{"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/65","url":"https://www.headlesslaw.com/emir/recitals/65","title":"Recital 65","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":"a06b332f9f8f0cc8","versions":["2022-08-12"],"version_url":"https://www.headlesslaw.com/emir/recitals/65/versions/2022-08-12","revision_url":"https://www.headlesslaw.com/emir/recitals/65/versions/2022-08-12/rev/a06b332f9f8f0cc8","versions_url":"https://www.headlesslaw.com/emir/recitals/65/versions","relations_url":"https://www.headlesslaw.com/emir/recitals/65/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":"65","index":65,"articles":99,"annexes":0},"prev":{"path":"/emir/recitals/64","key":"64","title":"Recital 64"},"next":{"path":"/emir/recitals/66","key":"66","title":"Recital 66"},"act_anchor":""}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg/2012/648/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/emir/recitals.md","unit_text_sha256":"97f45570ef5ae4c833da5cefca8d5c002ccdfa41206c48f281d6fc2848ab5b39","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"emir/recitals/rec/65","kind":"recital","key":"65","heading":"","text":"A CCP should have a sound risk-management framework to manage credit risks, liquidity risks, operational and other risks, including the risks that it bears or poses to other entities as a result of interdependencies. A CCP should have adequate procedures and mechanisms in place to deal with the default of a clearing member. In order to minimise the contagion risk of such a default, the CCP should have in place stringent participation requirements, collect appropriate initial margins, maintain a default fund and other financial resources to cover potential losses. In order to ensure that it benefits from sufficient resources on an ongoing basis, the CCP should establish a minimum amount below which the size of the default fund is not generally to fall. This should not, however, limit the CCP’s ability to use the entirety of the default fund to cover the losses caused by a clearing member’s default.","marks":[],"text_hash":"97f45570ef5ae4c833da5cefca8d5c002ccdfa41206c48f281d6fc2848ab5b39","revision":1,"blocks":[{"locator":"emir/recitals/rec/65/block/1","text_hash":"97f45570ef5ae4c833da5cefca8d5c002ccdfa41206c48f281d6fc2848ab5b39","revision":1}]}}