A member of
Eurex Clearing
1. Introduction
This circular contains information with respect to the service offering of Eurex Clearing AG (Eurex Clearing) and introduces amendments to the Statutes for the EMIR Risk Committee (Statutes) regarding the following topics:
A. Amendments to the Statutes to enable the EMIR Risk Committee to conduct hybrid meetings
B. Amendments to the Statutes to include the annual update of Eurex Clearing’s Recovery Plan into the list of topics
The amendments will become effective as of 1 September 2023.
2. Required action
There is no required action.
3. Details of the initiative
A. Amendments to the Statutes to enable the EMIR Risk Committee to conduct hybrid meetings
In contrast to the past, the EMIR Risk Committee (ERC) is mostly convening on a hybrid basis.
Currently, the Statutes are restrictive and only allow hybrid or virtual meetings on an exceptional basis:
“EMIR Risk Committee Members may only participate in Meetings if they are personally present. In exceptional cases, the Chairman may decide that the Meeting is held by phone or video-conference.”
The proposed amendments to the Statutes are intended to allow for more flexibility to hold hybrid meetings on an ongoing basis, in line with the Rules of Procedure of the Supervisory Board of Eurex Clearing, amending § 5 (5), accordingly.
Additionally, the amendments encourage that at least one physical meeting will take place per year.
To reflect these amendments, the following provisions of the Statutes will be amended as outlined in the Attachment:
B. Amendments to the Statutes to include the annual update of Eurex Clearing’s Recovery Plan into the list of topics
It is proposed to include the annual update of Eurex Clearing’s Recovery Plan into the list of topics for which the Executive Board shall seek advice from the ERC. The ERC approved the proposed amendments in its last meeting on 6 June 2023.
To reflect these amendments, the following provisions of the Statutes will be amended as outlined in the Attachment:
Publication of amendments of the legal framework of Eurex Clearing
As of the effective date, the full version of the amended legal framework of Eurex Clearing, will be available for download on the Eurex Clearing website www.eurex.com/ec-en under the following link:
Rules and Regulations > Eurex Clearing Rules and Regulations
The amendments to the legal framework of Eurex Clearing AG published by this circular are deemed accepted by each affected contractual party of Eurex Clearing AG, unless the respective contractual party objects by written notice to Eurex Clearing AG prior to the relevant effective date(s) as stipulated in this circular. In case of an objection by the respective contractual party pursuant the preceding sentence, Eurex Clearing AG is entitled to terminate the respective contract (including a Clearing Agreement, if applicable). Instead of submitting an objection, the respective contractual party may submit in writing to Eurex Clearing AG comments to any amendments of the legal framework of Eurex Clearing AG within the first 10 Business Days after the publication of the amendments. Eurex Clearing AG shall assess whether these comments prevent the published amendments from becoming effective taking into account the interests of Eurex Clearing AG and all contractual parties.
Unless the context requires otherwise, terms used and not otherwise defined in this circular shall have the meaning ascribed to them in the Clearing Conditions or FCM Clearing Conditions of Eurex Clearing AG, as applicable.
Attachment:
Further information
Recipients: | All Clearing Members, FCM Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clients of Eurex Clearing AG and vendors and other affected contractual parties | |
Target groups: | Front Office/Trading, Middle + Backoffice, IT/System Administration, Auditing/Security Coordination | |
Contact: | client.services@eurex.com | |
Web: | www.eurex.com/ec-en/ | |
Authorized by: | Jens Janka |