Commission Implementing Regulation (EU) 2022/1650 of 24 March 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1646 as regards the main indices and recognised exchanges in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the CouncilText with EEA relevance.

Commission Implementing Regulation (EU) 2022/1650 of 24 March 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/1646 as regards the main indices and recognised exchanges in accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council (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 amending Regulation (EU) No 648/2012 OJ L 176, 27.6.2013, p. 1. , and in particular Article 197(8) thereof, Whereas: (1) Commission Implementing Regulation (EU) 2016/1646 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 (OJ L 245, 14.9.2016, p. 5). was adopted on the premise that equity indices, to be considered as main indices for the purposes of Regulation (EU) No 575/2013 (and hence allowing institutions to use the equities composing these indices as eligible collateral) should mainly consist of equities that can reasonably be expected to be realisable when an institution needs to liquidate them. It was assumed that that would be the case when at least 90 % of the components of an index have a free float of at least EUR 500000000 or, in the absence of information about free float, a market capitalisation of at least EUR 1000000000. That assumption remains unchanged. (2) Implementing Regulation (EU) 2016/1646 also specifies that institutions should also have the possibility to recognise as eligible collateral instruments included in main indices that do not meet the abovementioned criteria, but whose components are sufficiently traded, and considers new criteria for the identification of those indices. However, experience has demonstrated that those criteria, defined with respect to the market in which an index is based, are difficult to apply against a main index established in a third country, as they require collecting data for all the shares admitted to trading in that market. That difficulty has inhibited the proper achievement of the objective of Regulation (EU) No 575/2013 to ensure a minimum threshold of liquidity of the index components. It is therefore necessary to lay down new criteria that would address the identified shortcomings. Those new criteria should ensure the adequacy of the instruments as eligible collateral and hence, ensure a sufficient liquidity threshold independently from the market on which an index is based, where two conditions related to standard market liquidity indicators are fulfilled. The first condition should require that at least 80 % of the components of an index have a free float of at least EUR 25000000 or, in the absence of information about free float, a market capitalisation of at least EUR 50000000. The second condition should require that all components of the index

having a market capitalisation smaller than or equal to EUR 10000000000 have a minimum average daily turnover of EUR 500000 and all components of the index having a market capitalisation greater than EUR 10000000000 have a minimum average daily turnover of EUR 1000000. The average daily turnover should be calculated over the 12 months of the calendar year preceding the assessment, or where applicable, the period of the 12 months of the preceding calendar year during which the financial instrument was available for trading. (3) The definition of recognised exchange, laid down in Article 4(1), point (72), of Regulation (EU) No 575/2013, was most recently amended by Regulation (EU) 2019/2033 of the European Parliament and of the Council Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the prudential requirements of investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ L 314, 5.12.2019, p. 1). . That amendment consisted of the addition, in point (a) of that point (72), of the words or a third-country market that is considered to be equivalent to a regulated market in accordance with the procedure set out in point (a) of Article 25(4) of Directive 2014/65/EU of the European Parliament and of the Council. Due to that amendment, recognised exchanges are no longer restricted to regulated markets only. That amendment should be reflected in Implementing Regulation (EU) 2016/1646 by including in that Regulation those exchanges for which the Commission has adopted an equivalence decision pursuant to Article 25(4), point (a), of Directive 2014/65/EU of the European Parliament and of the Council Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349). . (4) Following the withdrawal of the United Kingdom from the Union pursuant to Article 50 of the Treaty on European Union, the Treaties have ceased to apply to the United Kingdom from 1 February 2020 and the United Kingdom is now a third country. At present, the Commission has not adopted an equivalence decision in accordance with Article 25(4), point (a), of Directive 2014/65/EU in respect of the United Kingdom. It is therefore necessary to exclude from the list of recognised exchanges those exchanges established in the United Kingdom. (5) Certain changes have occurred in the market structure since the entry into force of Implementing Regulation (EU) 2016/1646, particularly as regards the appearance of new exchanges, mergers, name changes or cessation of activities. Those changes should be reflected in Implementing Regulation (EU) 2016/1646. (6) Implementing Regulation (EU) 2016/1646 should therefore be amended accordingly. (7) This Regulation is based on the draft implementing technical standards submitted to the Commission by the European Securities and Markets Authority (ESMA).

(8) ESMA has conducted open public consultation on the draft implementing technical standards on which this Regulation is based, analysed the potential related costs and benefits and has requested the advice 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 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). . HAS ADOPTED THIS REGULATION:

Article 1

Amendments to Implementing Regulation (EU) 2016/1646 Implementing Regulation (EU) 2016/1646 is amended as follows: (1) Annex I to Implementing Regulation (EU) 2016/1646 is replaced by the text set out in Annex I to this Regulation. (2) Annex II to Implementing Regulation (EU) 2016/1646 is replaced by the text set out in Annex II to this Regulation.

