Question ID:
Legal Act:
Regulation (EU) No 575/2013 (CRR)
Market infrastructures
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations:
Not applicable
Disclose name of institution / entity:
Type of submitter:
Credit institution
Subject Matter:
Identification of counterparty

The treatment of client exposures to a CCP via a clearing member is described in art 305 and consists of

1/ application of art 305 paragraph 1 (when the conditions in paragraph 2 are not met) = use of counterpart credit risk section 1 to 8 for the CCP-related transactions with the clearing member

2/ application of art 305 paragraph 2 (and subject to paragraph 3) = use of art 306 for the trade exposures with the CCP

Can it be clarrified which party should be treated as the counterparty in sush a transaction (the clearing member or the CCP) under Corep?

Can it in addition be clarrified whether the same counterparty as in Corep should be used under Finrep?



Background on the question:

For the reporting by residence of the counterparty under Corep, and for the determination of the IRB parameters, the counterparty in a transaction has to be clearly identified.

In the case of transactions with a clearing member that acts as a financial intermediairy to a CCP there is some unclarity to whom is the counterparty, and whether or not this is dependant on the application of art 305 paragraph 1 (which talks about 'CCP-related transactions towards a clearing member') and art 305 paragraph 2 (and 3) and art 306 (which talks about 'CCP-related transactions to a clearing member' in art 305 paragraph 2, but refers to art 306 which uses the term 'trade exposures towards a CCP').

Date of submission:
Published as Rejected Q&A
Rationale for rejection:


This question has been rejected because the question has not sufficiently identified a provision of a legal framework covered by this tool that creates uncertainty and for which an explanation is merited in terms or practical implementation or application. The Single Rule Book Q&A tool has been established to provide explanations and non-binding interpretations on questions relating to the practical application or implementation of the provisions of legislative acts referred to in Article 1(2) of the EBA’s founding Regulation, as well as associated delegated and implementing acts, and guidelines and recommendations, adopted under these legislative acts. For further information on the purpose of this tool and on how to submit questions, please see 'Additional background and guidance for asking questions'.

Rejected question