<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2022-08-12","held_since":"2022-08-12","gaps":[],"covered":["EMIR L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/emir/recitals/48","url":"https://www.headlesslaw.com/emir/recitals/48","title":"Recital 48","family":"l1_recital_view","work_id":"emir","view_of":"/emir/recitals","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Regulation (EU) No 648/2012, OJ L 201, 27.7.2012","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/reg/2012/648/oj/eng","valid_from":"2022-08-12","valid_until":null,"content_id":"154d1b11b81d67a2","versions":["2022-08-12"],"version_url":"https://www.headlesslaw.com/emir/recitals/48/versions/2022-08-12","revision_url":"https://www.headlesslaw.com/emir/recitals/48/versions/2022-08-12/rev/154d1b11b81d67a2","versions_url":"https://www.headlesslaw.com/emir/recitals/48/versions","relations_url":"https://www.headlesslaw.com/emir/recitals/48/relations","act_url":"https://www.headlesslaw.com/emir/recitals","source_line":null,"attribution":null,"context":{"act":{"work_id":"emir","path":"/emir/recitals","name":"EMIR","number":"Regulation (EU) No 648/2012","celex":"32012R0648","title_official":null,"document_date":null},"position":{"kind":"recital","key":"48","index":48,"articles":99,"annexes":0},"prev":{"path":"/emir/recitals/47","key":"47","title":"Recital 47"},"next":{"path":"/emir/recitals/49","key":"49","title":"Recital 49"},"act_anchor":""}}} -->
# Recital 48

*In force · Regulation (EU) No 648/2012, OJ L 201, 27.7.2012 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/reg/2012/648/oj/eng)*

Authorisation of a CCP should be conditional on a minimum amount of initial capital. Capital, including retained earnings and reserves of a CCP, should be proportionate to the risk stemming from the activities of the CCP at all times in order to ensure that it is adequately capitalised against credit, counterparty, market, operational, legal and business risks which are not already covered by specific financial resources and that it is able to conduct an orderly winding-up or restructuring of its operations if necessary.