Skip to the text
Text as of 24 Dec 2024 · Consolidated version of 24 December 2024 · Same wording as today’s text.Today’s text

Article 27 — Senior management and the board

Financial servicesLevel 1RegulationEMIRIn forceVerifiedOfficial source

27(1)
1.The senior management of a CCP shall be of sufficiently good repute and shall have sufficient experience so as to ensure the sound and prudent management of the CCP.
Copy link
27(2)
2.A CCP shall have a board. At least one third, but no less than two, of the members of that board shall be independent. Representatives of the clients of clearing members shall be invited to board meetings for matters relevant to Articles 38 and 39. The compensation of the independent and other non-executive members of the board shall not be linked to the business performance of the CCP.
Copy link

The members of a CCP’s board, including its independent members, shall be of sufficiently good repute and shall have adequate expertise in financial services, risk management and clearing services.

27(2a)
2a.The composition of the CCP’s board shall duly take into account the principle of gender balance.
Copy link
27(3)
3.A CCP shall clearly determine the roles and responsibilities of the board and shall make the minutes of the board meetings available to the competent authority and auditors.
Copy link