Better Regulation logo
Table of Contents

Table of Contents

Expand all headings Collapse all headings Expand side bar Collapse side bar
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
Page Overview
Related
Document Overview
Tools
Set a date to view the document
Text comparison options
Full text - Date 1 vs Date 2
Amendments requiring commencement - Current text vs Text requiring commencement
Draft proposed changes - Current text vs Text proposed by drafting documents
Recently generated comparisons
None generated
Print / Export options
Current page
Whole document
Selected pages
Consolidated PDF of the entire document as of 16th June 2026
Export
Export line by line
Export provision to provision
Report template
Create report template
Alert me to changes
Manage alerts
Bookmarks
This page
This document
Manage bookmarks
Search within this document
View previous searches
Share
Get page link
Share via email application

AI Summary of Article 45 Default waterfall

PreviousNext
Version status: Entered into force | Document consolidation status: Updated to reflect all known changes
Version date: 16 August 2012 - onwards
Version 2 of 2

Article 45 Default waterfall

1. A CCP shall use the margins posted by a defaulting clearing member prior to other financial resources in covering losses.

2. Where the margins posted by the defaulting clearing member are not sufficient to cover the losses incurred by the CCP, the CCP shall use the default fund contribution of the defaulting member to cover those losses.

3. A CCP shall use contributions to the default fund of the non-defaulting clearing members and any other financial resources referred to in Article 43(1) only after having exhausted the contributions of the defaulting clearing member.

4. A CCP shall use dedicated own resources before using the default fund contributions of non-defaulting clearing members. A CCP shall not use the margins posted by non-defaulting clearing members to cover the losses resulting from the default of another clearing member.

PreviousNext