Article 17a
Accelerated procedure for authorisation of an extension of authorisation
1.
An accelerated procedure for authorisation of an extension of authorisation shall apply where a CCP intends to extend its business to additional services or activities as referred to in Article 15 and where such extension fulfils all of the following conditions:
(a)
it does not result in the CCP needing to adapt significantly its operational structure at any point in the contract cycle;
(b)
(c)
it does not result in the CCP needing to take into account material new contract specifications;
(d)
it does not result in the introduction of material new risks or significantly increase the CCP’s risk profile;
(e)
it does not include offering a new settlement or delivery mechanism or service which involves establishing links with a different securities settlement system, central securities depository or payment system which the CCP did not previously use.
2.
A CCP that submits an application for an extension of its existing authorisation to additional clearing services or activities pursuant to the accelerated procedure set out in this Article, shall demonstrate that the proposed extension of its business to additional clearing services or activities qualifies to be assessed under such procedure.
The CCP shall submit its application for an extension in an electronic format via the central database and shall provide all information, pursuant to Article 15(3) and (4), necessary to demonstrate that it has established, at the time of authorisation, all necessary arrangements to meet the relevant requirements laid down in this Regulation. In accordance with Article 17c, an acknowledgement of receipt of the application shall be sent via the central database, within two working days of submission of that application.
3.
Within 15 working days of acknowledgment of receipt of an application pursuant to paragraph 2 of this Article, the CCP’s competent authority shall, after considering the input from ESMA and the college referred to in Article 18, decide:
(a)
whether the application qualifies to be assessed under the accelerated procedure set out in this Article; and
(b)
where the application qualifies to be assessed under the accelerated procedure set out in this Article, whether to:
(i)
grant the extension of the authorisation where the CCP complies with this Regulation; or
(ii)
refuse the extension of the authorisation where the CCP does not comply with this Regulation.
Where a CCP applies for an extension of authorisation pursuant to Article 15, the CCP’s competent authority may rely on part of the assessment previously made pursuant to this Article to the extent that the application for extension will not result in a change or otherwise affect the previous assessment for that part. The CCP shall confirm to the CCP’s competent authority that there is no change to the underlying facts of that part of the assessment.
Where the competent authority has decided that the extension of authorisation does not qualify to be assessed under the accelerated procedure, the CCP’s application shall be rejected.
Where the competent authority has decided not to grant the extension of authorisation, the extension of the authorisation shall be refused.
4.
The CCP’s competent authority shall notify the applicant CCP in writing, via the central database, within the timeframe stated in paragraph 3, of its decision under that paragraph.
5.
ESMA, in close cooperation with the ESCB, shall develop draft regulatory technical standards to further specify the conditions referred to in paragraph 1, points (a) to (e) of this Article, and to specify the procedure for consulting ESMA and the college referred to in Article 18 in accordance with paragraph 3 of this Article on whether or not those conditions are fulfilled.
In further specifying the conditions pursuant to the first subparagraph, ESMA shall set the methodology to use and the parameters to apply for deciding when a condition is considered to have been fulfilled. ESMA shall also list and specify whether there are typical extensions of services and activities that could be considered in principle to fall under the accelerated procedure set out in this Article.
ESMA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by 25 December 2025.
Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph of this paragraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.