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In this act Article 12 of 28
Text as of 27 Oct 2022 · Consolidated version of 29 April 2024 · Same wording as today’s text.Today’s text

Article 12 — Financial reports and business plans

Financial servicesLevel 2RTSEMIRIn forceOfficial source

12(1)

1.An application for registration as a trade repository shall contain the following financial and business information about the applicant:

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12(1)(a)
(a)a complete set of financial statements, prepared in conformity with international standards adopted in accordance with Article 3 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council;
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12(1)(b)
(b)where the financial statements of the applicant are subject to statutory audit within the meaning given in Article 2(1) of the Directive 2006/43/EC of the European Parliament and of the Council, the financial reports shall include the audit report on the annual and consolidated financial statements;
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12(1)(c)
(c)if the applicant is audited, the name and the national registration number of the external auditor.
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12(2)

2.An application for registration as a trade repository shall contain a financial business plan contemplating different business scenarios for the trade repository services over a minimum three years' reference period and including the following additional information:

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12(2)(a)
(a)the expected level of reporting activity in number of transactions;
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12(2)(b)
(b)the relevant fixed and variable costs identified with respect to the provision of repository services under Regulation (EU) No 648/2012;
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12(2)(c)
(c)positive and negative variations of at least 20 % from the base activity scenario identified.
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12(3)

3.Where the historical financial information referred to in paragraph 1 is not available, an application for registration as a trade repository shall contain the following information about the applicant:

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12(3)(a)
(a)the pro-forma statement demonstrating proper resources and expected business status in six months after registration is granted;
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12(3)(b)
(b)an interim financial report where the financial statements are not yet available for the requested period of time;
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12(3)(c)
(c)a statement of financial position, such as a balance sheet, income statement, changes in equity and of cash flows and notes comprising a summary of accounting policies and other explanatory notes.
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12(4)

4.An application for registration as a trade repository shall contain the audited annual financial statements of any parent undertaking for the three financial years preceding the date of the application.

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12(5)

5.An application for registration as a trade repository shall also contain the following financial information about the applicant:

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12(5)(a)
(a)an indication of any future plans for the establishment of subsidiaries and their location;
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12(5)(b)
(b)a description of the business activities which the applicant plans to carry out, specifying the activities of any subsidiaries or branches.
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SECTION 6 — Conflicts of interest