AI Summary of Article 49a Accelerated procedure for non-significant changes to a CCP's models and parameters
A CCP may request an accelerated procedure for a proposed change to a model or parameter in Article 49(1) if it considers the change does not meet Article 49(1)(i). The accelerated procedure applies only where the CCP has requested validation and both the CCP’s competent authority and ESMA each conclude the change is not significant under paragraph 4. The CCP must submit the application and the documents required by Article 49(5)(d) electronically via the central database and explain why the change is non‑significant. An acknowledgement must be sent within two working days.
Within 10 working days of that acknowledgement the competent authority and ESMA each decide significance. If either finds the change significant they notify each other in writing and the application is excluded from the accelerated procedure; the competent authority notifies the CCP via the central database with a fully reasoned explanation within two working days and the CCP has 10 working days to withdraw or complement the application. If both find the change not significant, each must, within three working days, grant or refuse validation and inform each other with fully reasoned explanations; any refusal by either results in refusal. The competent authority then informs the CCP in writing via the central database with a fully reasoned explanation within two working days of the decisions under paragraph 6.
Article 49a Accelerated procedure for non-significant changes to a CCP's models and parameters
1. Where a CCP considers that a change to a model or parameter referred to in Article 49(1) that it intends to adopt does not meet the conditions set out in paragraph 1i of that Article, it may request that the application to validate the change is subject to the accelerated procedure under this Article.
2. The accelerated procedure shall apply to a proposed change to a model or parameter where the following conditions are met:
(a) the CCP has requested a validation of a change to be assessed under this Article; and
(b) the CCP's competent authority and ESMA have each concluded that the proposed change is not significant pursuant to paragraph 4.
3. The CCP shall submit its application including all documents and information required pursuant to Article 49(5), point (d), in an electronic format via the central database. The CCP shall provide all information necessary to demonstrate why the proposed change is to be deemed non-significant and therefore qualifies for assessment under the accelerated procedure under this Article.
An acknowledgement of receipt of the application shall be sent to the CCP via the central database within two working days of the submission of that application.