CELEX: 32016R1646
Language: en
Date: 2016-09-13 00:00:00
Title: Commission Implementing Regulation (EU) 2016/1646 of 13 September 2016 laying down implementing technical standards with regard to main indices and recognised exchanges in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms (Text with EEA relevance)

14.9.2016   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               L 245/5
            
         COMMISSION IMPLEMENTING REGULATION (EU) 2016/1646
   of 13 September 2016
   laying down implementing technical standards with regard to main indices and recognised exchanges in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms
   (Text with EEA relevance)
   THE EUROPEAN COMMISSION,
   Having regard to the Treaty on the Functioning of the European Union,
   Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (1) and in particular Article 197(8) thereof,
   Whereas:
   
               (1)
            
            
               Regulation (EU) No 575/2013 states that equities or convertible bonds included in a main index may be used by institutions as eligible collateral. One of the eligibility criteria for collateral is that it should be sufficiently liquid. To be considered as main indices for the purposes of that Regulation, equity indices should therefore mainly consist of equities that can reasonably be expected to be realisable when an institution needs to liquidate them. This should be the case when at least 90 % of the components of an index have a free float of at least EUR 500 000 000 or, in the absence of information about free float, a market capitalisation of at least EUR 1 000 000 000.
            
         
               (2)
            
            
               It should also be possible for institutions to recognise as eligible collateral instruments that are liquid relative to the markets in which they are operating and meet a minimum level of liquidity, irrespective of whether a market is established in the Union or in a third country. Therefore, an equity index should be considered as a main index where it includes no more than half of the total number of companies whose shares are traded on the market on which the index is based, where the average daily turnover is at least EUR 100 000, and where it also meets two of the following three criteria: the total market capitalisation of the index is at least 40 % of the market capitalisation of all the companies whose shares are traded on that market; the total turnover of trading in the components of the index is at least 40 % of the total turnover of all equity trading on that market; and the index serves as an underlying for derivatives products.
            
         
               (3)
            
            
               Convertible bond indices should be considered as main indices only where the constituent bonds can be converted into equities where at least 90 % of those equities have a free float of at least EUR 500 000 000 or, in the absence of information about free float, a market capitalisation of at least EUR 1 000 000 000.
            
         
               (4)
            
            
               Where two indices meet the criteria to be considered a main index and one is a subset of the other, for simplicity only the broader one should be included in the list of main indices.
            
         
               (5)
            
            
               Regulation (EU) No 575/2013 states that debt securities issued by certain institutions, not having a credit assessment by an external credit assessment institution (ECAI) may be used as eligible collateral where they fulfil a number of conditions, one of them being that they are listed on a recognised exchange.
            
         
               (6)
            
            
               In order to be considered a recognised exchange for the purposes of Regulation (EU) No 575/2013, an exchange is required to meet the conditions laid down in Article 4(1)(72) of that Regulation. Regarding one of those conditions, namely that the exchange should have a clearing mechanism, all regulated markets trading financial instruments not listed in Annex II to Regulation (EU) No 575/2013 should satisfy this second condition by virtue of being licensed as a regulated market under Directive 2004/39/EC of the European Parliament and of the Council (2) and by virtue of the existence of rules and procedures for the clearing and settlement of transactions in place as required under that Directive 2004/39/EC.
            
         
               (7)
            
            
               Where an exchange's clearing mechanism is provided by a central counterparty (CCP), that CCP should comply with the requirements laid down in Regulation (EU) No 648/2012 of the European Parliament and of the Council (3). For the rare derivatives exchanges not served by CCPs, the margining rules laid down in Regulation (EU) No 648/2012 should be used as the benchmark for assessing whether the margining requirements imposed by those exchanges are appropriate.
            
         
               (8)
            
            
               This Regulation is based on the draft implementing technical standards submitted by the European Securities and Markets Authority (ESMA) to the Commission.
            
