Requirement (MIFID)
Article 46 Provisions regarding central counterparty and clearing and settlement arrangements
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall not prevent regulated markets from entering
into appropriate arrangements with a central counterparty or clearing
house and a settlement system of another Member State with a view to
providing for the clearing and/or settlement of some or all trades
concluded by market participants under their systems.
2. The competent authority of a regulated market may not oppose the
use of central counterparty, clearing houses and/or settlement systems in
another Member State except where this is demonstrably necessary in
order to maintain the orderly functioning of that regulated market and
taking into account the conditions for settlement systems established in
Article 34(2).
In order to avoid undue duplication of control, the competent authority
shall take into account the oversight/supervision of the clearing and
settlement system already exercised by the national central banks as
overseers of clearing and settlement systems or by other supervisory
authorities with competence in relation to such systems.