In this act Article 23 of 62
- recRecitals 1–60
- 1Definitions
- 2Information to be provided to ESMA for the recognition of a CCP
- 3Governance arrangements
- 4Risk management and internal control mechanisms
- 5Compliance policy and procedures
- 6Compliance function
- 7Organisational structure and separation of the reporting lines
- 8Remuneration policy
- 9Information technology systems
- 10Disclosure
- 11Internal auditing
- 12General requirements
- 13Transaction records
- 14Position records
- 15Business records
- 16Records of data reported to a trade repository
- 17Strategy and policy
- 18Business impact analysis
- 19Disaster recovery
- 20Testing and monitoring
- 21Maintenance
- 22Crisis management
- 23Communication
- 24Percentage
- 25Time horizon for the calculation of historical volatility
- 26Time horizons for the liquidation period
- 27Portfolio margining
- 28Procyclicality
- 29Framework and governance
- 30Identifying extreme but plausible market conditions
- 31Reviewing extreme but plausible scenarios
- 32Assessment of liquidity risk
- 33Access to liquidity
- 34Concentration risk
- 35Calculation of the amount of the CCP’s own resources to be used in the default waterfall
- 36Maintenance of the amount of the CCP’s own resources to be used in the default waterfall
- 37General requirements
- 38Cash collateral
- 39Financial instruments
- 40Valuing collateral
- 41Haircuts
- 42Concentration limits
- 43Highly liquid financial instruments
- 44Highly secured arrangements for the deposit of financial instruments
- 45Highly secured arrangements maintaining cash
- 46Non-cash collateral
- 47Model Validation
- 48Testing programmes
- 49Back testing procedure
- 50Sensitivity testing and analysis procedure
- 51Stress testing procedure
- 52Risk factors to stress test
- 53Stress testing total financial resources
- 54Stress testing liquid financial resources
- 55Maintaining sufficient coverage
- 56Review of models using test results
- 57Reverse stress tests
- 58Testing default procedures
- 59Frequency
- 60The time horizons
- 61Information to be publicly disclosed
- 62Entry into force and application
- Annex IConditions applicable to financial instruments, bank guarantees, public guarantees and gold considered as highly liquid collateral
- Annex IIConditions applicable to highly liquid financial instruments
Article 23 — Communication
Financial servicesLevel 2RTSEMIRIn forceIn force on the date shown, by the dates in the Official Journal.VerifiedIdentical to the official source.Official source
23(1)Copy link
1.A CCP shall have a communication plan which documents the way in which the senior management, the board and relevant external stakeholders, including competent authorities, clearing members, clients, settlement agents, securities settlement and payment systems and trading venues, will be kept adequately informed during a crisis.
23(2)Copy link
2.Scenario analysis, risk analysis, reviews and results of monitoring and tests shall be reported to the board.
CHAPTER VI — MARGINS (Article 41 of Regulation (EU) No 648/2012)
Full document 62 articles and 2 annexes on one page