12. For the purposes of verifying that the tri-party agent has put in place appropriate safeguards …

For the purposes of verifying that the tri-party agent has put in place appropriate safeguards to prevent breaches of the specified limits and without prejudice to other provisions in these guidelines, institutions should ensure that the service agreement sets out at least the following elements:

• a. a clear description of the services provided by the tri-party agent with regard to collateral management including securities delivery;
• b. the limits set out by the institution and applicable to a portfolio of securities in respect of a given collateral issuer as well as the conditions for their revision and the frequency of revision;
• c. a statement confirming that the tri-party agent has put in place appropriate safeguards in accordance with paragraph 13 to ensure compliance with the specified limits;
• d. the tri-party agent’s monitoring systems, including the communication by the tri-party agent of any development that may have a material impact on its ability to effectively carry out its functions in line with the service agreement and, where applicable, in compliance with the applicable laws and regulatory requirements;
• e. the tri-party agent’s obligation to submit reports to the institution, at least on a weekly basis, on the amount and composition of the collateral received and/or managed by the tri-party agent for the account of the institution;
• f. the tri-party agent’s obligation to report immediately to the institution when a breach of the specified limits has occurred;
• g. the right of the institution or a legitimate third party (inter alia the statutory auditor, the competent authority or third parties appointed by them) to verify that WITH REGARD TO ‘TRI-PARTY REPURCHASE TRANSACTIONS’ AS SPECIFIED IN ARTICLE 403(3) CRR

the tri-party agent has put in place the safeguards in accordance with paragraph 13 of the guidelines;

• h. the communication channels to be used between the institution and the tri-party agent during the performance of the agreement.

4.2.2 Safeguards to be put in place by a tri-party agent to ensure compliance with the specified limits

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

  EN: Guidelines and other publications of the European Banking Authority (EBA), https://www.eba.europa.eu/. © European Banking Authority. Reproduction is authorised provided the source is acknowledged (EBA legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the versions published by the EBA are authoritative.

  DE: Leitlinien und weitere Veröffentlichungen der Europäischen Bankenaufsichtsbehörde (EBA), https://www.eba.europa.eu/. © European Banking Authority. Wiedergabe mit Quellenangabe gestattet (Rechtlicher Hinweis der EBA). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Maßgeblich sind allein die von der EBA veröffentlichten Fassungen.