{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2023-02-14","held_since":"2023-02-14","gaps":[],"covered":["2016/2251 — RTS — Risk-mitigation techniques for OTC derivative contracts [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-20","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/articles/22","url":"https://www.headlesslaw.com/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/articles/22","title":"Article 22 — Own estimates of the adjusted value of 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Delegated Regulation (EU) 2016/2251 · binding · OJ L 340, 15.12.2016 · dated 4 Oct 2016 [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":"2016-10-04","entry_into_force":"2017-01-04","locators":{"document_date":"CELLAR 32016R2251 work_date_document","entry_into_force":"CELLAR 32016R2251 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts","path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts","name":"Commission Delegated Regulation (EU) 2016/2251","number":"2016/2251","celex":"32016R2251","title_official":"COMMISSION DELEGATED REGULATION (EU) 2016/2251 of 4 October 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty (Text with EEA relevance)","document_date":"2016-10-04"},"position":{"kind":"article","key":"22","index":22,"articles":42,"annexes":4},"prev":{"path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/articles/21","key":"21","title":"Article 21 — Calculation of the adjusted value of collateral"},"next":{"path":"/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/articles/23","key":"23","title":"Article 23 — CCPs authorised as credit institutions"},"act_anchor":"#art-22"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016R2251-20230214","check":{"result":"matched","checked_at":"2026-10-20","against":"EUR-Lex"},"repo_path":"spaces/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts.md","unit_text_sha256":"02f3207b9a2c165dddae974b4b1ad29417773fd5cd690a159765dedbb4312579","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/rts/2016-2251-risk-mitigation-techniques-for-otc-derivative-contracts/art-22","kind":"article","key":"22","heading":"Article 22 — Own estimates of the adjusted value of collateral","text":"## <a id=\"art-22\"></a>Article 22 — Own estimates of the adjusted value of collateral\n\n1. <a id=\"art-22-p-1\"></a>Counterparties shall adjust the value of collected collateral using own volatility estimates in accordance with Annex III.\n\n2. <a id=\"art-22-p-2\"></a>Counterparties shall update their data sets and calculate the own volatility estimates referred to in Article 21 whenever the level of market prices' volatility changes materially and at least quarterly.\n\n3. <a id=\"art-22-p-3\"></a>For the purposes of paragraph 2, counterparties shall pre-determine the levels of volatility that trigger a recalculation of the haircuts as referred to in Annex III.\n\n4. <a id=\"art-22-p-4\"></a>The procedures referred to in Article 2(2)(d) shall include policies to monitor the calculation of the own volatility estimates and the integration of those estimates into the risk management process of that counterparty.\n\n5. <a id=\"art-22-p-5\"></a>The policies referred to in paragraph 4 shall be subject to an internal review that includes all of the following:\n\n    <a id=\"art-22-p-5-a\"></a>**(a)** the integration of the estimates into the risk management process of the counterparty, which shall take place at least annually;\n\n    <a id=\"art-22-p-5-b\"></a>**(b)** the integration of estimated haircuts into daily risk management;\n\n    <a id=\"art-22-p-5-c\"></a>**(c)** the validation of any significant change in the process for the calculation of the estimates;\n\n    <a id=\"art-22-p-5-d\"></a>**(d)** the verification of the consistency, timeliness and reliability of data sources used to calculate the estimates;\n\n    <a id=\"art-22-p-5-e\"></a>**(e)** the accuracy and appropriateness of the volatility assumptions.\n\n6. <a id=\"art-22-p-6\"></a>The review referred to in paragraph 5 shall be carried out regularly within the internal auditing process of the counterparty.\n\n**CHAPTER II — SPECIFIC PROVISIONS ON RISK MANAGEMENT PROCEDURES**\n\n**SECTION 1 — Exemptions**\n\n","marks":[],"text_hash":"02f3207b9a2c165dddae974b4b1ad29417773fd5cd690a159765dedbb4312579","revision":1}}