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Updated 27/07/2024

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In force since 11/02/2021

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Level 2 legal acts in relation to CCPRRR

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Procedure 2016/0365/COD

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Synchronised with EUR-Lex on 27/07/2024

CCPRRR Tool CCP Recovery and Resolution Regulation (CCPRRR)

CCP Recovery and Resolution Regulation (CCPRRR)

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 (Text with EEA relevance)

TITLE I - SUBJECT MATTER AND DEFINITIONS (Article 1-2)Article 1 - Subject matter Article 2 - Definitions

TITLE II - AUTHORITIES, RESOLUTION COLLEGE AND PROCEDURES (Article 3-8)

Section 1 - Resolution authorities, resolution colleges and involvement of European Supervisory Authorities (Article 3-6)Article 3 - Designation of resolution authorities and competent ministries Article 4 - Resolution colleges RTSGL Article 5 - ESMA Resolution Committee GL Article 6 - Cooperation between authorities

Section 2 - Decision-making and procedures (Article 7-8)Article 7 - General principles regarding decision-making Article 8 - Information exchange

TITLE III - PREPARATION (Article 9-17)

CHAPTER I - Recovery and resolution planning (Article 9-14)

Section 1 - Recovery planning (Article 9-11)Article 9 - Recovery plans RTSGL Article 10 - Assessment of recovery plans DAGL Article 11 - Coordination procedure for recovery plans

Section 2 - Resolution planning (Article 12-14)Article 12 - Resolution plans RTSGL Article 13 - CCPs’ duty to cooperate and provide information Article 14 - Coordination procedure for resolution plans RTS

CHAPTER II - Resolvability (Article 15-17)Article 15 - Assessment of resolvability GL Article 16 - Addressing or removing impediments to resolvability GL Article 17 - Coordination procedure to address or remove impediments to resolvability RTS

TITLE IV - EARLY INTERVENTION (Article 18-20)Article 18 - Early intervention measures GL Article 19 - Removal of senior management and board Article 20 - Provision of recompense to non-defaulting clearing members RTS

TITLE V - RESOLUTION (Article 21-75)

CHAPTER I - Objectives, conditions and general principles (Article 21-23)Article 21 - Resolution objectives Article 22 - Conditions for resolution GL Article 23 - General principles regarding resolution

CHAPTER II - Valuation (Article 24-26)Article 24 - Objectives of valuation RTS Article 25 - Requirements for valuation RTS Article 26 - Provisional valuation RTS

CHAPTER III - Resolution tools (Article 27-47)

Section 1 - General principles (Article 27)Article 27 - General provisions on resolution tools GL

Section 2 - Position allocation and loss allocation tools (Article 28-31)Article 28 - Objective and scope of the position and loss allocation tools GL Article 29 - Termination of contracts – partial or full GL 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 32-39)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 GL 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 RTS Article 38 - Assessment and adoption of the business reorganisation plan RTS Article 39 - Implementation and monitoring of the business reorganisation plan

Section 4 - Sale of business tool (Article 40-41)Article 40 - Sale of business tool Article 41 - Sale of business tool: procedural requirements

Section 5 - Bridge CCP tool (Article 42-43)Article 42 - Bridge CCP tool Article 43 - Bridge CCP: procedural requirements

Section 6 - Additional financing arrangements (Article 44)Article 44 - Alternative funding means

Section 7 - Government stabilisation tools (Article 45-47)Article 45 - Government financial stabilisation tools Article 46 - Public equity support tool Article 47 - Temporary public ownership tool

CHAPTER IV - Resolution powers (Article 48-59)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 60-69)Article 60 - No creditor worse off principle Article 61 - Valuation for the application of the no creditor worse off principle RTS Article 62 - Safeguard for shareholders, clearing members and other creditors Article 63 - Safeguard for clients and indirect clients RTS 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 70-73)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 74-75)Article 74 - Ex-ante judicial approval and rights of appeal Article 75 - Restrictions on other proceedings

TITLE VI - RELATIONS WITH THIRD COUNTRIES (Article 76-80)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 GL Article 80 - Exchange of confidential information

TITLE VII - ADMINISTRATIVE MEASURES AND PENALTIES (Article 81-85)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

TITLE 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 (Article 86-95)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

TITLE IX - FINAL PROVISIONS (Article 96-97)Article 96 - Review Article 97 - Entry into force

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