{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2020/1303 — Delegated act — Whether a central counterparty is systemically important [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6","url":"https://www.headlesslaw.com/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6","title":"Article 6 — Indicators of minimum exposure of clearing members and clients established in the Union to the CCP","family":"l2_unit_view","work_id":"spaces/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important","view_of":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Commission Delegated Regulation (EU) 2020/1303, OJ L 305, 21.9.2020","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg_del/2020/1303/oj/eng","valid_from":"2020-09-22","valid_until":null,"content_id":"9ea3cf060dc86e1e","versions":["2020-09-22"],"version_url":"https://www.headlesslaw.com/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6/versions/2026-10-26","revision_url":"https://www.headlesslaw.com/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6/versions/2026-10-26/rev/9ea3cf060dc86e1e","versions_url":"https://www.headlesslaw.com/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6/versions","relations_url":"https://www.headlesslaw.com/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/6/relations","act_url":"https://www.headlesslaw.com/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important#art-6","source_line":"Commission 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":"6","index":6,"articles":7,"annexes":0},"prev":{"path":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/5","key":"5","title":"Article 5 — The CCP’s relationship, interdependencies, or other interactions"},"next":{"path":"/emir/level-2/delegated-acts/2020-1303-whether-a-central-counterparty-is-systemically-important/articles/7","key":"7","title":"Article 7 — Entry into force"},"act_anchor":"#art-6"}},"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":"2ed033dcbd779cc1fae1f04484c3a80984d96526a8561b331628ea224178bda4","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-6","kind":"article","key":"6","heading":"Article 6 — Indicators of minimum exposure of clearing members and clients established in the Union to the CCP","text":"## <a id=\"art-6\"></a>Article 6 — Indicators of minimum exposure of clearing members and clients established in the Union to the CCP\n\n1. <a id=\"art-6-p-1\"></a>The indicators for the purpose of Articles 1 to 5 are the following:\n\n    <a id=\"art-6-p-1-a\"></a>**(a)** the maximum open interest of securities transactions, including securities financing transactions, or exchange traded derivatives denominated in Union currencies cleared by the CCP over a period of one year prior to the assessment or intended to be cleared by the CCP over a period of one year following the assessment is more than EUR 1 000 billion;\n\n    <a id=\"art-6-p-1-b\"></a>**(b)** the maximum notional outstanding of OTC derivatives transactions denominated in Union currencies cleared by the CCP over a period of one year prior to the assessment or intended to be cleared by the CCP over a period of one year following the assessment is more than EUR 1 000 billion;\n\n    <a id=\"art-6-p-1-c\"></a>**(c)** the average aggregated margin requirement and default fund contributions for accounts held at the CCP by clearing members that are entities established in the Union or part of a group subject to consolidated supervision in the Union, calculated by the CCP on a net basis at clearing member account level over a period of two years prior to the assessment is more than EUR 25 billion;\n\n    <a id=\"art-6-p-1-d\"></a>**(d)** the estimated largest payment obligation committed by entities established in the Union or part of a group subject to consolidated supervision in the Union and computed over a period of one year prior to the assessment, that would result from the default of at least the two largest single clearing members and their affiliates, in extreme but plausible market conditions is more than EUR 3 billion.\n\n    For the purposes of point (d), the payment obligation shall aggregate the commitments in all currencies of the Union converted into EUR as necessary.\n\n2. <a id=\"art-6-p-2\"></a>ESMA may only determine, based on the criteria specified in Articles 1 to 5, that a third-country CCP is a Tier 2 CCP where at least one of the indicators in paragraph 1 is met.\n\n","marks":[],"text_hash":"2ed033dcbd779cc1fae1f04484c3a80984d96526a8561b331628ea224178bda4","revision":1}}