Skip to the text
Text as of 16 Aug 2012 · Original act (Official Journal of 27 July 2012) · The wording differs from today’s text.Today’s text

Article 18 — College

Financial servicesLevel 1RegulationEMIRIn forceVerifiedOfficial source

18(1)

1.Within 30 calendar days of the submission of a complete application in accordance with Article 17, the CCP’s competent authority shall establish, manage and chair a college to facilitate the exercise of the tasks referred to in Articles 15, 17, 49, 51 and 54.

Copy link
18(2)

2.The college shall consist of:

Copy link
18(2)(a)
(a)ESMA;
Copy link
18(2)(b)
(b)the CCP’s competent authority;
Copy link
18(2)(c)
(c)the competent authorities responsible for the supervision of the clearing members of the CCP that are established in the three Member States with the largest contributions to the default fund of the CCP referred to in Article 42 on an aggregate basis over a one-year period;
Copy link
18(2)(d)
(d)the competent authorities responsible for the supervision of trading venues served by the CCP;
Copy link
18(2)(e)
(e)the competent authorities supervising CCPs with which interoperability arrangements have been established;
Copy link
18(2)(f)
(f)the competent authorities supervising central securities depositories to which the CCP is linked;
Copy link
18(2)(g)
(g)the relevant members of the ESCB responsible for the oversight of the CCP and the relevant members of the ESCB responsible for the oversight of the CCPs with which interoperability arrangements have been established;
Copy link
18(2)(h)
(h)the central banks of issue of the most relevant Union currencies of the financial instruments cleared.
Copy link
18(3)

3.The competent authority of a Member State which is not a member of the college may request from the college any information relevant for the performance of its supervisory duties.

Copy link
18(4)

4.The college shall, without prejudice to the responsibilities of competent authorities under this Regulation, ensure:

Copy link
18(4)(a)
(a)the preparation of the opinion referred to in Article 19;
Copy link
18(4)(b)
(b)the exchange of information, including requests for information pursuant to Article 84;
Copy link
18(4)(c)
(c)agreement on the voluntary entrustment of tasks among its members;
Copy link
18(4)(d)
(d)the coordination of supervisory examination programmes based on a risk assessment of the CCP; and
Copy link
18(4)(e)
(e)the determination of procedures and contingency plans to address emergency situations, as referred to in Article 24.
Copy link
18(5)

5.The establishment and functioning of the college shall be based on a written agreement between all its members.

Copy link

That agreement shall determine the practical arrangements for the functioning of the college, including detailed rules on voting procedures as referred to in Article 19(3), and may determine tasks to be entrusted to the CCP’s competent authority or another member of the college.

18(6)

6.In order to ensure the consistent and coherent functioning of colleges across the Union, ESMA shall develop draft regulatory technical standards specifying the conditions under which the Union currencies referred to in paragraph 2(h) are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5.

Copy link

ESMA shall submit those draft regulatory technical standards to the Commission by 30 September 2012.

Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.