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Delegated Regulation (EU) 2020/1303 · binding · OJ L 305, 21.9.2020 · dated 14 Jul 2020 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2020-07-14","entry_into_force":"2020-09-22","locators":{"document_date":"CELLAR 32020R1303 work_date_document","entry_into_force":"CELLAR 32020R1303 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important","path":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important","name":"Commission Delegated Regulation (EU) 2020/1303","number":"2020/1303","celex":"32020R1303","title_official":"COMMISSION DELEGATED REGULATION (EU) 2020/1303 of 14 July 2020 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the criteria that ESMA should take into account to determine whether a central counterparty established in a third country is systemically important or likely to become systemically important for the financial stability of the Union or of one or more of its Member States (Text with EEA relevance)","document_date":"2020-07-14"},"position":{"kind":"article","key":"5","index":5,"articles":7,"annexes":0},"prev":{"path":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/4","key":"4","title":"Article 4 — Alternative clearing services provided by other CCPs"},"next":{"path":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6","key":"6","title":"Article 6 — Indicators of minimum exposure of clearing members and clients established in the Union to the CCP"},"act_anchor":"#art-5"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2020/1303/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important.md","unit_text_sha256":"3241982c19aa1eb58963f9b50c401ee6bbdc6e0b5826ea7431592cf477bfed98","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/art-5","kind":"article","key":"5","heading":"Article 5 — The CCP’s relationship, interdependencies, or other interactions","text":"## <a id=\"art-5\"></a>Article 5 — The CCP’s relationship, interdependencies, or other interactions\n\n1. <a id=\"art-5-p-1\"></a>When taking into account the criterion set out in point (e) of [Article 25](../../articles/25.md)(2a) of Regulation (EU) No 648/2012, ESMA shall assess the scope of functions, services or activities that have been outsourced by the CCP.\n\n2. <a id=\"art-5-p-2\"></a>Where any of the indicators referred to in Article 6 applies, ESMA, in addition to the elements listed in paragraph 1 of this Article, shall also assess the following elements:\n\n    <a id=\"art-5-p-2-a\"></a>**(a)** the possible effects that the inability of the provider of outsourced functions, services or activities to comply with its obligations under the outsourcing arrangements would have on the Union or one or more of its Members States;\n\n    <a id=\"art-5-p-2-b\"></a>**(b)** whether the CCP serves trading venues established in the Union;\n\n    <a id=\"art-5-p-2-c\"></a>**(c)** whether the CCP has interoperability arrangements or cross-margining agreements with CCPs established in the Union, or links with or participation in other financial market infrastructures located in the Union, such as Central Securities Depositaries or payment 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