Regulatory Alerts2017-03-17
Decision on Documentation for Notifications and Applications Regarding Intragroup Exemption from Collateral Exchange under Articles 11(6)–(10) of Regulation (EU) No 648/2012
The Croatian Financial Services Agency issued this Decision to specify the required documentation, format, and submission procedures for intragroup exemptions from collateral exchange obligations under Articles 11(6) to (10) of Regulation (EU) No 648/2012. It mandates that supervised entities submit written notifications or applications at least 30 days prior to exemption commencement, accompanied by a completed electronic Form and supporting risk-mitigation data. The Agency retains the authority to request supplementary evidence, reject non-compliant applications via administrative decision, or prohibit exemption usage at any time if statutory conditions are unmet.
1 Based on Article 11 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparty and trade repository, Article 4(1)(b) and (c), Article 5(3) and (4), and Article 14(2) of the Act on Implementation of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparty and trade repository (Official Gazette No. 54/13), and Article 15(1) of the Act on the Croatian Financial Services Agency (Official Gazette Nos. 140/05 and 12/12), the Croatian Financial Services Agency, at a meeting of its Management Board held on 17 March 2017, adopted the DECISION on the documentation attached to notifications of intended application of the intragroup exemption from the collateral exchange obligation under Articles 11(7) and (9) of Regulation (EU) No 648/2012, or to the application for approval of intended application of the intragroup exemption from the collateral exchange obligation under Articles 11(6), (8) and (10) of Regulation (EU) No 648/2012
Article 1. (1) For the purposes of this Decision, certain terms shall have the following meanings:
- Regulation (EU) No 648/2012 means Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparty and trade repository.
- Regulation (EU) No 2016/2251 means Commission Delegated Regulation (EU) 2016/2251 of 4 October 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparty and trade repository as regards regulatory technical standards for risk reduction techniques