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Banking Rule Book
Text applicable on 7 Oct 2026Consolidated version of 26 Jun 2026In forceUpcoming changefrom 1 Jan 2027Unofficial text · authentic on EUR-Lex (opens in a new tab)

CRR Article 497 — as applicable on 7 Oct 2026 (version of 26 Jun 2026)

Article 497

Own funds requirements for exposures to CCPs

On this provision: 9 technical standards

Amendment details· last amended 9 Jan 2024
Versions of this provision:28 Jun 201327 Jun 201927 Jun 20208 Jul 20229 Jan 2024

Last amended 9 Jan 2024 by Regulation (EU) 2023/2869 of 13 December 2023.

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1.

Where a third-country CCP applies for recognition in accordance with Article 25 (opens EUR-Lex in a new tab) of Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab), institutions may consider that CCP as a QCCP from the date on which it submitted its application for recognition to ESMA and until one of the following dates:

(a)

where the Commission has already adopted an implementing act referred to in Article 25(6) (opens EUR-Lex in a new tab) of Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab) in relation to the third country in which the CCP is established and that implementing act has entered into force, two years after the date of submission of the application;

(b)

where the Commission has not yet adopted an implementing act referred to in Article 25(6) (opens EUR-Lex in a new tab) of Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab) in relation to the third country in which the CCP is established or where that implementing act has not yet entered into force, the earlier of the following dates:

(i)

two years after the date of entry into force of the implementing act;

(ii)

for CCPs that submitted the application after 27 June 2019, two years after the date of submission of the application;

(iii)

for those CCPs that submitted the application before 27 June 2019, 28 June 2021.

2.

Until the expiration of the deadline referred to in paragraph 1 of this Article, where a CCP referred to in that paragraph does not have a default fund and does not have in place a binding arrangement with its clearing members that allows it to use all or part of the initial margin received from its clearing members as if they were pre-funded contributions, the institution shall substitute the formula for calculating the own funds requirement in Article 308(2) with the following one:

formula

where:

formula

=

the own funds requirement;

KCCP

=

the hypothetical capital of the QCCP communicated to the institution by the QCCP in accordance with Article 50c (opens EUR-Lex in a new tab) of Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab);

DFCCP

=

the pre-funded financial resources of the CCP communicated to the institution by the CCP in accordance with Article 50c (opens EUR-Lex in a new tab) of Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab);

i

=

the index denoting the clearing member;

IMi

=

the initial margin posted with the CCP by clearing member i; and

IM

=

the total amount of initial margin communicated to the institution by the CCP in accordance with Article 89(5a) (opens EUR-Lex in a new tab) of Regulation (EU) No 648/2012 (opens EUR-Lex in a new tab).

3.

In exceptional circumstances, where it is necessary and proportionate in order to avoid disruption to international financial markets, the Commission may adopt, by way of implementing acts, and subject to the examination procedure referred to in Article 464(2), a decision to extend once, by 12 months, the transitional provisions set out in paragraph 1 of this Article.