
most
relevant
Union
currencies
shall
be
the
three to attend the meetings of the college and may designate one
currencies with the highest relative share calculated in
alternate, with the exception of the CCP’s competent authority
accordance with paragraph 1, provided that each individual
which may require additional participants who shall have no
share exceeds 10 %.
voting rights.
3. Where the central bank of issue of one of the most
3. The calculation of the relative share of the currencies shall
relevant Union currencies corresponds to more than one
be calculated on an annual basis.
central bank, the relevant central banks shall determine the
single representative who will participate in the college.
Article 2
The operational organisation of colleges
4. Where
an
authority
has
the
right
to
participate
in
the
college under more than one of points (c) to (h) of Article 18(2)
1. After
assessing
that
an
application
is
complete
as
referred of Regulation (EU) No 648/2012, it may nominate additional
to in Article 17(3) of Regulation (EU) No 648/2012, the CCP’s
participants who shall have no voting rights.
competent authority shall circulate a proposal for the written
agreement under Article 18(5) of Regulation (EU) No 648/2012
to the members of the college determined in accordance with
5. Where
in
accordance
with
this
Article
there
is
more
than
Article 18(2) of Regulation (EU) No 648/2012. That written
one participant from a college member, or there are more
agreement shall include a process for annual review. It shall
college members belonging to the same Member State than
also include an amendment process whereby changes may be
number of votes that can be exercised by those college
initiated at any time by the CCP’s competent authority or by
members in accordance with Article 19(3) of Regulation (EU)
other members of the college, subject to approval by the college
No 648/2012, that college member or those college members
in accordance with the procedure set out in this Article.
shall inform the college which participants shall exercise voting
rights.
2. Where the members of the college referred to in
paragraph 1 do not express any comments within 10
Article 4
calendar days, the CCP’s competent authority shall proceed
with the adoption of the written agreement by the college
Governance of the colleges
and with the establishment of the college in accordance with
1. The
CCP’s
competent
authority
shall
ensure
that
the
work
Article 18(1) of Regulation (EU) No 648/2012.
of the college facilitates the tasks to be performed in accordance
with Regulation (EU) No 648/2012.
3. Where the members of the college express comments
regarding the proposal for the written agreement circulated
2. The
college
shall
notify
ESMA
of
any
tasks
that
the
college
pursuant to paragraph 1, they shall submit those comments
performs in accordance with paragraph 1. ESMA shall have a
together with a thorough explanation to the CCP’s competent
coordination role in monitoring the tasks performed by a
authority within 10 calendar days. If relevant, the CCP’s
college and shall ensure that its objectives are in line with
competent authority shall prepare a revised proposal and
those of other colleges as far as possible.

