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Regulation 648/2012/EU - EMIR RegulationRecitalsTitle I Subject Matter, Scope and Definitions (arts. 1-3)Article 1 Subject matter and scopeArticle 2 DefinitionsArticle 2a Equivalence decisions for the purposes of the definition of OTC derivativesArticle 3 Intragroup transactionsTitle II Clearing, Reporting and Risk Mitigation of OTC Derivatives (arts. 4-13a)Article 4 Clearing obligationArticle 4a Financial counterparties that are subject to the clearing obligationArticle 4b Post-trade risk reduction servicesArticle 5 Clearing obligation procedureArticle 6 Public registerArticle 6a Suspension of clearing obligationArticle 6b Suspension of clearing obligation in the case of resolutionArticle 7 Access to a CCPArticle 7a Active AccountArticle 7b Monitoring of the active account obligationArticle 7c Information on the provision of clearing servicesArticle 7d Information on clearing activity in CCPs recognised under Article 25Article 7e Information on Union CCPsArticle 8 Access to a trading venueArticle 9 Reporting obligationArticle 10 Non-financial counterpartiesArticle 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCPArticle 12 PenaltiesArticle 13 Mechanism to avoid duplicative or conflicting rules with regard to OTC derivative contracts not cleared by a CCPArticle 13a Replacement of interest rate benchmarks in legacy tradesTitle III Authorisation and Supervision of CCPs (arts. 14-25)Chapter 1 Conditions and procedures for the authorisation of a CCP (arts. 14-21)Article 14 Authorisation of a CCPArticle 15 Extension of activities and servicesArticle 15a Exemption from authorisation of an extension of clearing services or activitiesArticle 16 Capital requirementsArticle 17 Procedure for granting and refusing authorisationArticle 17a Accelerated procedure for authorisation of an extension of authorisationArticle 17b Procedure for adopting decisions, reports or other measuresArticle 17c Central databaseArticle 18 CollegeArticle 19 Opinion of the collegeArticle 20 Withdrawal of authorisationArticle 21 Review and evaluationChapter 2 Supervision and oversight of CCPs (arts. 22-22e)Article 22 Competent authorityDraft Article 22a Competent authority of significant CCPsDraft Article 22b Specific provisions for significant CCPsDraft Article 22c Powers of ESMA over significant CCPs under this RegulationDraft Article 22d Relevant authorities for significant CCPsDraft Article 22e Consultation of central banks of issue regarding significant CCPsChapter 3 Cooperation (arts. 23-24)Article 23 Cooperation between authoritiesArticle 23a Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPsArticle 23b Joint Monitoring MechanismArticle 24 Emergency situationsChapter 3A CCP Supervisory Committee (arts. 24a-24e)Article 24a CCP Supervisory CommitteeArticle 24b Consultation of central banks of issueArticle 24c Decision making within the CCP Supervisory CommitteeArticle 24d Decision making within the Board of SupervisorsArticle 24e AccountabilityChapter 4 Relations with third countries (arts. 25-25r)Article 25 Recognition of a third-country CCPArticle 25a Comparable complianceArticle 25b Ongoing compliance with the conditions for recognitionArticle 25c Third-country CCP collegeArticle 25d FeesArticle 25e Exercise of the powers referred to in Articles 25f to 25hArticle 25f Request for informationArticle 25g General investigationsArticle 25h On-site inspectionsArticle 25i Procedural rules for taking supervisory measures and imposing finesArticle 25j FinesArticle 25k Periodic penalty paymentsArticle 25l Hearing of the persons concernedArticle 25m Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 25n Review by the Court of JusticeArticle 25o Amendments to Annexes III and IVArticle 25p Withdrawal of recognitionArticle 25q Supervisory measures by ESMATitle IV Requirements for CCPs (arts. 26-50d)Chapter 1 Organisational requirements (arts. 26-35)Article 26 General provisionsArticle 27 Senior management and the boardArticle 28 Risk committeeArticle 29 Record keepingArticle 30 Shareholders and members with qualifying holdingsArticle 31 Information to competent authoritiesArticle 32 AssessmentArticle 33 Conflicts of interestArticle 34 Business continuityArticle 35 OutsourcingChapter 2 Conduct of business rules (arts. 36-39)Article 36 General provisionsArticle 37 Participation requirementsArticle 38 TransparencyArticle 39 Segregation and portabilityChapter 3 Prudential requirements (arts. 40-50)Article 40 Exposure managementArticle 41 Margin requirementsArticle 42 Default fundArticle 43 Other financial resourcesArticle 44 Liquidity risk controlsArticle 45 Default waterfallArticle 45a Temporary restrictions in the case of a significant non-default eventArticle 46 Collateral requirementsArticle 47 Investment policyArticle 48 Default proceduresArticle 49 Review of models, stress testing and back testingArticle 49a Accelerated procedure for non-significant changes to a CCP's models and parametersArticle 50 SettlementChapter 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013 (arts. 50a-50d)Article 50a Calculation of KCCPArticle 50b General rules for the calculation of KCCPArticle 50c Reporting of informationArticle 50d Calculation of specific items to be reported by the CCPTitle V Interoperability Arrangements (arts. 51-54)Article 51 Interoperability arrangementsArticle 52 Risk managementArticle 53 Provision of margins among CCPsArticle 54 Approval of interoperability arrangementsTitle VI Registration and Supervision of Trade Repositories (arts. 55-77)Chapter 1 Conditions and procedures for registration of a trade repository (arts. 55-74)Article 55 Registration of a trade repositoryArticle 56 Application for registrationArticle 57 Notification of and consultation with competent authorities prior to registrationArticle 58 Examination of the applicationArticle 59 Notification of ESMA decisions relating to registrationArticle 60 Exercise of the powers referred to in Articles 61 to 63Article 61 Request for informationArticle 62 General investigationsArticle 63 On-site inspectionsArticle 64 Procedural rules for taking supervisory measures and imposing finesArticle 65 FinesArticle 66 Periodic penalty paymentsArticle 67 Hearing of the persons concernedArticle 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 69 Review by the Court of JusticeArticle 70 Amendments to Annex IIArticle 71 Withdrawal of registrationArticle 72 Supervisory feesArticle 73 Supervisory measures by ESMAArticle 74 Delegation of tasks by ESMA to competent authoritiesChapter 2 Relations with third countries (arts. 75-77)Article 75 Equivalence and international agreementsArticle 76 Cooperation arrangementsArticle 76a Mutual direct access to dataArticle 77 Recognition of trade repositoriesTitle VII Requirements for Trade Repositories (arts. 78-82)Article 78 General requirementsArticle 79 Operational reliabilityArticle 80 Safeguarding and recordingArticle 81 Transparency and data availabilityArticle 82 Exercise of the delegationTitle VIII Common Provisions (arts. 83-84)Article 83 Professional secrecyArticle 84 Exchange of informationTitle IX Transitional and Final Provisions (arts. 85-91)Article 85 Reports and reviewArticle 86 Committee procedureArticle 87 Amendment to Directive 98/26/ECArticle 88 WebsitesArticle 89 Transitional provisionsArticle 90 Staff and resources of ESMAArticle 91 Entry into forceAnnex I List of infringements referred to in Article 65(1)Annex II List of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)Annex III List of infringements referred to in Article 25j(1)Annex IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)Annex V List of infringements referred to in Article 22c(3)Done at
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AI Summary of Article 38 Transparency