         
               (9)
            
            
               On 17 December 2015, the Commission notified ESMA of its intention to endorse the draft implementing technical standard with amendments to take account of the fact that some equity indices that meet the eligibility criteria to be considered as main indices were not included in the list provided in that draft standard. In its formal opinion of 28 January 2016, ESMA confirmed its initial position and did not resubmit an implementing technical standard amended in a way consistent with the Commission's proposed amendments. The draft implementing technical standard should therefore be endorsed with the amendments necessary to avoid the exclusion of indices that meet the eligibility criteria to be considered as main indices for the purposes of Regulation (EU) No 575/2013.
            
         
               (10)
            
            
               ESMA has conducted an open public consultation on the draft implementing technical standards on which this Regulation is based and has requested the opinion of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council (4). ESMA has not analysed in detail the potential costs and benefits related to the draft implementing technical standards as this would have been disproportionate in relation to their scope and impact,
            
         HAS ADOPTED THIS REGULATION:
   Article 1
   Main indices
   The main indices for the purposes of Article 197(8)(a) of Regulation (EU) No 575/2013 are specified in Annex I to this Regulation.
   Article 2
   Recognised exchanges
   The recognised exchanges for the purposes of Article 197(8)(b) of Regulation (EU) No 575/2013 are specified in Annex II to this Regulation.
   Article 3
   Entry into force
   This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
   
      This Regulation shall be binding in its entirety and directly applicable in all Member States.
      Done at Brussels, 13 September 2016.
      
         
            For the Commission
         
         
            The President
         
         Jean-Claude JUNCKER
      
   
   
      (1)  OJ L 176, 27.6.2013, p. 1.
   
      (2)  Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (OJ L 145, 30.4.2004, p. 1).
   
      (3)  Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).
   
      (4)  Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
   
      ANNEX I
      
         MAIN INDICES SPECIFIED UNDER ARTICLE 197 OF REGULATION (EU) No 575/2013
      
      
         Table 1
      
      
         Equity indices
      
      
                  Index
               
               
                  Country/Area
               
            
                  STOXX Asia/Pacific 600
               
               
                  Asia/Pacific
               
            
                  ASX100
               
               
                  Australia
               
            
                  ATX Prime (1)
                  
               
               
                  Austria
               
            
                  BEL20
               
               
                  Belgium
               
            
                  IBOVESPA
               
               
                  Brazil
               
            
                  TSX60
               
               
                  Canada
               
            
                  CETOP20 Index
               
               
                  Central Europe
               
            
                  Hang Seng Mainland 100 Index (China)
               
               
                  China
               
            
                  NYSE ARCA China Index
               
               
                  China
               
            
                  Shanghai Shenzhen CSI 300
               
               
                  China
               
            
                  PX Prague
               
               
                  Czech Republic
               
            
                  OMX Copenhagen 20
               
               
                  Denmark
               
            
                  FTSE RAFI Emerging Markets
               
               
                  Emerging Markets
               
            
                  MSCI Emerging Markets 50
               
               
                  Emerging Markets
               
            
                  FTSE Europe Index
               
               
                  Europe
               
            
                  STOXX Europe 600
               
               
                  Europe
               
            
                  MSCI AC Europe & Middle East
               
               
                  Europe and Middle East
               
            
                  OMXH25
               
               
                  Finland
               
            
                  SBF120 (2)
                  
               
               
                  France
               
            
                  S&P BMI France
               
               
                  France
               
            
                  HDAX (3)
                  
               
               
