contents table Lexparency.org
European Market Infrastructure Regulation (EMIR)
Article 18

Article 18 — College

  1. Within 30 calendar days of the submission of a complete application in accordance with Article 17, the CCP's competent authority shall establish, manage and chair a college to facilitate the exercise of the tasks referred to in Articles 15, 17, 30, 31, 32, 35, 49, 51 and 54.
  2. The college shall consist of:
    1. the Chair or any of the independent members of the CCP Supervisory Committee referred to in points (a) and (b) of Article 24a(2);
    2. the CCP’s competent authority;
    3. the competent authorities responsible for the supervision of the clearing members of the CCP which are established in the three Member States with the largest contributions to the default fund of the CCP referred to in Article 42 of this Regulation on an aggregate basis over a one-year period, including, where relevant, the ECB in the framework of the tasks concerning the prudential supervision of credit institutions within the single supervisory mechanism conferred upon it in accordance with Council Regulation (EU) No 1024/2013(1);
    4. the competent authorities responsible for the supervision of clearing members of the CCP, other than those referred to in point (c), subject to the consent of the CCP's competent authority. Those competent authorities shall request the consent of the CCP's competent authority to participate in the college, justifying the request based on their assessment of the impact that the CCP's financial distress could have on the financial stability of their respective Member State. Where the CCP's competent authority does not grant the request, it shall provide full and detailed reasons in writing;
    5. the competent authorities responsible for the supervision of trading venues served by the CCP;
    6. the competent authorities supervising CCPs with which interoperability arrangements have been established;
    7. the competent authorities supervising central securities depositories to which the CCP is linked;
    8. the relevant members of the ESCB responsible for the oversight of the CCP and the relevant members of the ESCB responsible for the oversight of the CCPs with which interoperability arrangements have been established;
    9. the central banks of issue of the most relevant Union currencies of the financial instruments cleared;
    10. the central banks of issue of the Union currencies of the financial instruments cleared or to be cleared by the CCP other than those referred to in point (h), subject to the consent of the CCP's competent authority. Those central banks of issue shall request the consent of the CCP's competent authority to participate in the college, justifying the request based on their assessment of the impact that the CCP's financial distress could have on their respective currency of issue. Where the CCP's competent authority does not grant the request, the CCP's competent authority shall provide full and detailed reasons in writing.

    The CCP's competent authority shall publish on its website a list of the members of the college. That list shall be updated by the CCP's competent authority without undue delay after any change to the composition of the college. The CCP's competent authority shall notify that list to ESMA within 30 calendar days of the college's establishment or change in its composition. Upon reception of the notification by the CCP's competent authority, ESMA shall publish on its website without undue delay the list of the members of that college.

  3. The competent authority of a Member State which is not a member of the college may request from the college any information relevant for the performance of its supervisory duties.
  4. The college shall, without prejudice to the responsibilities of competent authorities under this Regulation, ensure:
    1. the preparation of the opinion referred to in Article 19;
    2. the exchange of information, including requests for information pursuant to Article 84;
    3. agreement on the voluntary entrustment of tasks among its members;
    4. the coordination of supervisory examination programmes based on a risk assessment of the CCP; and
    5. the determination of procedures and contingency plans to address emergency situations, as referred to in Article 24.

    In order to facilitate the performance of the tasks assigned to colleges pursuant to the first subparagraph, members of the college referred to in paragraph 2 shall be entitled to contribute to the setting of the agenda of the college meetings, in particular by adding points to the agenda of a meeting.

  5. The establishment and functioning of the college shall be based on a written agreement between all its members.

    That agreement shall determine the practical arrangements for the functioning of the college, including detailed rules on:

    1. voting procedures as referred to in Article 19(3);
    2. the procedures for setting the agenda of college meetings;
    3. the frequency of the college meetings;
    4. the format and scope of the information to be provided by the CCP's competent authority to the college members, especially with regard to the information to be provided in accordance with Article 21(4);
    5. the appropriate minimum timeframes for the assessment of the relevant documentation by the college members;
    6. the modalities of communication between college members;

    The agreement may also determine tasks to be entrusted to the CCP's competent authority or another member of the college.

  6. In order to ensure the consistent and coherent functioning of colleges across the Union, ESMA shall, in cooperation with the ESCB, develop draft regulatory technical standards specifying the conditions under which the Union currencies referred to in point (h) of paragraph 2 are to be considered as the most relevant and the details of the practical arrangements referred to in paragraph 5.

    ESMA shall submit those draft regulatory technical standards to the Commission by 2 January 2021.

    Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.