Article 2

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, 24 March 2022. For the Commission The President Ursula von der Leyen

Annex

ANNEX I MAIN INDICES SPECIFIED UNDER ARTICLE 197 OF REGULATION (EU) No 575/2013 Table 1 Equity indices IndexCountry/AreaAustrian Traded IndexAustriaBEL 20BelgiumCETOP20Central EuropeCNX 100IndiaCSI 300 IndexChinaEGX 30EgyptFTSE 350UKFTSE All World EuropeEuropeFTSE All-World IndexGlobalFTSE MIBItalyFTSE Nasdaq Dubai UAE 20 IndexUAEFTSE RAFI Emerging IndexEmerging marketsFTSE Straits Times IndexSingaporeFTSE/JSE Capped Top 40South AfricaFTSE/JSE Industrial 25South AfricaHang Seng Mainland 100 IndexHong KongHDAXGermanyIBEX 35SpainIBOVESPABrazilISEQ 20IrelandKOSPI 100South KoreaMSCI ACWI IndexGlobalMSCI EM 50Emerging marketsNASDAQ-100USANikkei 300JapanNYSE ARCA China IndexChinaOBXNorwayOMX Copenhagen 25DenmarkOMX Helsinki 25FinlandOMXS60SwedenQatar Exchange General IndexQatarS&P 500USAS&P BSE 100India S&P Latin America 40Latin AmericaS&P/ASX 100AustraliaS&P/BMV IPCMexicoS&P/NZX 10New ZealandS&P/TSX 60CanadaSBF 120FranceSET 50ThailandSMI ExpandedSwitzerlandSTOXX Asia/Pacific 600Asia/PacificSTOXX Europe 600EuropeTOPIX Mid 400JapanTSEC Taiwan 50TaiwanWIG20Poland

Annex

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 MIC codes not available on the ISO 10383 – Codes for exchanges and market identification list Regulated marketMICAIAF – MERCADO DE RENTA FIJAXDRF, SENDATHENS EXCHANGE SECURITIES MARKETXATHBADEN-WUERTTEMBERGISCHE WERTPAPIERBOERSESTUC, STUABOERSE BERLINBERC, BERA, EQTB, EQTABOERSE DUESSELDORFDUSC, DUSABOERSE MUENCHENMUNC, MUNABOLSA DE BARCELONAXBAR, SBARBOLSA DE BILBAOXBIL, SBILBOLSA DE MADRIDXMAD, MERFBOLSA DE VALENCIAXVALBONDSPOT SECURITIES MARKETRPWCBOURSE DE LUXEMBOURGXLUXBRATISLAVA STOCK EXCHANGEXBRABUCHAREST STOCK EXCHANGEXBSEBUDAPEST STOCK EXCHANGEXBUDBULGARIAN STOCK EXCHANGE – SOFIA JSCXBULCBOE EUROPECCXECME AMSTERDAMBTAMCYPRUS STOCK EXCHANGEXCYSELECTRONIC BOND MARKETMOTXELECTRONIC ETF AND ETC/ETN MARKET – ETFplusETFPELECTRONIC SECONDARY SECURITIES MARKETHDATELECTRONIC SHARE MARKETMTAAEURONEXT AMSTERDAMXAMSEURONEXT BRUSSELSXBRUEURONEXT DUBLINXMSMEURONEXT EXPANDXOASEURONEXT LISBONXLISEURONEXT OSLOXOSLEURONEXT PARISXPARFRANKFURTER WERTPAPIERBOERSE (REGULIERTER MARKT)FRAA, XETA

