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Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012

supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (Text with EEA relevance)

Full documentArticle 15 of 23

In this act Article 15 of 23

Article 15 — (Article 11(14)(a) of Regulation (EU) No 648/2012)

Financial servicesLevel 2RTSEMIRIn forceOfficial source

Dispute resolution

15(1)

1.When concluding OTC derivative contracts with each other, financial counterparties and non-financial counterparties shall have agreed detailed procedures and processes in relation to:

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15(1)(a)

(a)the identification, recording, and monitoring of disputes relating to the recognition or valuation of the contract and to the exchange of collateral between counterparties. Those procedures shall at least record the length of time for which the dispute remains outstanding, the counterparty and the amount which is disputed;

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15(1)(b)

(b)the resolution of disputes in a timely manner with a specific process for those disputes that are not resolved within five business days.

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15(2)

2.Financial counterparties shall report to the competent authority designated in accordance with Article 48 of Directive 2004/39/EC any disputes between counterparties relating to an OTC derivative contract, its valuation or the exchange of collateral for an amount or a value higher than EUR 15 million and outstanding for at least 15 business days.

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