Article 17 — Procedure for granting and refusing authorisation — compare

The applicant CCP shall provide all information necessary to demonstrate that it has established, at the time of the initial authorisation, all the necessary arrangements to meet the requirements laid down in this Regulation. Where a CCP is applying for an extension of an existing authorisation pursuant to Article 15, it shall provide all information necessary to demonstrate that, at the time such an extension is granted, it will have established all additional arrangements to meet any requirements laid down in this Regulation in respect of such an extension.

In accordance with Article 17c, an acknowledgement of receipt of the application shall be sent via the central database within two working days of submission of that application under the first subparagraph of this paragraph.

The notification shall be sent within:

Where, during the applicable period specified under the second subparagraph of this paragraph, the CCP’s competent authority decides that not all documents or information required pursuant to Article 14(6) and (7) or Article 15(3) and (4) have been submitted, it shall request the applicant CCP to submit such additional documents or information, via the central database. The application for authorisation or the application for the extension of authorisation shall be rejected where the CCP’s competent authority decides that the applicant CCP has failed to comply with any such request. The CCP’s competent authority shall inform the CCP thereof via the central database.

The risk assessment shall be carried out within:

By the end of the risk assessment period, the CCP’s competent authority shall submit its draft decision and report to ESMA and the college referred to in Article 18 via the central database.

Following receipt of the draft decision and report referred to in the third subparagraph of this paragraph, and on the basis of the findings therein, the college referred to in Article 18 shall within 15 working days adopt an opinion pursuant to Article 19 determining whether the applicant CCP complies with the requirements laid down in this Regulation and transmit it to the CCP’s competent authority and ESMA in an electronic format via the central database.

The college referred to in Article 18 may include in its opinion any conditions or recommendations it considers necessary to mitigate any shortcomings in the CCP’s risk management.

Following receipt of the draft decision and report referred to in the third subparagraph of this paragraph, ESMA shall within 15 working days adopt an opinion determining whether the applicant CCP complies with the requirements laid down in this Regulation in accordance with Article 23a(1), point (e), Article 23a(2), and Article 24a(7), first subparagraph, point (bc), and transmit it to the CCP’s competent authority and the college referred to in Article 18.

ESMA may include in its opinion any conditions or recommendations it considers necessary to mitigate any shortcomings in the CCP’s risk management in relation to identified cross-border risks or risks to the financial stability of the Union.

Where the draft decision submitted to ESMA in accordance with paragraph 3 of this Article shows a lack of convergence or coherence in the application of this Regulation, ESMA shall issue guidelines or recommendations to promote the necessary consistency or coherence in the application of this Regulation pursuant to Article 16 of Regulation (EU) No 1095/2010.

The adopted opinions of ESMA and the college referred to in Article 18 shall be submitted in an electronic format via the central database, to the respective recipients.

Where the CCP’s competent authority has not provided the requested information to ESMA or any member of the college referred to in Article 18 within 10 working days of submission of the request, ESMA or any member of that college referred to in Article 18 may submit its request directly to the CCP via the central database.

Where the applicant CCP has not responded to the questions referred to in the first subparagraph within the deadline set by the authority requesting the information, the CCP’s competent authority, after consulting the requesting authority, may decide to extend once the relevant risk assessment period by a maximum of 10 working days in total if, in its view or in the view of the requesting authority, any of the questions is material for the assessment. The competent authority shall inform the applicant CCP, via the central database, of the extension provided. The competent authority may take a decision on the application in the absence of the CCP’s response.

Where the decision of the CCP’s competent authority does not reflect the opinion of the college referred to in Article 18, including any conditions or recommendations contained therein, it shall contain a fully reasoned explanation of any significant deviation from that opinion or conditions or recommendations.

Where the CCP’s competent authority does not comply or does not intend to comply with an opinion of ESMA or with any conditions or recommendations included therein, ESMA shall inform the Board of Supervisors in accordance with Article 24a. The information shall also include the reasoning from the CCP’s competent authority for non-compliance or for its intention not to comply.

Where a CCP applies for an extension of an existing authorisation pursuant to Article 15, ESMA, the college referred to in Article 18 and the CCP’s competent authority may rely on part of the assessment previously made pursuant to this Article to the extent that the application for extension will not result in a change or otherwise affect the previous assessment for that part. The CCP shall confirm to the CCP’s competent authority that there is no change to the underlying facts of that part of the assessment.

The applicant CCP shall not be authorised where:

The competent authority shall duly considerjoint opinion referred to in the opinion of the college reached in accordance with Article 19. Wherethird subparagraph, point (b), of this paragraph, shall state in writing the CCP’s competent authority does not agree with a positive opinion of the college, its decision shall contain full reasons and an explanation of any significant deviation from that positive opinionfull and detailed reasons why the college referred to in Article 18 considers that the requirements laid down in this Regulation or in other Union law are not met.

The CCP shall Where such a joint opinion has not be authorised where all the members of the college, excluding been reached by mutual agreement and a majority of two-thirds of the authoritiesmembers of the Member State where the CCP is established, reachcollege referred to in Article 18 have expressed a jointnegative opinion by mutual agreement, pursuant to Article 19(1), thatany of the CCP not be authorised. That opinion shall state in writing the full and detailed reasons why the college consider thatcompetent authorities concerned, based on that majority, may, within 30 calendar days of the adoption of that negative opinion, refer the requirements laid downmatter to ESMA in this Regulation or other Union law are not metaccordance with Article 19 of Regulation (EU) No 1095/2010.

Where a joint opinion by mutual agreement as referred toThe decision to refer the matter to ESMA shall state in the third subparagraph has not been reached and a majority of two-thirdswriting the full and detailed reasons for which the relevant members of the college have expressed a negative opinion, any ofreferred to in Article 18 consider that the competent authorities concerned, based on that majority of two-thirds of the college, mayrequirements laid down in this Regulation or other Union law are not met. In that case, within 30 calendar days of the adoption of that negative opinion, refer the matter to the CCP’s competent authority shall defer its decision on authorisation and await any decision on authorisation that ESMA may take in accordance with Article 19(3) of Regulation (EU) No 1095/2010. The CCP’s competent authority shall take its decision in conformity with ESMA’s decision. The matter shall not be referred to ESMA after the end of the 30-day period referred to in the fifth subparagraph of this paragraph.

The referral decision shall state in writing the full and detailed reasons whyWhere all members of the college referred to in Article 18, excluding the relevant membersauthorities of the college consider thatMember State where the requirements laid down in this Regulation or other parts of Union law are not met. Inapplicant CCP is established, reach a joint opinion by mutual agreement, pursuant to Article 19(1), that case the CCP’s competent authority shall defer its decision on authorisation and await any decision on authorisation thatapplicant CCP is not to be authorised, the CCP’s competent authority may refer the matter to ESMA may take in accordance with Article 19(3) of Regulation (EU) No 1095/2010, The competent authority shall take its decision in conformity with ESMA’s decision. The matter shall not be referred to ESMA after the end of the 30-day period referred to in the fourth subparagraph.

Where all the members of the college, excluding the authoritiesThe competent authority of the Member State where the CCP is established, reach a joint opinion by mutual agreement, pursuant to Article 19(1), that shall transmit the CCP not be authorised,decision to the CCP’sother competent authority may refer the matter to ESMA in accordance with Article 19 of Regulation (EU) No 1095/2010authorities concerned.

The competent authority of the Member State where the CCP is established shall transmit shall, without undue delay after taking a decision whether to grant or refuse authorisation under paragraph 3c, inform the applicant CCP in writing of its decision tovia the other competent authorities concernedcentral database, together with a fully reasoned explanation.