{
  "url": "https://openlegislation.uk/eu-regulation-2013-153",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-153.json",
  "id": "eur/2013/153",
  "title": "Commission Delegated Regulation (EU) No 153/2013 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 requirements for central counterparties (Text with EEA relevance)",
  "short_title": "Regulation (EU) No 153/2013 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the…",
  "long_title": "Commission Delegated Regulation (EU) No 153/2013 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 requirements for central counterparties (Text with EEA relevance)",
  "citation": "EU Regulation No 153/2013",
  "type": "eur",
  "year": "2013",
  "number": "153",
  "version": "current",
  "date": "2012-12-19",
  "revised": false,
  "valid_from": null,
  "extent": "E+W+S+N.I.",
  "unapplied_effects": 0,
  "provisions": [
    {
      "path": "introduction",
      "kind": "introduction",
      "number": null,
      "heading": "Introductory text",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/introduction",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/I",
      "kind": "chapter",
      "number": "I",
      "heading": "GENERAL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/1",
      "kind": "article",
      "number": "1",
      "heading": "Definitions",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-1",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/I"
    },
    {
      "path": "chapter/II",
      "kind": "chapter",
      "number": "II",
      "heading": "RECOGNITION OF THIRD COUNTRY CCPs",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/2",
      "kind": "article",
      "number": "2",
      "heading": "Information to be provided to ESMA for the recognition of a CCP",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/II"
    },
    {
      "path": "chapter/III",
      "kind": "chapter",
      "number": "III",
      "heading": "ORGANISATIONAL REQUIREMENTS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/3",
      "kind": "article",
      "number": "3",
      "heading": "Governance arrangements",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-3",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/4",
      "kind": "article",
      "number": "4",
      "heading": "Risk management and internal control mechanisms",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-4",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/5",
      "kind": "article",
      "number": "5",
      "heading": "Compliance policy and procedures",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-5",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/6",
      "kind": "article",
      "number": "6",
      "heading": "Compliance function",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-6",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/7",
      "kind": "article",
      "number": "7",
      "heading": "Organisational structure and separation of the reporting lines",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-7",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/8",
      "kind": "article",
      "number": "8",
      "heading": "Remuneration policy",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-8",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/9",
      "kind": "article",
      "number": "9",
      "heading": "Information technology systems",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-9",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/10",
      "kind": "article",
      "number": "10",
      "heading": "Disclosure",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-10",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "article/11",
      "kind": "article",
      "number": "11",
      "heading": "Internal auditing",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-11",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/III"
    },
    {
      "path": "chapter/IV",
      "kind": "chapter",
      "number": "IV",
      "heading": "RECORD KEEPING",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/12",
      "kind": "article",
      "number": "12",
      "heading": "General requirements",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-12",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/13",
      "kind": "article",
      "number": "13",
      "heading": "Transaction records",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-13",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/14",
      "kind": "article",
      "number": "14",
      "heading": "Position records",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-14",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/15",
      "kind": "article",
      "number": "15",
      "heading": "Business records",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-15",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "article/16",
      "kind": "article",
      "number": "16",
      "heading": "Records of data reported to a trade repository",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-16",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IV"
    },
    {
      "path": "chapter/V",
      "kind": "chapter",
      "number": "V",
      "heading": "BUSINESS CONTINUITY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/17",
      "kind": "article",
      "number": "17",
      "heading": "Strategy and policy",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-17",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/18",
      "kind": "article",
      "number": "18",
      "heading": "Business impact analysis",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-18",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/19",
      "kind": "article",
      "number": "19",
      "heading": "Disaster recovery",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-19",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/20",
      "kind": "article",
      "number": "20",
      "heading": "Testing and monitoring",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-20",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/21",
      "kind": "article",
      "number": "21",
      "heading": "Maintenance",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-21",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/22",
      "kind": "article",
      "number": "22",
      "heading": "Crisis management",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-22",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "article/23",
      "kind": "article",
      "number": "23",
      "heading": "Communication",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-23",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/V"
    },
    {
      "path": "chapter/VI",
      "kind": "chapter",
      "number": "VI",
      "heading": "MARGINS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/24",
      "kind": "article",
      "number": "24",
      "heading": "Percentage",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-24",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VI"
    },
    {
      "path": "article/25",
      "kind": "article",
      "number": "25",
      "heading": "Time horizon for the calculation of historical volatility",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-25",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VI"
    },
    {
      "path": "article/26",
      "kind": "article",
      "number": "26",
      "heading": "Time horizons for the liquidation period",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-26",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VI"
    },
    {
      "path": "article/27",
      "kind": "article",
      "number": "27",
      "heading": "Portfolio margining",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-27",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VI"
    },
    {
      "path": "article/28",
      "kind": "article",
      "number": "28",
      "heading": "Procyclicality",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-28",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VI"
    },
    {
      "path": "chapter/VII",
      "kind": "chapter",
      "number": "VII",
      "heading": "DEFAULT FUND",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/29",
      "kind": "article",
      "number": "29",
      "heading": "Framework and governance",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-29",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VII"
    },
    {
      "path": "article/30",
      "kind": "article",
      "number": "30",
      "heading": "Identifying extreme but plausible market conditions",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-30",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VII"
    },
    {
      "path": "article/31",
      "kind": "article",
      "number": "31",
