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Implementing Regulation (EU) No 484/2014 · binding · OJ L 138, 13.5.2014 · dated 12 May 2014 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"implementing_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2014-05-12","entry_into_force":"2014-06-02","locators":{"document_date":"CELLAR 32014R0484 work_date_document","entry_into_force":"CELLAR 32014R0484 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/its/484-2014-hypothetical-capital-of-a-central-counterparty","path":"/emir/level-2/its/484-2014-hypothetical-capital-of-a-central-counterparty","name":"Commission Implementing Regulation (EU) No 484/2014","number":"484/2014","celex":"32014R0484","title_official":"COMMISSION IMPLEMENTING REGULATION (EU) No 484/2014 of 12 May 2014 laying down implementing technical standards with regard to the hypothetical capital of a central counterparty according to Regulation (EU) No 648/2012 of the European Parliament and of the Council (Text with EEA relevance)","document_date":"2014-05-12"},"position":{"kind":"article","key":"3","index":3,"articles":5,"annexes":2},"prev":{"path":"/emir/level-2/its/484-2014-hypothetical-capital-of-a-central-counterparty/articles/2","key":"2","title":"Article 2 — Frequency, dates and uniform format of the reporting required by Articles 50c(2) and 89(5a) of Regulation (EU) No 648/2012"},"next":{"path":"/emir/level-2/its/484-2014-hypothetical-capital-of-a-central-counterparty/articles/4","key":"4","title":"Article 4 — Transitional 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authorities of an institution acting as a clearing member may require any CCP in which that institution acts as a clearing member to undertake the calculation referred to in Article 1(1) and the reporting referred to in Article 2(1) with either a daily or a weekly frequency in either of the following situations:\n\n    <a id=\"art-3-p-1-a\"></a>**(a)** where, following the default of one clearing member, a CCP is obliged to use any portion of the pre-funded financial resources that it contributed to the default waterfall in accordance with [Article 43](../../articles/43.md) of Regulation (EU) No 648/2012;\n\n    <a id=\"art-3-p-1-b\"></a>**(b)** where, following the default of one clearing member a CCP is obliged to make use of the default fund contributions of non-defaulting clearing members in accordance with [Article 42](../../articles/42.md) of Regulation (EU) No 648/2012.\n\n2. <a id=\"art-3-p-2\"></a>Competent authorities shall base the choice between daily and weekly frequency as provided for in paragraph 1 on the degree of actual or foreseen depletion of the pre-funded financial resources.\n\n3. <a id=\"art-3-p-3\"></a>Where competent authorities require a higher frequency of calculation and reporting from a CCP in accordance with point (a) of paragraph 1, the higher frequency shall apply until the pre-funded financial resources that were contributed by the CCP to the default waterfall are restored at the levels set in Article 35 of Commission Delegated Regulation (EU) No 153/2013.\n\n4. <a id=\"art-3-p-4\"></a>Where competent authorities require a higher frequency of calculation and reporting from a CCP in accordance with point (b) of paragraph 1, the higher frequency shall apply until the default fund contributions of the non-defaulting members of the CCP are restored to the levels set out in [Article 42](../../articles/42.md) of Regulation (EU) No 648/2012.\n\n","marks":[],"text_hash":"af6f11a17aa8ffe65a7d7b8be969b1c1c4701820d266adb45b1a8a3d6f8ef344","revision":1}}