Skip to content
REPORT (COM(2022)0697 – C90412/2022 – 2022/0403(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets

A-9-2023-0398

Committee on Economic and Monetary Affairs · Rapporteur: Danuta Maria Hübner

Official HTML ↗ PDF DOCX
✦ In shortFull textProcedure & committee votes
✦ In short · AI summary of this text, generated 25 Sept 2026

Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the Commission proposal to amend Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 on clearing markets and exposures to third-country central counterparties (CCPs). It requires financial and non-financial counterparties subject to the clearing obligation to hold active accounts at Union CCPs for euro and Polish zloty interest rate derivatives and euro short-term interest rate derivatives. It makes the European Securities and Markets Authority (ESMA) the direct supervisor of Union CCPs, with a Joint Monitoring Mechanism and joint supervisory activities. It simplifies authorisation and model-change procedures, introduces a non-objection procedure for non-material changes, and exempts post-trade risk reduction services from clearing. It amends intragroup transaction rules, reporting obligations, margin and collateral rules, and money market fund counterparty risk limits.

Committee position. The Committee on Economic and Monetary Affairs proposes amendments to the Commission proposal, including an active account requirement at Union CCPs, direct supervision of Union CCPs by ESMA, simplified authorisation procedures, and exemptions for post-trade risk reduction services.

Key points

  1. Replaces the equivalence-decision framework for intragroup transactions with a list of third countries whose entities cannot benefit from exemptions, and empowers the Commission to add countries by delegated act.
  2. Exempts from the clearing obligation OTC derivative contracts resulting from post-trade risk reduction services, subject to conditions and notification to competent authorities.
  3. Requires financial and non-financial counterparties subject to the clearing obligation to clear a proportion of euro and Polish zloty interest rate derivatives and euro short-term interest rate derivatives at accounts at Union CCPs.
  4. Requires active accounts to be fully operational within 6 months of entry into force, and empowers the Commission to adopt a delegated act within 24 months specifying the proportion to be cleared.
  5. Requires clearing members and clients providing clearing services to inform clients about the possibility to clear at Union CCPs and disclose costs.
  6. Requires Union CCPs to report monthly to ESMA on clearing values, margins, default funds, liquidity and stress tests.
  7. Makes ESMA the direct supervisor of Union CCPs, with powers to authorise, supervise, investigate, impose fines and withdraw authorisation.
  8. Establishes joint supervisory activities for each Union CCP and a Joint Monitoring Mechanism chaired by ESMA to monitor clearing and cross-border risks.
  9. Introduces a non-objection procedure for non-material extensions of authorisation and for non-significant model changes, and allows CCPs to directly implement 'business as usual' changes after notifying ESMA.
  10. Prohibits CCPs from being clearing members of other CCPs, and restricts non-financial counterparties acting as clearing members from offering client clearing services.
  11. Requires CCPs to accept public guarantees and bank guarantees as collateral under conditions, and to consider procyclical effects when revising haircuts.
  12. Amends Regulation (EU) 2017/1131 to lift counterparty risk limits for money market fund derivative transactions cleared by authorised or recognised CCPs.

Who is affected

  • Financial and non-financial counterparties subject to the clearing obligation must hold active accounts at Union CCPs and clear specified derivatives there.
  • Union CCPs face direct supervision by ESMA, new reporting duties, and simplified authorisation and model-change procedures.
  • Clearing members and clients providing clearing services must inform clients about Union CCP clearing options and costs.
  • Third-country CCPs face tailored cooperation arrangements, reporting obligations and possible public notices for unpaid fees.
  • Money market funds benefit from lifted counterparty risk limits for centrally cleared derivative transactions.

Figures and deadlines

  • Active accounts must be fully operational by 6 months from entry into force.
  • Commission delegated act on the proportion to be cleared within 24 months after entry into force.
  • Periodic penalty payments for breach of active account obligation not exceeding 3% of average daily turnover.
  • Periodic penalty payments for reporting errors not exceeding 1% of average daily turnover.
  • Significant model change thresholds: 15% change in pre-funded financial resources, 20% in default fund or liquidity needs, 50% in individual default fund contribution.
  • Review of Regulation (EU) No 648/2012 no later than 5 years after entry into force.
  • ESMA report on segregation of accounts within 1 year after entry into force.
  • ESMA report on derivative activity within 36 months after entry into force, including positions in OTC commodity derivatives in excess of EUR 1 billion.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.