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EN
13.9.2013 Official
Journal
of
the
European
Union L
244/21
3. The
CCP’s
competent
authority,
shall
at
least
ensure
that:
requests by college members. There shall be at least an annual
meeting of the college and if deemed necessary by the CCP’s
competent authority, a meeting each time that a decision needs
(a) the objectives of any meeting or activity of the college are
to be taken under Regulation (EU) No 648/2012. The CCP’s
clearly identified;
competent authority shall organise, periodically, meetings
between members of the college and the senior management
of the CCP.
(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;
6. The
written
agreement
referred
to
in
Article
2
shall
specify
a quorum of two-thirds for meetings of the college.
(c) the timetable for meetings or activities of the college is
defined so that their outcome provides assistance to the
supervision of the CCP;
7. The
CCP’s
competent
authority
shall
endeavour
to
ensure
that each college meeting has a valid quorum for decisions to
be taken. In the case that a quorum is not met, the chair shall
(d) the CCP and other key stakeholders have a clear under
ensure that any decisions that need to be taken are postponed
standing of the role and functioning of the college;
until a quorum is present, taking into account the relevant time
limits set out by Regulation (EU) No 648/2012.
(e) the activities of the college are regularly reviewed and
remedial action is taken if the college is not operating effec
tively;
Article 5
Exchange of information among authorities
(f) the agenda is set for an annual crisis management planning
1. Each member of a college shall provide, in a timely
meeting amongst members of the college in cooperation
manner, the CCP’s competent authority with all information
with the CCP if necessary.
necessary for the operational functioning of the college and
for the performance of the key activities in which the
member participates. The CCP’s competent authority shall
4. To ensure the efficiency and effectiveness of the college,
provide the members of the college with similar information
the CCP’s competent authority shall act as a central point of
in a timely manner.
contact for any matter related to the practical organisation of
the college. The CCP’s competent authority shall at least
perform the following tasks:
2. The
CCP’s
competent
authority
shall
at
least
provide
the
following information to the college:
(a) draw-up, update and circulate the contact list of college
members;
(a) significant changes to the structure and ownership of the
(b) circulate the agenda as well as documentation for meetings
CCP’s group;
or activities of the college;
(b) significant changes in the level of the CCP’s capital;
(c) record minutes of the meetings and formalise action points;
(d) manage the college website or other electronic information-
(c) changes in the organisation, senior management, processes
sharing mechanism, if any;
or arrangements when those changes have a significant
impact on governance or risk management;
(e) where practical, provide information and specialised teams
where appropriate, to assist the college in its tasks;
(d) a list of clearing members of the CCP;
(f) share information in an appropriate manner among
members of the college.
(e) details of the authorities involved in the supervision of the
CCP, including any changes in their responsibilities;
5. The
frequency
of
college
meetings
shall
be
determined
by
the CCP’s competent authority having regard to the CCP’s size,
nature, scale and complexity, the systemic implications of the
(f) information
on
any
material
threats
to
the
CCP’s
ability
to
CCP across jurisdictions and currencies, the potential impacts of
comply with Regulation (EU) No 648/2012 and relevant
the activities of the CCP, external circumstances and potential
delegated and implementing regulations;

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L 244/22
EN
Official Journal of the European Union
13.9.2013
(g) difficulties that have potentially significant spill-over effects;
5. The
risk
assessment
report
to
be
prepared
by
a
CCP’s
competent authority in accordance with Article 19(1) of Regu
(h) factors which suggest a potentially high risk of contagion;
lation (EU) No 648/2012 report shall be submitted to the
college within an appropriate timescale to ensure that college
(i) significant developments in the financial position of the
members are able to review it and contribute to it if required.
CCP;
Article 6
(j) early warnings of possible liquidity difficulties, or major
Voluntary sharing and delegation of tasks
fraud;
1. College
members
shall
agree
upon
detailed
terms
of
any
(k) events of member default and any follow-up actions;
specific delegation arrangements and arrangements for the
voluntary entrustment of tasks to other members, in particular
(l) sanctions
and
exceptional
supervisory
measures;
in the case of delegations which will result in the delegation of a
member’s main supervisory tasks.
(m) reports on performance problems or incidents occurred
and remedial actions taken;
2. Parties to specific delegation arrangements and
arrangements for the voluntary entrustment of tasks shall
agree on detailed terms which cover at least the following
(n) regular data on the activity of the CCP, the scope and
topics:
frequency of which shall be agreed as part of the written
agreement described in Article 2;
(a) the specific activities in clearly specified areas that will be
entrusted or delegated;
(o) overview of major commercial proposals, including new
products or services to be offered;
(b) the procedures and processes to be applied;
(p) changes in the CCP’s risk model, stress testing and back
(c) the role and the responsibilities of each party;
testing;
(d) the type of information to be exchanged among the parties.
(q) changes in the CCP’s interoperability arrangements, where
applicable.
3. The
sharing
and
delegation
of
tasks
shall
not
purport
to
result in a change in the allocation of the decision-making
3. The exchange of information between the members of the
power of the CCP’s competent authority.
college shall reflect their responsibilities and information needs.
To avoid unnecessary information flows, the exchange of
Article 7
information shall be kept proportionate and risk-focused.
Entry into force
4. The members of the college shall consider the most
This Regulation shall enter into force on the twentieth day
effective ways of communicating information to ensure
following that of its publication in the Official Journal of the
continuous, timely and proportionate exchange of information.
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 28 May 2013.
For the Commission
The President
José Manuel BARROSO

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