Commission Delegated Regulation (EU) 2023/450 of 25 November 2022 supplementing Regulation (EU) 2021/23 of the European Parliament and of the Council with regard to regulatory technical standards specifying the order in which CCPs are to pay the recompense referred to in Article 20(1) of Regulation (EU) 2021/23, the maximum number of years during which those CCPs are to use a share of their annual profits for such payments to possessors of instruments recognising a claim on their future profits and the maximum share of those profits that is to be used for those payments (Text with EEA relevance)

New Commission Delegated Regulation (EU) 2023/450 as regards the instructed payment of recompense to non-defaulting clearing members who have suffered losses from the reduction of asset values and / or gains of a central counterparty (CCP) in recovery was published in the Official Journal (OJ) of the EU. Specifically, the Delegated Regulation sets out the technical standards with respect to
1. the order in which such recompense must be paid to non-defaulting clearing members (each claim is to be treated „pari passu“, that is equal and of same rank),
2. the maximum number of years during which instruments recognizing a claim on future profits of the CCP shall entitle the non-defaulting clearing member to receive payments (10 years), and
3. the maximum share of a CCP’s annual profit that shall be used towards payments relating to these instruments (70%).