                  Germany
               
            
                  FTSE All World Index
               
               
                  Global
               
            
                  MSCI ACWI
               
               
                  Global
               
            
                  FT ASE Large Cap
               
               
                  Greece
               
            
                  Hang Seng
               
               
                  Hong Kong
               
            
                  Hang Seng Composite Index
               
               
                  Hong Kong
               
            
                  CNX 100 Index
               
               
                  India
               
            
                  S&P BSE 100 Index
               
               
                  India
               
            
                  ISEQ 20
               
               
                  Ireland
               
            
                  FTSE MIB
               
               
                  Italy
               
            
                  Nikkei 300
               
               
                  Japan
               
            
                  TOPIX mid 400
               
               
                  Japan
               
            
                  S&P Latin America 40
               
               
                  Latin America
               
            
                  FTSE Bursa Malaysia KLCI Index
               
               
                  Malaysia
               
            
                  Mexico Bolsa Index
               
               
                  Mexico
               
            
                  AEX
               
               
                  Netherlands
               
            
                  S&P NZX 15 Index
               
               
                  New Zealand
               
            
                  OBX
               
               
                  Norway
               
            
                  WIG20
               
               
                  Poland
               
            
                  PSI 20
               
               
                  Portugal
               
            
                  MSCI Russia Index
               
               
                  Russia
               
            
                  Russian Traded Index
               
               
                  Russia
               
            
                  FTSE Straits Times Index
               
               
                  Singapore
               
            
                  FTSE JSE Top 40
               
               
                  South Africa
               
            
                  INDI 25 Index
               
               
                  South Africa
               
            
                  KOSPI 100
               
               
                  South Korea
               
            
                  IBEX35
               
               
                  Spain
               
            
                  OMXS60
               
               
                  Sweden
               
            
                  OMXSB
               
               
                  Sweden
               
            
                  SMI Expanded Index
               
               
                  Switzerland
               
            
                  TSEC Taiwan 50
               
               
                  Taiwan
               
            
                  FTSE Nasdaq Dubai UAE 20 Index
               
               
                  UAE
               
            
                  FTSE 350 (4)
                  
               
               
                  UK
               
            
                  NASDAQ100
               
               
                  USA
               
            
                  Russell 3000 Index
               
               
                  USA
               
            
                  S&P 500
               
               
                  USA
               
            
         
      
         Table 2
      
      
         Convertible bond indices
      
      
                  Exane ECI-Europe
               
               
                  Europe
               
            
                  Jefferies JACI Global
               
               
                  Global
               
            
                  Thomson Reuters Global Convertible
               
               
                  Global
               
            
         (1)  Includes the ATX.
      
         (2)  Includes the CAC40, CAC Next 20, and CAC Mid Cap.
      
         (3)  Includes the DAX and MDAX.
      
         (4)  Includes the FTSE 100.
   
   
      ANNEX II
      
         RECOGNISED EXCHANGES SPECIFIED UNDER ARTICLE 197 OF REGULATION (EU) No 575/2013
      
      
         Table 1
      
      
         Recognised exchanges on which contracts listed in Annex II of Regulation (EU) No 575/2013 are not traded
      
      
                  Regulated market
               
               
                  MIC
               
            
                  EURONEXT PARIS
               
               
                  XPAR
               
            
                  BOERSE BERLIN (REGULIERTER MARKT)
               
               
                  BERA
               
            
                  BOERSE BERLIN (BERLIN SECOND REGULATED MARKET)
               
               
                  BERC
               
            
                  BOERSE DUESSELDORF (REGULIERTER MARKT)
               
               
                  DUSA
               
            
                  BOERSE DUESSELDORF — QUOTRIX (REGULIERTER MARKT)
               
               
                  DUSC
               
            
                  BOERSE BERLIN EQUIDUCT TRADING (REGULIERTER MARKT)
               
               
                  EQTA
               
            
                  BOERSE BERLIN EQUIDUCT TRADING (BERLIN SECOND REGULATED MARKET)
               
               
                  EQTB
               
            
                  HANSEATISCHE WERTPAPIERBOERSE HAMBURG (REGULIERTER MARKT)
               
               
                  HAMA
               
            
                  NIEDERSAECHSISCHE BOERSE ZU HANNOVER (REGULIERTER MARKT)
               
               
                  HANA
               
            
                  BOERSE MUENCHEN (REGULIERTER MARKT)
               
               
                  MUNA
               
            
                  BOERSE MUENCHEN — MARKET MAKER MUNICH (REGULIERTER MARKT)
               
               
                  MUNC
               
            
                  BADEN-WUERTTEMBERGISCHE WERTPAPIERBOERSE (REGULIERTER MARKT)
               
               
                  STUA
               
            
                  FRANKFURTER WERTPAPIERBOERSE (REGULIERTER MARKT)
               
               
                  FRAA, XETA
               
            
                  TRADEGATE EXCHANGE (REGULIERTER MARKT)
               
