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CCP Recovery and Resolution Regulation In force since 12 August 2022

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
32021R0023 · official text on EUR-Lex

This English text is a careful, terminology-researched translation prepared by eucite.com — not an official government translation. The German original linked above is the legally authoritative text.

Articles

• Article 1 — Subject matter
• Article 2 — Definitions

Section 1 Resolution authorities, resolution colleges and involvement of European Supervisory Authorities

• Article 3 — Designation of resolution authorities and competent ministries
• Article 4 — Resolution colleges
• Article 5 — ESMA Resolution Committee
• Article 6 — Cooperation between authorities

Section 2 Decision-making and procedures

• Article 7 — General principles regarding decision-making
• Article 8 — Information exchange

Chapter I Recovery and resolution planning

Section 1 Recovery planning

• Article 9 — Recovery plans
• Article 10 — Assessment of recovery plans
• Article 11 — Coordination procedure for recovery plans

Section 2 Resolution planning

• Article 12 — Resolution plans
• Article 13 — CCPs’ duty to cooperate and provide information
• Article 14 — Coordination procedure for resolution plans

Chapter II Resolvability

• Article 15 — Assessment of resolvability
• Article 16 — Addressing or removing impediments to resolvability
• Article 17 — Coordination procedure to address or remove impediments to resolvability
• Article 18 — Early intervention measures
• Article 19 — Removal of senior management and board
• Article 20 — Provision of recompense to non-defaulting clearing members

Chapter I Objectives, conditions and general principles

• Article 21 — Resolution objectives
• Article 22 — Conditions for resolution
• Article 23 — General principles regarding resolution

Chapter II Valuation

• Article 24 — Objectives of valuation
• Article 25 — Requirements for valuation
• Article 26 — Provisional valuation

Chapter III Resolution tools

Section 1 General principles

• Article 27 — General provisions on resolution tools

Section 2 Position allocation and loss allocation tools

• Article 28 — Objective and scope of the position and loss allocation tools
• Article 29 — Termination of contracts – partial or full
• Article 30 — Reduction of the value of any gains payable by the CCP to non-defaulting clearing members
• Article 31 — Resolution cash call

Section 3 Write-down and conversion of instruments of ownership and debt instruments or other unsecured liabilities

• Article 32 — Requirement to write down and convert instruments of ownership and debt instruments or other unsecured liabilities
• Article 33 — Provisions governing the write-down or conversion of instruments of ownership and debt instruments or other unsecured liabilities
• Article 34 — Effect of write-down and conversion
• Article 35 — Removal of procedural obstacles for write-down and conversion
• Article 36 — Submission of a business reorganisation plan
• Article 37 — Content of the business reorganisation plan
• Article 38 — Assessment and adoption of the business reorganisation plan
• Article 39 — Implementation and monitoring of the business reorganisation plan

Section 4 Sale of business tool

• Article 40 — Sale of business tool
• Article 41 — Sale of business tool: procedural requirements

Section 5 Bridge CCP tool

• Article 42 — Bridge CCP tool
• Article 43 — Bridge CCP: procedural requirements

Section 6 Additional financing arrangements

• Article 44 — Alternative funding means

Section 7 Government stabilisation tools

• Article 45 — Government financial stabilisation tools
• Article 46 — Public equity support tool
• Article 47 — Temporary public ownership tool

Chapter IV Resolution powers

• Article 48 — General powers
• Article 49 — Ancillary powers
• Article 50 — Special management
• Article 51 — Power to require the provision of services and facilities
• Article 52 — Power to enforce crisis prevention measures or resolution actions by other Member States
• Article 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 countries
• Article 54 — Exclusion of certain contractual terms in early intervention and resolution
• Article 55 — Power to suspend certain obligations
• Article 56 — Power to restrict the enforcement of security interests
• Article 57 — Power to temporarily suspend termination rights
• Article 58 — Power to exercise control over the CCP
• Article 59 — Exercise of powers by the resolution authorities

Chapter V Safeguards

• Article 60 — ‘No creditor worse off’ principle
• Article 61 — Valuation for the application of the ‘no creditor worse off’ principle
• Article 62 — Safeguard for shareholders, clearing members and other creditors
• Article 63 — Safeguard for clients and indirect clients
• Article 64 — Recoupment of payments
• Article 65 — Safeguard for counterparties in partial transfers
• Article 66 — Protection for financial collateral, set off and netting arrangements
• Article 67 — Protection for security arrangements
• Article 68 — Protection for structured finance arrangements and covered bonds
• Article 69 — Partial transfers: protection of trading, clearing and settlement systems

Chapter VI Procedural obligations

• Article 70 — Notification requirements
• Article 71 — Decision of the resolution authority
• Article 72 — Procedural obligations of resolution authorities
• Article 73 — Confidentiality

Chapter VII Right of appeal and exclusion of other actions

• Article 74 — Ex-ante judicial approval and rights of appeal
• Article 75 — Restrictions on other proceedings
• Article 76 — Agreements with third countries
• Article 77 — Recognition and enforcement of third-country resolution proceedings
• Article 78 — Right to refuse recognition or enforcement of third-country resolution proceedings
• Article 79 — Cooperation with third-country authorities
• Article 80 — Exchange of confidential information
• Article 81 — Administrative penalties and other administrative measures
• Article 82 — Specific provisions
• Article 83 — Publication of administrative penalties or other administrative measures
• Article 84 — Maintenance of central database by ESMA
• Article 85 — Exercise of powers to impose administrative penalties and other administrative measures and their effective application by competent authorities and resolution authorities
• Article 86 — Amendments to Regulation (EU) No 1095/2010
• Article 87 — Amendments to Regulation (EU) No 648/2012
• Article 88 — Amendment to Regulation (EU) 2015/2365
• Article 89 — Amendments to Directive 2002/47/EC
• Article 90 — Amendment to Directive 2004/25/EC
• Article 91 — Amendments to Directive 2007/36/EC
• Article 92 — Amendment to Directive (EU) 2017/1132
• Article 93 — Amendment to Directive 2014/59/EU
• Article 94 — Amendment to Regulation (EU) No 806/2014
• Article 95 — Amendment to Regulation (EU) No 600/2014
• Article 96 — Review
• Article 97 — Entry into force