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Commission Delegated Regulation (EU) 2017/581Show full title
Commission Delegated Regulation (EU) 2017/581 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on clearing access in respect of trading venues and central counterparties (Text with EEA relevance)
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Changes over time for: SECTION 2
Changes to legislation:
Commission Delegated Regulation (EU) 2017/581,
SECTION 2
is up to date with all changes known to be in force on or before 24 January 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 2017 No. 581 may be subject to amendment by EU Exit Instruments made by both the Financial Conduct Authority and the Bank of England 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. 5. 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 I Section 2:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
SECTION 2 U.K. Non-discriminatory access to trading venues
Article 5U.K.Conditions on the denial of access by a trading venue
1.A trading venue shall assess whether granting access would create any of the risks specified in Articles 6 and 7 and may deny access only if, after making all reasonable efforts to manage its risks, the trading venue concludes that there are significant undue risks that cannot be managed.
2.If a trading venue denies access, it shall identify which risks specified in Articles 6 and 7 would result from granting access and why those risks cannot be managed.
Article 6U.K.Denial of access by a trading venue based on operational risk and complexity
A trading venue may deny an access request on grounds of operational risk and complexity arising from such access only if there is a risk of incompatibility of CCP IT systems and trading venue IT systems, impeding the trading venue to provide for connectivity between those systems.
Article 7U.K.Denial of access by a trading venue based on other factors creating significant undue risks
A trading venue may deny an access request on grounds of significant undue risks in any of the following cases:
(a)
threat to the economic viability of the trading venue or its ability to meet minimum capital requirements under Article 47(1)(f) of Directive 2014/65/EU of the European Parliament and of the Council(1);
(b)
incompatibility of trading venue rules and CCP rules that the trading venue cannot remedy in cooperation with the CCP.
Article 8U.K.Conditions under which access is deemed to threaten the smooth and orderly functioning of markets or adversely affect systemic risk
In addition to liquidity fragmentation, as defined in Article 2(1)(45) of Regulation (EU) No 600/2014, for the purposes of Articles 35(4)(b) and 36(4)(b) of that Regulation, granting access shall be deemed to threaten the smooth and orderly functioning of the markets, or adversely affect systemic risk, where the competent authority can provide reasons for the denial, including evidence that the risk management procedures of one or both of the parties to the access request are insufficient to prevent the granting of access from creating significant undue risks to third parties, and there is no remedial action that would sufficiently mitigate those risks.
(1)
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
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