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Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (Text with EEA relevance)RecitalsChapter I General (art. 1)Article 1 DefinitionsChapter II Indirect clearing arrangements (Article 4(4) of Regulation (EU) No 648/2012) (arts. 2-5)Article 2 Requirements for the provision of indirect clearing services by clientsArticle 3 Obligations of CCPsArticle 4 Obligations of clearing membersArticle 5 Obligations of clientsArticle 5a Requirements for the provision of indirect clearing services by indirect clientsArticle 5b Requirements for the provision of indirect clearing services by second indirect clientsChapter III Notification to ESMA for the purpose of the clearing obligation (Article 5(1) of Regulation (EU) No 648/2012) (art. 6)Article 6 Details to be included in the notificationChapter IV Criteria for the determination of the classes of OTC derivative contracts subject to the clearing obligation (Article 5(4) of Regulation (EU) No 648/2012) (art. 7)Article 7 Criteria to be assessed by ESMAChapter V Public register (Article 6(4) of Regulation (EU) No 648/2012) (art. 8)Article 8 Details to be included in ESMA's RegisterChapter VI Liquidity fragmentation (Article 8(5) of Regulation (EU) No 648/2012) (art. 9)Article 9 Specification of the notion of liquidity fragmentationChapter VII Non-financial counterparties (arts. 10-11)Article 10 (Article 10(4)(a) of Regulation (EU) No 648/2012) Criteria for establishing which OTC derivative contracts are objectively reducing risksArticle 11 (Article 10(4)(b) of Regulation (EU) No 648/2012) Clearing thresholdsChapter VIII Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP (arts. 12-21)Article 12 (Article 11(14a) of Regulation (EU) No 648/2012) Timely confirmationArticle 13 (Article 11(14)(a) of Regulation (EU) No 648/2012) Portfolio reconciliationArticle 14 (Article 11(14)(a) of Regulation (EU) No 648/2012) Portfolio compressionArticle 15 (Article 11(14)(a) of Regulation (EU) No 648/2012) Dispute resolutionArticle 16 (Article 11(14)(b) of Regulation (EU) No 648/2012) Market conditions that prevent marking-to-marketArticle 17 (Article 11(14)(b) of Regulation (EU) No 648/2012) Criteria for using marking-to-modelArticle 18 (Article 11(14)(c) of Regulation (EU) No 648/2012) Details of the intragroup transaction notification to the competent authorityArticle 19 (Article 11(14)(d) of Regulation (EU) No 648/2012) Details of the intragroup transaction notification to ESMAArticle 20 (Article 11(14)(d) of Regulation (EU) No 648/2012) Information on the intragroup exemption to be publicly disclosedArticle 21 Entry into force and applicationDone at
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AI Summary of Article 3 Obligations of CCPs

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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 3 January 2018 - onwards
Version 3 of 3

Article 3 Obligations of CCPs

1. A CCP shall open and maintain any of the accounts referred to in Article 4(4) in accordance with the request of the clearing member.

2. A CCP that holds the assets and positions of several indirect clients in an account as referred to in Article 4(4)(b) shall keep separate records of the positions of each indirect client, calculate the margins in respect of each indirect client and collect the sum of those margins on a gross basis, based on the information referred to in Article 4(3).

3. A CCP shall identify, monitor and manage any material risks arising from the provision of indirect clearing services that could affect the resilience of the CCP to adverse market developments.

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