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Commission Delegated Regulation (EU) 2016/2251Show full title
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 counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty (Text with EEA relevance)
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Revised version PDFs
- Revised 16/04/20200.46 MB
- Revised 04/01/20170.40 MB
- Revised 15/12/20160.38 MB
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Changes over time for: SECTION 2
Changes to legislation:
Commission Delegated Regulation (EU) 2016/2251,
SECTION 2
is up to date with all changes known to be in force on or before 01 February 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2016 No. 2251 may be subject to amendment by EU Exit Instruments made by both the Prudential Regulation Authority and the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 4. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Chapter III Section 2:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
SECTION 2 U.K. Applicable criteria for applying exemptions for intragroup derivative contracts
Article 33U.K.Applicable criteria on the legal impediment to the prompt transfer of own funds and repayment of liabilities
A legal impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties as referred to in paragraphs 5 to 10 of Article 11 of Regulation (EU) No 648/2012 shall be deemed to exist where there are actual or foreseen restrictions of a legal nature including any of the following:
(a)
currency and exchange controls;
(b)
a regulatory, administrative, legal or contractual framework that prevents mutual financial support or significantly affects the transfer of funds within the group;
(c)
any of the conditions on the early intervention, recovery and resolution as referred to in Directive 2014/59/EU of the European Parliament and of the Council(1) are met, as a result of which the competent authority foresees an impediment to the prompt transfer of own funds or repayment of liabilities;
(d)
the existence of minority interests that limit decision-making power within entities that form the group;
(e)
the nature of the legal structure of the counterparty, as defined in its statutes, instruments of incorporation and internal rules.
Article 34U.K.Applicable criteria on the practical impediments to the prompt transfer of own funds and repayment of liabilities
A practical impediment to the prompt transfer of own funds or repayment of liabilities between the counterparties as referred to in paragraphs 5 to 10 of Article 11 of Regulation (EU) No 648/2012 shall be deemed to exist where there are restrictions of a practical nature, including any of the following:
(a)
insufficient availability of unencumbered or liquid assets to the relevant counterparty when due;
(b)
impediments of an operational nature which effectively delay or prevent such transfers or repayments when due.
(1)
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
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