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Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (CCPRRR) (Text with EEA relevance)RecitalsTitle I Subject Matter and Definitions (arts. 1-2)Article 1 Subject matterArticle 2 DefinitionsTitle II Authorities, Resolution College and Procedures (arts. 3-8)Section 1 Resolution authorities, resolution colleges and involvement of European Supervisory AuthoritiesArticle 3 Designation of resolution authorities and competent ministriesArticle 4 Resolution collegesArticle 5 ESMA Resolution CommitteeArticle 6 Cooperation between authoritiesDraft Article 6a Significant CCPsSection 2 Decision-making and proceduresArticle 7 General principles regarding decision-makingArticle 8 Information exchangeTitle III Preparation (arts. 9-17)Chapter I Recovery and resolution planningSection 1 Recovery planningArticle 9 Recovery plansArticle 10 Assessment of recovery plansArticle 11 Coordination procedure for recovery plansSection 2 Resolution planningArticle 12 Resolution plansArticle 13 CCPs' duty to cooperate and provide informationArticle 14 Coordination procedure for resolution plansChapter II ResolvabilityArticle 15 Assessment of resolvabilityArticle 16 Addressing or removing impediments to resolvabilityArticle 17 Coordination procedure to address or remove impediments to resolvabilityTitle IV Early Intervention (arts. 18-20)Article 18 Early intervention measuresArticle 19 Removal of senior management and boardArticle 20 Provision of recompense to non-defaulting clearing membersTitle V Resolution (arts. 21-75)Chapter I Objectives, conditions and general principlesArticle 21 Resolution objectivesArticle 22 Conditions for resolutionArticle 23 General principles regarding resolutionChapter II ValuationArticle 24 Objectives of valuationArticle 25 Requirements for valuationArticle 26 Provisional valuationChapter III Resolution toolsSection 1 General pr inciplesArticle 27 General provisions on resolution toolsSection 2 Position allocation and loss allocation toolsArticle 28 Objective and scope of the position and loss allocation toolsArticle 29 Termination of contracts - partial or fullArticle 30 Reduction of the value of any gains payable by the CCP to non-defaulting clearing membersArticle 31 Resolution cash callSection 3 Write-do wn and conv ersion of instr uments of o wnership and debt ins tr uments or other unsecured liabilitiesArticle 32 Requirement to write down and convert instruments of ownership and debt instruments or other unsecured liabilitiesArticle 33 Provisions governing the write-down or conversion of instruments of ownership and debt instruments or other unsecured liabilitiesArticle 34 Effect of write-down and conversionArticle 35 Removal of procedural obstacles for write-down and conversionArticle 36 Submission of a business reorganisation planArticle 37 Content of the business reorganisation planArticle 38 Assessment and adoption of the business reorganisation planArticle 39 Implementation and monitoring of the business reorganisation planSection 4 Sale of business toolArticle 40 Sale of business toolArticle 41 Sale of business tool: procedural requirementsSection 5 Bridge CCP toolArticle 42 Bridge CCP toolArticle 43 Bridge CCP: procedural requirementsSection 6 Additional financing arrangementsArticle 44 Alternative funding meansSection 7 Government stabilisation toolsArticle 45 Government financial stabilisation toolsArticle 46 Public equity support toolArticle 47 Temporary public ownership toolChapter IV Resolution powersArticle 48 General powersArticle 49 Ancillary powersArticle 50 Special managementArticle 51 Power to require the provision of services and facilitiesArticle 52 Power to enforce crisis prevention measures or resolution actions by other Member StatesArticle 53 Power in respect of assets, contracts, rights, liabilities, obligations and instruments of ownership of persons located in or governed by the law of third countriesArticle 54 Exclusion of certain contractual terms in early intervention and resolutionArticle 55 Power to suspend certain obligationsArticle 56 Power to restrict the enforcement of security interestsArticle 57 Power to temporarily suspend termination rightsArticle 58 Power to exercise control over the CCPArticle 59 Exercise of powers by the resolution authoritiesChapter V SafeguardsArticle 60 'No creditor worse off ' principleArticle 61 Valuation for the application of the 'no creditor worse off ' principleArticle 62 Safeguard for shareholders, clearing members and other creditorsArticle 63 Safeguard for clients and indirect clientsArticle 64 Recoupment of paymentsArticle 65 Safeguard for counterparties in partial transfersArticle 66 Protection for financial collateral, set off and netting arrangementsArticle 67 Protection for security arrangementsArticle 68 Protection for structured finance arrangements and covered bondsArticle 69 Partial transfers: protection of trading, clearing and settlement systemsChapter VI Procedural obligationsArticle 70 Notification requirementsArticle 71 Decision of the resolution authorityArticle 72 Procedural obligations of resolution authoritiesArticle 73 ConfidentialityChapter VII Right of appeal and exclusion of other actionsArticle 74 Ex-ante judicial approval and rights of appealArticle 75 Restrictions on other proceedingsTitle VI Relations with third countries (arts. 76-80)Article 76 Agreements with third countriesArticle 77 Recognition and enforcement of third-country resolution proceedingsArticle 78 Right to refuse recognition or enforcement of third-country resolution proceedingsArticle 79 Cooperation with third-country authoritiesArticle 80 Exchange of confidential informationTitle VII Administrative measures and penalties (arts. 81-85)Article 81 Administrative penalties and other administrative measuresArticle 82 Specific provisionsArticle 83 Publication of administrative penalties or other administrative measuresArticle 84 Maintenance of central database by ESMAArticle 85 Exercise of powers to impose administrative penalties and other administrative measures and their effective application by competent authorities and resolution authoritiesTitle VIII Amendments to Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and DIRECTIVES 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (arts. 86-95)Article 86 Amendments to Regulation (EU) No 1095/2010Article 87 Amendments to Regulation (EU) No 648/2012Article 88 Amendment to Regulation (EU) 2015/2365Article 89 Amendments to Directive 2002/47/ECArticle 90 Amendment to Directive 2004/25/ECArticle 91 Amendments to Directive 2007/36/ECArticle 92 Amendment to Directive (EU) 2017/1132Article 93 Amendment to Directive 2014/59/EUArticle 94 Amendment to Regulation (EU) No 806/2014Article 95 Amendment to Regulation (EU) No 600/2014Title IX Final Provisions (arts. 96-97)Article 96 ReviewArticle 97 Entry into forceAnnexDone at
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AI Summary of Article 15 Assessment of resolvability

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Version status: Applicable | Document consolidation status: No known changes
Version date: 12 August 2022 - onwards
Version 3 of 3

Article 15 Assessment of resolvability

1. The resolution authority, in coordination with the resolution college in accordance with the procedure set out in Article 17, and after consultation with the competent authority, shall assess the extent to which a CCP is resolvable without assuming any of the following:

(a) extraordinary public financial support;

(b) central bank emergency liquidity assistance;

(c) central bank liquidity assistance provided under non-standard collateralisation, tenor and interest rate terms.

2. A CCP shall be deemed resolvable where the resolution authority considers it feasible and credible to either liquidate it under normal insolvency proceedings or to resolve it applying the resolution tools and exercising the resolution powers while ensuring the continuity of the CCP's critical functions and avoiding any use of extraordinary public financial support and, to the maximum extent possible, any significant adverse effect on the financial system and the potential for undue disadvantage to affected stakeholders.

The adverse effects referred to in the first subparagraph shall include broader financial instability or system wide events in any Member State.

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