               
                  XGRM
               
            
                  IRISH STOCK EXCHANGE — MAIN SECURITIES MARKET
               
               
                  XDUB
               
            
                  EURONEXT LISBON
               
               
                  XLIS
               
            
                  BOLSA DE BARCELONA
               
               
                  XBAR, XMCE
               
            
                  BOLSA DE BILBAO
               
               
                  XBIL, XMCE
               
            
                  BOLSA DE MADRID
               
               
                  XMAD, XMCE, MERF
               
            
                  BOLSA DE VALENCIA
               
               
                  XVAL, XMCE
               
            
                  BONDVISION MARKET
               
               
                  BOND
               
            
                  ELECTRONIC OPEN-END FUNDS AND ETC MARKET
               
               
                  ETFP
               
            
                  MARKET FOR INVESTMENT VEHICLES (MIV)
               
               
                  MIVX
               
            
                  ELECTRONIC BOND MARKET
               
               
                  MOTX
               
            
                  ELECTRONIC SHARE MARKET
               
               
                  MTAA
               
            
                  MTS GOVERNMENT MARKET
               
               
                  MTSC
               
            
                  MTS CORPORATE MARKET
               
               
                  MTSM
               
            
                  SECURITISED DERIVATIVES MARKET
               
               
                  SEDX
               
            
                  MERCADO DE DEUDA PUBLICA EN ANOTACIONES
               
               
                  XDPA
               
            
                  AIAF — MERCADO DE RENTA FIJA
               
               
                  XDRF, SEND
               
            
                  BOURSE DE LUXEMBOURG
               
               
                  XLUX
               
            
                  CYPRUS STOCK EXCHANGE
               
               
                  XCYS
               
            
                  SPOT REGULATED MARKET — BMFMS
               
               
                  SBMF
               
            
                  SPOT REGULATED MARKET — BVB
               
               
                  XBSE
               
            
                  RM-SYSTEM CZECH STOCK EXCHANGE
               
               
                  XRMZ
               
            
                  PRAGUE STOCK EXCHANGE
               
               
                  XPRA
               
            
                  BATS EUROPE REGULATED MARKET
               
               
                  BATE, CHIX
               
            
                  ISDX MAIN BOARD
               
               
                  ISDX
               
            
                  EURONEXT LONDON
               
               
                  XLDN
               
            
                  LONDON STOCK EXCHANGE — REGULATED MARKET
               
               
                  XLON
               
            
                  NASDAQ RIGA
               
               
                  XRIS
               
            
                  NASDAQ STOCKHOLM
               
               
                  XSTO
               
            
                  NORDIC GROWTH MARKET NGM
               
               
                  XNGM
               
            
                  NASDAQ COPENHAGEN
               
               
                  XCSE
               
            
                  OSLO AXESS
               
               
                  XOAS
               
            
                  OSLO BØRS
               
               
                  XOSL
               
            
                  NASDAQ TALLINN
               
               
                  XTAL
               
            
                  NASDAQ HELSINKI
               
               
                  XHEL
               
            
                  VIENNA STOCKEXCHANGE OFFICIAL MARKET (AMTLICHER HANDEL)
               
               
                  WBAH
               
            
                  VIENNA STOCKEXCHANGE SECOND REGULATED MARKET (GEREGELTER FREIVERKEHR)
               
