{"release":{"id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","published":"2026-11-10T16:06:46Z","pinned":false},"limits":{"coverage":{"history":"from:2022-11-29","held_since":"2022-11-29","gaps":[],"covered":["153/2013 — RTS — Requirements for central counterparties [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"2d86bd12ba77a288053b34ea2517324b92d03c8039b7f5d156fa4002421384a1","release_published":"2026-11-10T16:06:46Z","checked_at":"2026-11-09","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/28","url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/28","title":"Article 28 — Procyclicality","family":"l2_unit_view","work_id":"spaces/emir/level-2/rts/153-2013-requirements-for-central-counterparties","view_of":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-11","applies_from":null,"application":null,"version_label":"Consolidated version of 7 March 2024","check":{"against":"EUR-Lex","on":"2026-11-09"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0153-20240307","valid_from":"2013-03-15","valid_until":null,"revision":1,"content_id":"dac4cd299e472f5f","versions":["2013-03-15"],"version_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/28/versions/2022-11-29","revision_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/28/versions/2022-11-29/rev/dac4cd299e472f5f","versions_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/28/versions","relations_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/28/relations","act_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties#art-28","source_line":"Commission Delegated Regulation (EU) No 153/2013 · binding · OJ L 52, 23.2.2013 · dated 19 Dec 2012 [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":"2012-12-19","entry_into_force":"2013-03-15","locators":{"document_date":"CELLAR 32013R0153 work_date_document","entry_into_force":"CELLAR 32013R0153 resource_legal_date_entry-into-force (earliest on or after the document date)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/rts/153-2013-requirements-for-central-counterparties","path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties","name":"Commission Delegated Regulation (EU) No 153/2013","number":"153/2013","celex":"32013R0153","title_official":"COMMISSION DELEGATED REGULATION (EU) No 153/2013 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 requirements for central counterparties (Text with EEA relevance)","document_date":"2012-12-19"},"position":{"kind":"article","key":"28","index":28,"articles":62,"annexes":2},"prev":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/27","key":"27","title":"Article 27 — Portfolio margining"},"next":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/29","key":"29","title":"Article 29 — Framework and governance"},"act_anchor":"#art-28"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0153-20240307","check":{"result":"matched","checked_at":"2026-11-09","against":"EUR-Lex"},"repo_path":null,"unit_text_sha256":"92bbf456e86a288f9af28d00bd25115e674b4de16ca0bb5f37aa5156212e2c0d","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/rts/153-2013-requirements-for-central-counterparties/art-28","kind":"article","key":"28","heading":"Article 28 — Procyclicality","text":"## Article 28 — Procyclicality\n\n1. A CCP shall ensure that its policy for selecting and revising the confidence interval, the liquidation period and the lookback period deliver forward looking, stable and prudent margin requirements that limit procyclicality to the extent that the soundness and financial security of the CCP is not negatively affected. This shall include avoiding when possible disruptive or big step changes in margin requirements and establishing transparent and predictable procedures for adjusting margin requirements in response to changing market conditions. In doing so, the CCP shall employ at least one of the following options:\n\n **(a)** applying a margin buffer at least equal to 25 % of the calculated margins which it allows to be temporarily exhausted in periods where calculated margin requirements are rising significantly;\n\n **(b)** assigning at least 25 % weight to stressed observations in the lookback period calculated in accordance with Article 26;\n\n **(c)** ensuring that its margin requirements are not lower than those that would be calculated using volatility estimated over a 10 year historical lookback period.\n\n2. When a CCP revises the parameters of the margin model in order to better reflect current market conditions, it shall take into account any potential procyclical effects of such revision.\n\n**CHAPTER VII — DEFAULT FUND ([Article 42](../../articles/42.md) of Regulation (EU) No 648/2012)**\n\n","marks":[],"text_hash":"92bbf456e86a288f9af28d00bd25115e674b4de16ca0bb5f37aa5156212e2c0d","revision":1}}