Article 20 — Withdrawal of authorisation

Financial servicesLevel 1RegulationEMIRIn forceVerifiedOfficial 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;

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20(1)(b)

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

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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;

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20(1)(d)

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

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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.

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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.

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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.

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20(5)

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

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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.

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20(7)

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

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