               
                  WBGF
               
            
                  BULGARIAN STOCK EXCHANGE — SOFIA JSC
               
               
                  XBUL
               
            
                  NASDAQ ICELAND
               
               
                  XICE
               
            
                  BUDAPEST STOCK EXCHANGE
               
               
                  XBUD
               
            
                  BRATISLAVA STOCK EXCHANGE
               
               
                  XBRA
               
            
                  NASDAQ VILNIUS
               
               
                  XLIT
               
            
                  EURONEXT BRUSSELS
               
               
                  XBRU
               
            
                  ZAGREB STOCK EXCHANGE
               
               
                  XZAG
               
            
                  ELECTRONIC SECONDARY SECURITIES MARKET
               
               
                  HDAT
               
            
                  ATHENS EXCHANGE SECURITIES MARKET
               
               
                  XATH
               
            
                  EUROPEAN WHOLESALE SECURITIES MARKET
               
               
                  EWSM
               
            
                  MALTA STOCK EXCHANGE
               
               
                  XMAL
               
            
                  EURONEXT AMSTERDAM
               
               
                  XAMS
               
            
                  BONDSPOT SECURITIES MARKET
               
               
                  RPWC
               
            
                  WARSAW STOCK EXCHANGE
               
               
                  XWAR,WBON, WETP
               
            
                  LJUBLJANA STOCK EXCHANGE OFFICIAL MARKET
               
               
                  XLJU
               
            
                  GIBRALTAR STOCK EXCHANGE
               
               
                  GSXL
               
            
         
      
         Table 2
      
      
         Recognised exchanges on which contracts listed in Annex II of Regulation (EU) No 575/2013 are traded
      
      
                  Regulated market
               
               
                  MIC
               
            
                  MATIF
               
               
                  XMAT
               
            
                  MONEP
               
               
                  XMON
               
            
                  POWERNEXT DERIVATIVES
               
               
                  XPOW
               
            
                  EUROPEAN ENERGY EXCHANGE
               
               
                  XEEE
               
            
                  EUREX DEUTSCHLAND
               
               
                  XEUR
               
            
                  MERCADO DE FUTUROS E OPCOES
               
               
                  MFOX
               
            
                  MERCADO REGULAMENTADO DE DERIVADOS DO MIBEL
               
               
                  OMIP
               
            
                  MEFF EXCHANGE
               
               
                  XMRV, XMPW
               
            
                  MERCADO DE FUTUROS DE ACEITE DE OLIVA — SA
               
               
                  XSRM
               
            
                  DERIVATIVES REGULATED MARKET — BMFMS
               
               
                  BMFM
               
            
                  POWER EXCHANGE CENTRAL EUROPE
               
               
                  XPXE
               
            
                  CME EUROPE LIMITED
               
               
                  CMED
               
            
                  ICE FUTURES EUROPE — ENERGY PRODUCTS DIVISION
               
               
                  IFEU
               
            
                  ICE FUTURES EUROPE — FINANCIAL PRODUCTS DIVISION
               
               
                  IFLL
               
            
                  ICE FUTURES EUROPE — EQUITY PRODUCTS DIVISION
               
               
                  IFLO
               
            
                  ICE FUTURES EUROPE — AGRICULTURAL PRODUCTS DIVISION
               
               
                  IFLX
               
            
                  THE LONDON INTERNATIONAL FINANCIAL FUTURES AND OPTIONS EXCHANGES (LIFFE)
               
               
                  XLIF
               
            
                  THE LONDON METAL EXCHANGE
               
               
                  XLME
               
            
                  LONDON STOCK EXCHANGE DERIVATIVES MARKET
               
               
                  XLOD
               
            
                  ITALIAN DERIVATIVES MARKET
               
               
                  XDMI
               
            
                  NASDAQ STOCKHOLM
               
               
                  XSTO
               
            
                  FISH POOL
               
               
                  FISH
               
            
                  NOREXECO
               
               
                  NEXO
               
            
                  NASDAQ OSLO
               
               
                  NORX
               
            
                  OSLO BØRS
               
               
                  XOSL
               
            
                  EURONEXT BRUSSELS DERIVATIVES
               
               
                  XBRD
               
            
                  ATHENS EXCHANGE DERIVATIVES MARKET
               
               
                  XADE
               
            
                  VIENNA STOCKEXCHANGE OFFICIAL MARKET (AMTLICHER HANDEL)
               
               
                  WBAH
               
            
                  BUDAPEST STOCK EXCHANGE
               
               
                  XBUD
               
            
                  ICE ENDEX DERIVATIVES
               
               
                  NDEX
               
            
                  EURONEXT EQF — EQUITIES AND INDICES DERIVATIVES
               
               
                  XEUE
               
            
                  WARSAW STOCK EXCHANGE/COMMODITIES/POLISH POWER EXCHANGE/COMMODITY DERIVATIVES
               
               
                  PLPD