BAKGRUNN (fra kommisjonsforordningen)

(1) It is necessary to ensure that non-defaulting clearing members eligible for the recompense referred to in Article 20(1) of Regulation (EU) 2021/23 are treated in a fair manner. Therefore, where there is a split between cash payments and instruments recognising a claim on future profits, the allocation between the cash payments and those instruments should be identical for all non-defaulting clearing members that
have to be recompensed.

(2) According to Article 20(1) of Regulation (EU) 2021/23, the competent authority of a CCP may require a CCP to recompense the clearing members for their loss through the issuance of instruments recognising a claim on the future profits of that CCP. The issuance of such instruments, and the ensuing claims on the CCP’s future profits, should however not jeopardise the viability of the CCP and its ability to meet its
investment needs, nor diminish the attractiveness of the CCP for its shareholders and external investors over a long period. To diminish that risk, it is appropriate to lay down that the annual claims on the future profits of a CCP should not exceed 70 % of the CCP’s annual profits, and that such instruments and claims should not exceed a period of more than ten years.

(3) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Securities and Markets Authority.