<!-- headlesslaw {"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/45","url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/45","title":"Article 45 — Highly secured arrangements maintaining cash","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":"9ea484042afda8a3","versions":["2013-03-15"],"version_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/45/versions/2022-11-29","revision_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/45/versions/2022-11-29/rev/9ea484042afda8a3","versions_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/45/versions","relations_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/45/relations","act_url":"https://www.headlesslaw.com/emir/level-2/rts/153-2013-requirements-for-central-counterparties#art-45","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":"45","index":45,"articles":62,"annexes":2},"prev":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/44","key":"44","title":"Article 44 — Highly secured arrangements for the deposit of financial instruments"},"next":{"path":"/emir/level-2/rts/153-2013-requirements-for-central-counterparties/articles/46","key":"46","title":"Article 46 — Non-cash collateral"},"act_anchor":"#art-45"}}} -->
# Article 45 — Highly secured arrangements maintaining cash

**Commission Delegated Regulation (EU) No 153/2013 · binding · OJ L 52, 23.2.2013 · dated 19 Dec 2012 [in force]**

*In force · Consolidated version of 7 March 2024 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0153-20240307)*

1. <a id="art-45-p-1"></a>For the purposes of [Article 47(4)](../../articles/47.md) of Regulation (EU) No 648/2012, where cash is deposited other than with a central bank then such deposit shall meet each of the following conditions:

    <a id="art-45-p-1-a"></a>**(a)** the deposit is in one of the following currencies:

    <a id="art-45-p-1-a-i"></a>**(i)** a currency the risks of which the CCP can demonstrate with a high level of confidence that it is able to manage;

    <a id="art-45-p-1-a-ii"></a>**(ii)** a currency in which the CCP clears transactions, in the limit of the collateral received in that currency;

    <a id="art-45-p-1-b"></a>**(b)** the deposit shall be placed with one of the following entities:

    <a id="art-45-p-1-b-i"></a>**(i)** an authorised credit institution as defined under Directive 2006/48/EC that the CCP can demonstrate to have low credit risk based upon an internal assessment by the CCP. In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;

    <a id="art-45-p-1-b-ii"></a>**(ii)** a third country financial institution that is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent as those laid down in Directive 2006/48/EC and which has robust accounting practices, safekeeping procedures, and internal controls and that the CCP can demonstrate to have low credit risk based upon an internal based upon an internal assessment by the CCP. In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country.

2. <a id="art-45-p-2"></a>Where cash is maintained overnight in accordance with paragraph 1 then not less than 95 % of such cash, calculated over an average period of one calendar month, shall be deposited through arrangements that ensure the collateralisation of the cash with highly liquid financial instruments meeting the requirements under Article 45, except the requirement at paragraph 1(c) of that Article.

## <a id="art-45"></a>Article 45 — Concentration limits

1. <a id="art-45-p-1"></a>A CCP shall establish and implement policies and procedures to ensure that the financial instruments in which its financial resources are invested remain sufficiently diversified.

2. <a id="art-45-p-2"></a>A CCP shall determine concentration limits and monitor the concentration of its financial resources at the level of:

    <a id="art-45-p-2-a"></a>**(a)** individual financial instruments;

    <a id="art-45-p-2-b"></a>**(b)** types of financial instruments;

    <a id="art-45-p-2-c"></a>**(c)** individual issuers;

    <a id="art-45-p-2-d"></a>**(d)** types of issuers;

    <a id="art-45-p-2-e"></a>**(e)** counterparties with which arrangements as provided for in points (b) and (c) of Article 44(1) or in Article 45(2) are established.

3. <a id="art-45-p-3"></a>When considering types of issuers a CCP shall take into account the following:

    <a id="art-45-p-3-a"></a>**(a)** geographic distribution;

    <a id="art-45-p-3-b"></a>**(b)** interdependencies and multiple relationships that an entity may have with a CCP;

    <a id="art-45-p-3-c"></a>**(c)** the level of credit risk;

    <a id="art-45-p-3-d"></a>**(d)** exposures the CCP have to the issuer through products cleared by the CCP.

4. <a id="art-45-p-4"></a>The policies and the procedures shall determine the risk mitigation measures to be applied when the concentration limits are exceeded.

5. <a id="art-45-p-5"></a>When determining the concentration limit for a CCP’s exposure to an individual issuer or custodian, a CCP shall aggregate and treat as a single risk, the exposure to all financial instruments issued by, or explicitly guaranteed by, the issuer and all financial resources deposited with the custodian.

6. <a id="art-45-p-6"></a>A CCP shall monitor on a regular basis the adequacy of its concentration limit policies and procedures. In addition, a CCP shall review its concentration limit policy and procedure at least annually and whenever a material change occurs that affects the risk exposure of the CCP.

7. <a id="art-45-p-7"></a>If the CCP breaches a concentration limit set out in its policies and procedures, it shall inform the competent authority immediately. The CCP shall rectify the breach as soon as possible.