Diario Oficial de la Unión Europea del 11/8/2023 - Sección Legislación
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Source: Diario Oficial de la Unión Europea - Sección Legislación
EN
11.8.2023
Official Journal of the European Union
L 201/1
II
Non-legislative acts
REGULATIONS
COMMISSION DELEGATED REGULATION EU 2023/1626
of 19 April 2023
on amending the regulatory technical standards laid down in Delegated Regulation EU 2018/1229
as regards the penalty mechanism for settlement fails relating to cleared transactions submitted by CCPs for settlement Text with EEA relevance
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation EU No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation EU No 236/2012 1, and in particular Article 715, third subparagraph, thereof,
Whereas:
1
Pursuant to Article 711 of Regulation EU 909/2014, the cash penalties regime is not to apply to failing participants which are CCPs.
2
Article 19 of Commission Delegated Regulation EU 2018/1229 2 as currently applicable provides for a specific mechanism on the collection and distribution by CCPs of cash penalties penalty mechanism to ensure that, in respect of settlement fails relating to cleared transactions, where CCPs interpose themselves between counterparties, cash penalties are not applied to CCPs.
3
However, due to the multiplicity of parties involved, the application of the penalty mechanism by CCPs adds operational risks, technical complexities and costs to the process of collecting and distributing cash penalties for settlement fails relating to cleared transactions. Penalties for settlement fails relating to cleared transactions could be fully calculated, applied, collected and redistributed by CSDs, from and to all the participants identified in the settlement instructions submitted by CCPs, in accordance with Articles 16, 17 and 18 of Delegated Regulation EU 2018/1229, as any other penalties for settlement fails relating to uncleared transactions.
4
Pursuant to Article 219 of Regulation EU No 909/2014, any institution, central counterparty, settlement agent, clearing house, system operator or clearing member of a CCP may qualify as a participant.
1 OJ L 257, 28.8.2014, p. 1
2 Commission Delegated Regulation EU 2018/1229 of 25 May 2018 supplementing Regulation EU No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline OJ L 230, 13.9.2018, p. 1.
