EMIR requires a CCP wishing to extend its business to additional services or activities, that are not covered by the initial authorisation, to submit a request for extension of authorisation to its competent authority (Article 15). Prior to making any significant change to its risk models or parameters, a CCP must also obtain validation from its competent authority and ESMA (Article 49).
The Draft RTS specify:
- the conditions under which additional services or activities to which a CCP wishes to extend its business are not covered by the initial authorisation and therefore require an extension of authorisation;
- the conditions under which changes to the CCP’s models and parameters are significant and therefore require a validation; and
- the procedures for consulting the CCP college on whether those conditions are met.
The European System of Central Banks, the European Banking Authority and other relevant authorities have contributed to the drafting of the RTS.
ESMA submits the draft RTS to the European Commission for endorsement, following which the Commission Delegated Regulation will be subject to the non-objection of the European Parliament and the Council.
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