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Article 46 — Collateral requirements — compare

Showing 14 of 14Release 10 Nov 2026Details
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Not covered: national guidance, court decisions.
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Release 2d86bd12 published 10 Nov 2026, 17:06 CET. Verified against EUR-Lex on 9 Nov 2026.
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Showing 14 of 14
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From
12 August 2022 · Consolidated version of 12 August 2022 · Verified 9 Nov 2026 · Official source
To
11 November 2026 · Consolidated version of 24 December 2024 · Verified 9 Nov 2026 · Official source
46(1)

1.A CCP shall accept highly liquid collateral with minimal credit and market risk to cover its initial and ongoing exposure to its clearing members. For non-financial counterparties, a CCP may accept bank guarantees, taking such guarantees into account when calculating its exposure to a bank that is a clearing member. It shall apply adequate haircuts to asset values that reflect the potential for their value to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated. It shall take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets that may result in establishing the acceptable collateral and the relevant haircuts.

A CCP may, subject to the relevant conditions being met, accept public guarantees, public bank guarantees or commercial bank guarantees, provided that they are unconditionally available upon request within the liquidation period referred to in Article 41.

A CCP shall set in its operating rules the minimum acceptable level of collateralisation for the guarantees it accepts and may specify that it can accept fully uncollateralised public bank guarantees or commercial bank guarantees. A CCP may accept public guarantees, public bank guarantees or commercial bank guarantees only to cover its initial and ongoing exposure to its clearing members that are non-financial counterparties or to clients of clearing members, provided that those clients are non-financial counterparties.

Where assets, public guarantees, public bank guarantees or commercial bank guarantees are provided to a CCP, that CCP shall:

46(1)(a)
(a)take into account the public bank guarantees or commercial bank guarantees when calculating its exposure to the bank, that is also a clearing member, issuing them;
46(1)(b)
(b)subject uncollateralised public bank guarantees or commercial bank guarantees to concentration limits;
46(1)(c)
(c)apply adequate haircuts to the value of assets, public guarantees, public bank guarantees and commercial bank guarantees to reflect the potential for those values to decline over the interval between their last revaluation and the time by which they can reasonably be assumed to be liquidated or exercised, as applicable;
46(1)(d)
(d)take into account the liquidity risk following the default of a market participant and the concentration risk on certain assets in establishing the acceptable collateral and the relevant haircuts for the CCP;
46(1)(e)
(e)take into account the need to minimise any potential procyclicality effects of such revisions when revising the level of the haircuts that it applies to the assets and the public guarantees, public bank guarantees and commercial bank guarantees it accepts as collateral.
46(3)

3.In order to ensure consistent application of this ArticleESMA, in cooperation with EBA, ESMA shall,and after consulting EBA, the ESRB and the members of the ESCB, shall develop draft regulatory technical standards specifyingto specify:

46(3)(b)
(b)the haircuts referred to in paragraph  1, taking into account the objective to limit their procyclicality; and
46(3)(c)
(c)the relevant conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted as collateral under paragraph  1, including appropriate concentration limits, credit quality requirements and stringent wrong-way risk requirements for public bank guarantees and commercial bank guarantees.

ESMA shall submit thosethe draft regulatory technical standards referred to in the first subparagraph to the Commission by 30 September 201225 December 2025.

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

Rest of the article unchanged · show