Article 20 — Withdrawal of authorisation

Financial servicesLevel 1RegulationEMIRStage: AdoptedVerifiedOfficial source

1.Without prejudice to Article 22(3), the CCP’s competent authority shall withdraw authorisation where the CCP:

(a)has not made use of the authorisation within 12 months, expressly renounces the authorisation or has provided no services or performed no activity for the preceding six months;

Copy link

20(1)(b)

(b)has obtained authorisation by making false statements or by any other irregular means;

Copy link

20(1)(c)

(c)is no longer in compliance with the conditions under which authorisation was granted and has not taken the remedial action requested by the CCP’s competent authority within a set time frame;

Copy link

20(1)(d)

(d)has seriously and systematically infringed any of the requirements laid down in this Regulation.

Copy link

20(2)

2.Where the CCP’s competent authority considers that one of the circumstances referred to in paragraph 1 applies, it shall, within five working days, notify ESMA and the members of college accordingly.

Copy link

20(3)

3.The CCP’s competent authority shall consult the members of the college on the necessity to withdraw the authorisation of the CCP, except where a decision is required urgently.

Copy link

20(4)

4.Any member of the college may, at any time, request that the CCP’s competent authority examine whether the CCP remains in compliance with the conditions under which authorisation was granted.

Copy link

20(5)

5.The CCP’s competent authority may limit the withdrawal to a particular service, activity, or class of financial instruments.

Copy link

20(6)

6.The CCP’s competent authority shall send ESMA and the members of the college its fully reasoned decision, which shall take into account the reservations of the members of the college.

Copy link

20(7)

7.The decision on the withdrawal of authorisation shall take effect throughout the Union.

Copy link