HANSEATISCHE WERTPAPIERBOERSE HAMBURG (REGULIERTER MARKT)HAMA, HAMMLJUBLJANA STOCK EXCHANGE OFFICIAL MARKETXLJUMALTA STOCK EXCHANGEXMAL, IFSMMARKET FOR INVESTMENT VEHICLES (MIV)MIVXMTS GOVERNMENT MARKETMTSCNASDAQ COPENHAGENXCSENASDAQ HELSINKIXHELNASDAQ ICELANDXICENASDAQ RIGAXRISNASDAQ STOCKHOLMXSTONASDAQ TALLINNXTALNASDAQ VILNIUSXLITNIEDERSAECHSISCHE BOERSE ZU HANNOVER (REGULIERTER MARKT)HANANORDIC GROWTH MARKET NGMXNGMNXCHANGEXNXCPRAGUE STOCK EXCHANGEXPRARM-SYSTEM CZECH STOCK EXCHANGEXRMZTRADEGATE EXCHANGE (REGULIERTER MARKT)XGRMVIENNA STOCKEXCHANGE OFFICIAL MARKET (AMTLICHER HANDEL)WBAHWARSAW STOCK EXCHANGEXWAR, WBON, WETPZAGREB STOCK EXCHANGEXZAGASX LIMITEDXASXCHI-X AUSTRALIA PTY LTDCHIATHE STOCK EXCHANGE OF HONG KONG LIMITED (SEHK)SHKGBOX OPTIONS EXCHANGE LLCXBOXCBOE BYX EXCHANGE, INC. (FORMERLY BATS BYX EXCHANGE, INC.; BATS Y-EXCHANGE, INC.)BATYCBOE BZX EXCHANGE, INC. (FORMERLY BATS BZX EXCHANGE, INC.; BATS EXCHANGE, INC.)BATSCBOE C2 EXCHANGE, INC.C2OXCBOE EDGA EXCHANGE, INC. (FORMERLY BATS EDGA EXCHANGE, INC.; EDGA EXCHANGE, INC.)EDGACBOE EDGX EXCHANGE, INC. (FORMERLY BATS EDGX EXCHANGE, INC.; EDGX EXCHANGE, INC.)EDGXCBOE EXCHANGE, INC.CBSXCHICAGO STOCK EXCHANGE, INC.XCHITHE INVESTORS EXCHANGE LLCIEXGMIAMI INTERNATIONAL SECURITIES EXCHANGEXMIO MIAX PEARL, LLCMPRLNASDAQ BX, INC. (FORMERLY NASDAQ OMX BX, INC.; BOSTON STOCK EXCHANGE)BOSDNASDAQ GEMX, LLC (FORMERLY ISE GEMINI)GMNINASDAQ ISE, LLC (FORMERLY INTERNATIONAL SECURITIES EXCHANGE, LLC)XISXNASDAQ MRX, LLC (FORMERLY ISE MERCURY)MCRYNASDAQ PHLX LLC (FORMERLY NASDAQ OMX PHLX, LLC; PHILADELPHIA STOCK EXCHANGE)XPHLTHE NASDAQ STOCK MARKETXNASNEW YORK STOCK EXCHANGE LLCXNYSNYSE ARCA, INC.ARCXAQUA SECURITIES L.P.AQUAATS-1MSTXATS-4MSPLATS-6MSRPBARCLAYS ATSBARXBARCLAYS DIRECTEXBCDXBIDS TRADING, L.P.BIDSCIOICIOICITIBLOCCBLCCITICROSSCICXCODA MARKETS, INCCODACREDIT SUISSE SECURITIES (USA) LLCCAESDEUTSCHE BANK SECURITIES, INCDBSXEBX LLCLEVLINSTINCT XBAMLINSTINET CONTINUOUS BLOCK CROSSING SYSTEM (CBX)ICBXINSTINET, LLC (INSTINET CROSSING, INSTINET BLX)XINSINSTINET, LLC (BLOCKCROSS)BLKXJPB-XJPBXJ.P. MORGAN ATS (JPM-X)JPMXJSVC LLCLIQUIDNET H2O ATSLIUHLIQUIDNET NEGOTIATION ATSLIUSLUMINEX TRADING & ANALYTICS LLCLMNXNATIONAL FINANCIAL SERVICES, LLCNFSCPOSITITGISIGMA X2SGMT SPOT QUOTE LLCSPREAD ZERO LLCUBS ATSUBSSUSTOCKTRADEVIRTU MATCHITVFMIXEPJCX Table 2 Recognised exchanges on which contracts listed in Annex II of Regulation (EU) No 575/2013 are traded Regulated marketMICATHENS EXCHANGE DERIVATIVES MARKETXADEBUDAPEST STOCK EXCHANGEXBUDCBOE DERIVATIVESCDEXEUREX DEUTSCHLANDXEUREURONEXT BRUSSELS DERIVATIVESXBRDEURONEXT COM, COMMODITIES FUTURES AND OPTIONSXEUCEURONEXT EQF, EQUITIES AND INDICES DERIVATIVESXEUEEUROPEAN ENERGY EXCHANGEXEEE, XEERFISH POOLFISHHENEX FINANCIAL ENERGY MARKET – DERIVATIVES MARKETHEDEHUDEX ENERGY EXCHANGEHUDXICE ENDEX MARKETSNDEXITALIAN DERIVATIVES MARKETXDMIMATIFXMATMEFF EXCHANGEXMRV, XMPW, XMFXMERCADO DE FUTUROS E OPCOESMFOXMONEPXMONNASDAQ OSLONORXNASDAQ STOCKHOLMXSTONOREXECONEXOOMIP – POLO PORTUGUESOMIPOSLO BØRSXOSLWARSAW STOCK EXCHANGE/COMMODITIES/POLISH POWER EXCHANGE/COMMODITY DERIVATIVESPLPDWARSAW STOCK EXCHANGE/FINANCIAL DERIVATIVESWDER