Updated 18/09/2024
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Article 2 - Third-country authorities as observers in the resolution college

Article 2

Third-country authorities as observers in the resolution college

1.   Upon receipt of a relevant request to participate in the resolution college from the competent authority or resolution authority of clearing members established in third countries or the competent authority or resolution authority of third-country CCPs with which the CCP has established interoperability arrangements as referred to in Article 4(4) of Regulation (EU) 2021/23, or when the resolution authority of the CCP intends to invite them to participate in the resolution college, the resolution authority of the CCP shall communicate the request or the intention to invite to the resolution college.

2.   The communication shall be accompanied by all of the following:

(a)

the opinion of the resolution authority of the CCP, also having regard to paragraph 2, point (b) and (c), on the equivalence of the confidentiality requirements applicable to the potential observer;

(b)

the terms and conditions for the participation of observers in the resolution college referred to in Article 5(2), point (f) of this Regulation;

(c)

the opinion of the resolution authority of the CCP as to the significance of the exposure of the relevant third-country clearing members or interoperable CCPs;

(d)

the setting of a deadline for the resolution college to take a decision on the request or the intention to invite to participate in the resolution college, upon the expiration of which consent of the resolution college is to be assumed. Within the deadline set out in this paragraph, point (d), any disagreeing authorities referred to in Article 4(2), points (b) and (c), of Regulation (EU) 2021/23 may express its fully reasoned objection to the opinion of the resolution authority of the CCP referred to in point (a). When an objection is expressed, the resolution authority of the CCP shall take it into account before making its final decision. The final decision of the resolution authority of the CCP on the request or the intention to invite to participate shall be fully reasoned and communicated to all resolution college members and shall, if relevant, reflect the reasons for not taking into account diverging views.

3.   When the resolution authority of the CCP makes the decision to invite an authority of a third country to participate in the resolution college, as foreseen in Article 4(4) of Regulation (EU) 2021/23, it shall send an invitation to potential observers. The invitation shall be accompanied by the terms and conditions for the participation of observers in the resolution college referred to in Article 5(2), point (f) of this Regulation. The potential observer receiving the invitation shall be considered an observer upon acceptance of the invitation, which shall be deemed as acceptance of the terms and conditions for the participation of observers referred to in Article 5(2), point (f) of this Regulation.

4.   Following acceptance of the invitation, the resolution authority of the CCP shall transmit an updated version of the list referred to in Article 1 of this Regulation to the resolution college.