A CCP and its clearing members shall publicly disclose prices and fees of each service separately, including discounts, rebates and conditions for reductions, and shall allow clearing members and where relevant their clients separate access to specific services. A CCP shall account separately for costs and revenues and disclose that information to ESMA and the competent authority, disclose to clearing members and clients the risks of services, and disclose to ESMA, clearing members and the competent authority the price information used to calculate end-of-day exposures. A CCP shall publicly disclose aggregated volumes of cleared transactions by class and operational and technical communication requirements, and shall publicly disclose breaches by clearing members of Article 37(1) criteria and the paragraph 1 requirements except where the competent authority considers disclosure would threaten financial stability, market confidence, seriously jeopardise markets or cause disproportionate damage.

A CCP shall provide clearing members with a secured simulation tool for additional initial margin at portfolio level, including scenario analysis, with non-binding results. A CCP shall provide clearing members clear, documented information on initial margin models, including add-ons, design, stressed conditions, key assumptions and limitations. Clearing members and clients providing clearing services shall provide clients with information on CCP margin models, triggers for margin calls, procedures to establish amounts and non-binding simulations of CCP and additional margins; a CCP shall supply requested information to enable compliance. Clearing members and clients shall inform clients of potential losses or costs from default management and loss and position allocation. ESMA, in consultation with EBA and the ESCB, shall develop draft RTS on simulation tool requirements, margin model transparency, information to clients and simulation outputs and submit them to the Commission by 25 December 2025, with power delegated to the Commission to adopt those RTS under Articles 10 to 14 of Regulation (EU) No 1095/2010.

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 24 December 2024 - onwards
Version 5 of 5

Article 38 Transparency

1. A CCP and its clearing members shall publicly disclose the prices and fees associated with the services provided. They shall disclose the prices and fees of each service provided separately, including discounts and rebates and the conditions to benefit from those reductions. A CCP shall allow its clearing members and, where relevant, their clients separate access to the specific services provided.

A CCP shall account separately for costs and revenues of the services provided and shall disclose that information to ESMA and the competent authority.

2. A CCP shall disclose to clearing members and clients the risks associated with the services provided.

3. A CCP shall disclose to ESMA, its clearing members and to its competent authority the price information used to calculate its end-of-day exposures to its clearing members.

A CCP shall publicly disclose the volumes of the cleared transactions for each class of instruments cleared by the CCP on an aggregated basis.

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