Updated 25/11/2025
In force

Version from: 15/10/2025
Amendments (9)
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EMIR ToolDelegated Regulation 876/2013
Article 4

Article 4 - Delegated Regulation 876/2013

Article 4

Governance of the colleges

1.  
The co-chairs shall ensure that the work of the college facilitates the tasks to be performed in accordance with Regulation (EU) No 648/2012.
2.  
The college shall notify ESMA of any tasks that the college performs in accordance with paragraph 1. ESMA shall have a coordination role in monitoring the tasks performed by a college and shall ensure that its objectives are in line with those of other colleges as far as possible.
3.  

 The co-chairs shall at least ensure that:

(a) 

the objectives of any meeting or activity of the college are clearly identified;

(b) 

the college meetings or activities remain effective, while ensuring that all college members are fully informed of the college activities that are relevant to them;

(c) 

the timetable for meetings or activities of the college is defined so that their outcome provides assistance to the supervision of the CCP;

(d) 

the CCP and other key stakeholders have a clear understanding of the role and functioning of the college;

(e) 

the activities of the college are regularly reviewed and remedial action is taken if the college is not operating effectively;

(f) 

the agenda is set for an annual crisis management planning meeting amongst members of the college in cooperation with the CCP if necessary.

4.  

To ensure the efficiency and effectiveness of the college, the co-chairs shall act as a central point of contact for any matter related to the practical organisation of the college and keep each other informed. The co-chairs shall at least perform the following tasks:

(a) 

draw-up, update and circulate the contact list of members of the college;

(b) 

prepare and circulate the agenda and documentation for meetings or activities of the college;

(ba) 

discuss the implementation of the annual supervisory priorities referred to in Article 24a(7), point (ba), of Regulation (EU) No 648/2012;

(c) 

record minutes of the meetings and formalise action points;

(d) 

manage the college website, if any;

(e) 

where necessary, provide information and specialised teams where appropriate, to assist the college in its tasks;

(f) 

share all information in a timely and appropriate manner among members of the college.

For the purposes of point (b), the co-chairs shall circulate a draft agenda for each meeting of the college, other than for meetings called in emergency situations, well in advance of each meeting, in order to enable the members of the college to contribute to the setting of the agenda, in particular by adding points to the agenda.

The agenda shall be finalised by the co-chairs and distributed to members of the college sufficiently in advance of a meeting of the college. The co-chairs and other members of the college shall distribute any information to be considered at a meeting of the college well in advance of the meeting.

For the purposes of point (c), the CCP’s competent authority shall distribute the minutes of meetings to members of the college once those minutes are agreed by the co-chairs and as soon as practicable following the meetings and shall give members of the college sufficient time to comment.

5.  
The co-chairs shall determine the frequency of college meetings having regard to the CCP’s size, nature, scale and complexity, the systemic implications of the CCP across jurisdictions and currencies, the potential impacts of the activities of the CCP, external circumstances and potential requests by members of the college. There shall be at least an annual meeting of the college and if deemed necessary by the co-chairs, a meeting each time that a decision is to be taken under Regulation (EU) No 648/2012. The co-chairs shall organise, periodically, and at least annually, meetings between members of the college and the senior management of the CCP.

Members of the college may request that the co-chairs hold a meeting of the college. The co-chairs shall duly provide reasons for any rejection of such request.

6.  
The written agreement referred to in Article 2 shall specify a quorum of two-thirds for meetings of the college.
7.  
The co-chairs shall endeavour to ensure that each college meeting has a valid quorum for decisions to be taken. Where a quorum is not met, the co-chairs shall ensure that any decisions that need to be taken are postponed until a quorum is present, taking into account the relevant time limits set out in Regulation (EU) No 648/2012.
8.  
The college may vote by written procedure, where proposed by the co-chairs or at the request of a member of the college.