{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2012-07-27","gaps":[],"covered":["EMIR L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/articles/53","url":"https://www.headlesslaw.com/emir/articles/53","title":"Article 53 — Provision of margins among CCPs","family":"l1_generated","work_id":"emir","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":null,"application":null,"version_label":"Consolidated version of 12 August 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of margins among CCPs","text":"","marks":[],"revision":1,"text_hash":"e3b0c44298fc1c149afbf4c8996fb92427ae41e4649b934ca495991b7852b855","reason":null},{"locator":"emir/art/53/para/1","kind":"paragraph","status":"in_force","label":"1.","heading":null,"text":"A CCP shall distinguish in accounts the assets and positions held for the account of CCPs with whom it has entered into an interoperability arrangement.","marks":[],"revision":1,"text_hash":"823e77e89490c0320d29d1cebace6309f2ea32641f2764a77e5a0ebf527ab11a","reason":null},{"locator":"emir/art/53/para/2","kind":"paragraph","status":"in_force","label":"2.","heading":null,"text":"If a CCP that enters into an interoperability arrangement with another CCP only provides initial margins to that CCP under a security financial collateral arrangement, the receiving CCP shall have no right of use over the margins provided by the other CCP.","marks":[],"revision":1,"text_hash":"d7e48a008e841c6d495f06ea81e4adbbfd658498c1b438d836c8931554df9a81","reason":null},{"locator":"emir/art/53/para/3","kind":"paragraph","status":"in_force","label":"3.","heading":null,"text":"Collateral received in the form of financial instruments shall be deposited with operators of securities settlement systems notified under Directive 98/26/EC.","marks":[],"revision":1,"text_hash":"c48fee73451af4dfedcf3caf8de9a31b4f15a3ed37ea691dd82b4e3d076bb48c","reason":null},{"locator":"emir/art/53/para/4","kind":"paragraph","status":"in_force","label":"4.","heading":null,"text":"The assets referred to in paragraphs 1 and 2 shall be available to the receiving CCP only in case of default of the CCP which has provided the collateral in the context of an interoperability arrangement.","marks":[],"revision":1,"text_hash":"32e00d87fe6bca0ecf60b0b8304d8452b5b339aceb123adb13694e79c8c87ab1","reason":null},{"locator":"emir/art/53/para/5","kind":"paragraph","status":"in_force","label":"5.","heading":null,"text":"In case of default of the CCP which has received the collateral in the context of an interoperability arrangement, the collateral referred to in paragraphs 1 and 2 shall be readily returned to the providing CCP.","marks":[],"revision":1,"text_hash":"323d6c3eddf8c0f2c4734b4234e800078195db03aa72105f265b12562fc11512","reason":null}],"markdown":"*In force · Consolidated version of 17 January 2025 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02012R0648-20250117)*\n\n1. <a id=\"p-1\"></a>A CCP shall distinguish in accounts the assets and positions held for the account of CCPs with whom it has entered into an interoperability arrangement.\n2. <a id=\"p-2\"></a>If a CCP that enters into an interoperability arrangement with another CCP only provides initial margins to that CCP under a security financial collateral arrangement, the receiving CCP shall have no right of use over the margins provided by the other CCP.\n3. <a id=\"p-3\"></a>Collateral received in the form of financial instruments shall be deposited with operators of securities settlement systems notified under Directive 98/26/EC.\n4. <a id=\"p-4\"></a>The assets referred to in paragraphs 1 and 2 shall be available to the receiving CCP only in case of default of the CCP which has provided the collateral in the context of an interoperability arrangement.\n5. <a id=\"p-5\"></a>In case of default of the CCP which has received the collateral in the context of an interoperability arrangement, the collateral referred to in paragraphs 1 and 2 shall be readily returned to the providing CCP.\n\n***\n\n[Title V — Interoperability arrangements](../titles/v.md) · [← Article 52](52.md) · [Article 54 →](54.md)\n"}