Article 49a
Accelerated procedure for non-significant changes to a CCP’s models and parameters
1.
Where a CCP considers that a change to a model or parameter referred to in Article 49(1) that it intends to adopt does not meet the conditions set out in paragraph 1i of that Article, it may request that the application to validate the change is subject to the accelerated procedure under this Article.
2.
The accelerated procedure shall apply to a proposed change to a model or parameter where the following conditions are met:
(a)
the CCP has requested a validation of a change to be assessed under this Article; and
(b)
the CCP’s competent authority and ESMA have each concluded that the proposed change is not significant pursuant to paragraph 4.
3.
The CCP shall submit its application including all documents and information required pursuant to Article 49(5), point (d), in an electronic format via the central database. The CCP shall provide all information necessary to demonstrate why the proposed change is to be deemed non-significant and therefore qualifies for assessment under the accelerated procedure under this Article.
An acknowledgement of receipt of the application shall be sent to the CCP via the central database within two working days of the submission of that application.
4.
The CCP’s competent authority and ESMA shall each decide, within 10 working days of the acknowledgement of receipt of the application, whether the proposed change is significant or not significant.
5.
Where, in accordance with paragraph 4, the CCP’s competent authority or ESMA has decided that the change is significant, they shall inform each other in writing thereof and the application to validate that change shall not be subject to the accelerated procedure under this Article.
The CCP’s competent authority shall notify the applicant CCP via the central database, including a fully reasoned explanation, within two working days of the decision made under paragraph 4. Within 10 working days of receipt of the notification, the CCP shall either withdraw the application or complement it to fulfil the requirements for an application under Article 49.
6.
Where, in accordance with paragraph 4, the CCP’s competent authority and ESMA have decided that the change is not significant, they shall each, within three working days of that decision:
(a)
(b)
inform each other in writing, including a fully reasoned explanation, whether the validation has been granted or refused.
Where any of them has not granted the model validation, the validation shall be refused.
7.
The CCP’s competent authority shall inform the applicant CCP in writing, via the central database, including a fully reasoned explanation, within two working days of the decisions made under paragraph 6 whether the validation has been granted or refused.