Requirements for the provision of indirect clearing services by clients
- Meet conditions to provide indirect clearing services to indirect clients
Retained EU Law
2013
United Kingdom
Commission Delegated Regulation (EU) No 149/2013 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 indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (Text with EEA relevance)
At a glance
What's here
9 compliance obligations
Who this Act binds
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Obligations of CCPs
Other duties (1) — Crown / regulator
- CCPs must open and maintain indirect client accounts as requested Statutory regulator
Obligations of clearing members
- Provide indirect clearing services with proper account segregation and default procedures
Obligations of clients
- Offer indirect clients choice of account types and inform them of risks
(Article 11(14)(a) of Regulation (EU) No 648/2012)Timely confirmation
- Confirm OTC derivative contracts within business-day deadlines and report unconfirmed transactions
(Article 11(14)(a) of Regulation (EU) No 648/2012)Portfolio reconciliation
- Agree and perform regular portfolio reconciliation for OTC derivatives
(Article 11(14)(a) of Regulation (EU) No 648/2012)Portfolio compression
- Analyse and conduct portfolio compression for OTC derivatives twice a year
(Article 11(14)(a) of Regulation (EU) No 648/2012)Dispute resolution
- Agree dispute resolution procedures for OTC derivatives and report large disputes
(Article 11(14)(b) of Regulation (EU) No 648/2012)Criteria for using marking-to-model
- Have a compliant marking-to-model for OTC derivative valuations
Browse 14 other sections — procedural / definitional / commencement
Definitions
Requirements for the provision of indirect clearing services by indirect clients
Requirements for the provision of indirect clearing services by second indirect clients
Details to be included in the notification
Criteria to be assessed by ESMA
Details to be included in ESMA’s Register
Specification of the notion of liquidity fragmentation
(Article 10(4)(a) of Regulation (EU) No 648/2012)Criteria for establishing which OTC derivative contracts are objectively reducing risks
(Article 10(4)(b) of Regulation (EU) No 648/2012)Clearing thresholds
(Article 11(14)(b) of Regulation (EU) No 648/2012)Market conditions that prevent marking-to-market
(Article 11(14)(c) of Regulation (EU) No 648/2012)Details of the intragroup transaction notification to the competent authority
(Article 11(14)(d) of Regulation (EU) No 648/2012)Details of the intragroup transaction notification to ESMA
(Article 11(14)(d) of Regulation (EU) No 648/2012)Information on the intragroup exemption to be publicly disclosed
Entry into force and application
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