AI Summary of Article 54 Approval of interoperability arrangements
Interoperability arrangements, or material changes thereto, require prior approval by the competent authorities of the CCPs involved. Those authorities must request ESMA’s opinion under Article 24a(7) and consult the college referred to in Article 18 pursuant to Articles 19 and 17b. Approval is conditional on the CCPs having been authorised to clear under Article 17, recognised under Article 25, or authorised under a pre‑existing national regime for at least three years; on compliance with Article 52; on technical conditions that permit smooth, orderly market functioning; and on the arrangement not undermining supervisory effectiveness. Where a competent authority considers requirements unmet it must provide written risk explanations to other authorities and the CCPs, notify ESMA, and ESMA will issue an opinion made available to all CCPs; if ESMA’s opinion differs the competent authority must reconsider its position.
By 25 December 2025 ESMA shall submit draft regulatory technical standards to the Commission, after consulting the ESCB and the ESRB, to further specify CCP requirements to manage risks from interoperability, taking into account the guidelines envisaged in paragraph 4 and assessing applicability across all product types including derivatives and non‑financial instruments. By 25 June 2026 ESMA shall issue guidelines or recommendations to ensure consistent assessments by national competent authorities under Article 16 of Regulation (EU) No 1095/2010. Power is delegated to the Commission to adopt the regulatory technical standards in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.
Article 54 Approval of interoperability arrangements
1. An interoperability arrangement, or any material change to an approved interoperability arrangement under Title V shall be subject to the prior approval of the competent authorities of the CCPs involved. The CCPs' competent authorities shall request the opinion of ESMA in accordance with Article 24a(7), first subparagraph, point (bc), and the college referred to in Article 18 in accordance with Article 19, and issued in accordance with the procedure set out in Article 17b.
2. The competent authorities shall grant approval of the interoperability arrangement only where the CCPs involved have been authorised to clear under Article 17 or recognised under Article 25 or authorised under a pre-existing national authorisation regime for a period of at least three years, the requirements laid down in Article 52 are met and the technical conditions for clearing transactions under the terms of the arrangement allow for a smooth and orderly functioning of financial markets and the arrangement does not undermine the effectiveness of supervision.