Updated 05/02/2025
In force since 23/03/2023

Initial Legal Act
References (4)
03/03/2023
Delegated Regulation 2023/451 published in OJ
31/01/2022
ESMA91-372-1703
Final Draft published
12/07/2021
ESMA91-372-1356
Consultation published
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CCPRRR ToolDelegated Regulation 2023/451

Delegated Regulation 2023/451

Commission Delegated Regulation (EU) 2023/451 of 25 November 2022 specifying the factors to be taken into consideration by the competent authority and the supervisory college when assessing the recovery plan of central counterparties (Text with EEA relevance)

RecitalsArticle 1 - Assessment of a CCP’s capital structure and financial riskArticle 2 - Assessment of a CCP’s default waterfallArticle 3 - Assessment of the organisational structure of a CCPArticle 4 - Assessment of the substitutability of a CCP’s activitiesArticle 5 - Assessment of the risk profile of a CCPArticle 6 - Assessment of the risk profile of the CCP in relation to the CCP preparednessArticle 7 - Assessment of the risk profile of the CCP in relation to the business modelArticle 8 - Assessment of the overall impact on certain entities in relation to a CCP’s communication and disclosure planArticle 9 - Assessment of the overall impact of a CCP’s recovery plan on clearing members, their clients, and indirect clientsArticle 10 - Assessment of the overall impact of a CCP’s recovery plan on linked FMIsArticle 11 - Assessment of the overall impact of a CCP’s recovery plan on financial markets, including trading venues, served by the CCPArticle 12 - Assessment of the overall impact of a CCP’s recovery plan on the financial system of any Member State and of the Union as a wholeArticle 13 - IncentivesArticle 14 - Entry into force