Article 20 — Withdrawal of authorisation
Financial servicesLevel 1RegulationEMIRIn forceIn force on the date shown, by the dates in the Official Journal.VerifiedIdentical to the official source.Official source
1.Without prejudice to Article 22(3), a CCP’s competent authority shall withdraw authorisation, in full or in part, where the CCP:
2.Where the CCP’s competent authority withdraws the authorisation of the CCP pursuant to paragraph 1, it may limit such withdrawal of authorisation to a particular clearing service or activity in one or more classes of derivatives, securities, other financial instruments or non-financial instruments.
3.Before the CCP’s competent authority takes a decision to withdraw the authorisation of the CCP in full or in part, including for one or more clearing services or activities in one or more classes of derivatives, securities, other financial instruments or non-financial instruments under paragraph 1, it shall, in accordance with Article 17b, request the opinion of ESMA and the college referred to in Article 18 on the necessity of withdrawing the authorisation, in full or in part, of the CCP, except where a decision is required urgently.
4.ESMA or any member of the college referred to in Article 18 may, at any time, request that the CCP’s competent authority examine whether the CCP remains in compliance with the conditions under which the authorisation was granted.
5.Where the CCP’s competent authority takes a decision to withdraw the authorisation of the CCP in full or in part, including for one or more clearing services or activities in one or more classes of derivatives, securities, other financial instruments or non-financial instruments, that decision shall take effect throughout the Union and the CCP’s competent authority shall inform the CCP, via the central database, without undue delay.