      "heading": "Reviewing extreme but plausible scenarios",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-31",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VII"
    },
    {
      "path": "chapter/VIII",
      "kind": "chapter",
      "number": "VIII",
      "heading": "LIQUIDITY RISK CONTROLS",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/32",
      "kind": "article",
      "number": "32",
      "heading": "Assessment of liquidity risk",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-32",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VIII"
    },
    {
      "path": "article/33",
      "kind": "article",
      "number": "33",
      "heading": "Access to liquidity",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-33",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VIII"
    },
    {
      "path": "article/34",
      "kind": "article",
      "number": "34",
      "heading": "Concentration risk",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-34",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/VIII"
    },
    {
      "path": "chapter/IX",
      "kind": "chapter",
      "number": "IX",
      "heading": "DEFAULT WATERFALL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/35",
      "kind": "article",
      "number": "35",
      "heading": "Calculation of the amount of the CCP’s own resources to be used in the default waterfall",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-35",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IX"
    },
    {
      "path": "article/36",
      "kind": "article",
      "number": "36",
      "heading": "Maintenance of the amount of the CCP’s own resources to be used in the default waterfall",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-36",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/IX"
    },
    {
      "path": "chapter/X",
      "kind": "chapter",
      "number": "X",
      "heading": "COLLATERAL",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/37",
      "kind": "article",
      "number": "37",
      "heading": "General requirements",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-37",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/X"
    },
    {
      "path": "article/38",
      "kind": "article",
      "number": "38",
      "heading": "Cash collateral",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-38",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/X"
    },
    {
      "path": "article/39",
      "kind": "article",
      "number": "39",
      "heading": "Financial instruments",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-39",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/X"
    },
    {
      "path": "article/40",
      "kind": "article",
      "number": "40",
      "heading": "Valuing collateral",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-40",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/X"
    },
    {
      "path": "article/41",
      "kind": "article",
      "number": "41",
      "heading": "Haircuts",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-41",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/X"
    },
    {
      "path": "article/42",
      "kind": "article",
      "number": "42",
      "heading": "Concentration limits",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-42",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/X"
    },
    {
      "path": "chapter/XI",
      "kind": "chapter",
      "number": "XI",
      "heading": "INVESTMENT POLICY",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "article/43",
      "kind": "article",
      "number": "43",
      "heading": "Highly liquid financial instruments",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-43",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XI"
    },
    {
      "path": "article/44",
      "kind": "article",
      "number": "44",
      "heading": "Highly secured arrangements for the deposit of financial instruments",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-44",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XI"
    },
    {
      "path": "article/45",
      "kind": "article",
      "number": "45",
      "heading": "Highly secured arrangements maintaining cash",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-45",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XI"
    },
    {
      "path": "article/45/2",
      "kind": "article",
      "number": "45",
      "heading": "Concentration limits",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-45/2",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XI"
    },
    {
      "path": "article/46",
      "kind": "article",
      "number": "46",
      "heading": "Non-cash collateral",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-46",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XI"
    },
    {
      "path": "chapter/XII",
      "kind": "chapter",
      "number": "XII",
      "heading": "REVIEW OF MODELS, STRESS TESTING AND BACK TESTING",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": null
    },
    {
      "path": "chapter/XII/section/1",
      "kind": "section",
      "number": "1",
      "heading": "Models and programmes",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII"
    },
    {
      "path": "article/47",
      "kind": "article",
      "number": "47",
      "heading": "Model Validation",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-47",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII/section/1"
    },
    {
      "path": "article/48",
      "kind": "article",
      "number": "48",
      "heading": "Testing programmes",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-48",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII/section/1"
    },
    {
      "path": "chapter/XII/section/2",
      "kind": "section",
      "number": "2",
      "heading": "Back testing",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII"
    },
    {
      "path": "article/49",
      "kind": "article",
      "number": "49",
      "heading": "Back testing procedure",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-49",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII/section/2"
    },
    {
      "path": "chapter/XII/section/3",
      "kind": "section",
      "number": "3",
      "heading": "Sensitivity testing and analysis",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII"
    },
    {
      "path": "article/50",
      "kind": "article",
      "number": "50",
      "heading": "Sensitivity testing and analysis procedure",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-50",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII/section/3"
    },
    {
      "path": "chapter/XII/section/4",
      "kind": "section",
      "number": "4",
      "heading": "Stress testing",
      "url": null,
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII"
    },
    {
      "path": "article/51",
      "kind": "article",
      "number": "51",
      "heading": "Stress testing procedure",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-51",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII/section/4"
    },
    {
      "path": "article/52",
      "kind": "article",
      "number": "52",
      "heading": "Risk factors to stress test",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-52",
      "extent": "E+W+S+N.I.",
      "status": null,
      "parent": "chapter/XII/section/4"
    },
    {
      "path": "article/53",
      "kind": "article",
      "number": "53",
      "heading": "Stress testing total financial resources",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/article-53",
      "extent": "E+W+S+N.I.",
      "status": null,
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      "heading": "A commercial bank guarantee, subject to limits agreed with the competent authority, shall meet the following conditions to be accepted as collateral under Article 46(1) of Regulation (EU) No 648/2012:",
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      "heading": "A bank guarantee issued by a central bank shall meet the following conditions to be accepted as collateral under Article 46(1) of Regulation (EU) No 648/2012:",
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      "heading": "For the purposes of Article 47(1) of Regulation (EU) No 648/2012, financial instruments can be considered highly liquid financial instruments, bearing minimal credit and market risk if they are debt instruments meeting each of the following conditions:",
      "url": "https://openlegislation.uk/eu-regulation-2013-153/annex-II/division-1",
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      "heading": "For the purposes of Article 47(1) of Regulation (EU) No 648/2012, derivative contracts can also be considered highly liquid financial investments, bearing minimal credit and market risk if they are entered into for the purpose of:",
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