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 settlementText with EEA relevance.
32023R1626
European Union
§ Article 19
Article 19 of Delegated Regulation (EU) 2018/1229 is replaced by the following:
Article 19
Penalty mechanism for settlement fails relating to cleared transactions submitted by CCPs for settlement
With respect to settlement fails relating to cleared transactions submitted by CCPs for settlement, CSDs shall apply Articles 16, 17 and 18.
CCPs may allocate to their clearing members any remaining net amount of penalties, credit or debit, paid pursuant to Article 16 and distributed pursuant to Article 17(2).
CCPs shall establish an appropriate mechanism in their rules to that effect.
Article 2
Transitional provision
Article 19 of Delegated Regulation (EU) 2018/1229 as applicable on 1 September 2024 shall continue to apply to settlement fails that occurred before 2 September 2024.
Article 3
Entry into force and application
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 2 September 2024.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 19 April 2023.
For the Commission
The President
Ursula von der Leyen
Metadata
- Type
- Forordning
- År
- 2023
- Ikrafttrædelsesdato
- 1. januar 1970