3. Resolution authorities shall apply the position allocation tool referred to in Article 29 in order to rematch the book of the CCP or bridge CCP where relevant.
Resolution authorities shall apply the loss allocation tools referred to in Articles 30 and 31 for any of the following purposes:
|
(a)
|
to cover the losses of the CCP assessed in accordance with Article 25;
|
|
(b)
|
to restore the ability of the CCP to meet payment obligations as they fall due;
|
|
(c)
|
to achieve the outcome referred to in points (a) and (b) in relation to a bridge CCP;
|
|
(d)
|
to support the transfer of the CCP’s business by way of the sale of business tool to a solvent third party.
|
The loss allocation tool referred to in Article 30 may be applied by the resolution authorities in relation to losses arising from a default event and in relation to losses arising from a non-default event. If the loss allocation tool referred to in Article 30 is applied in relation to losses arising from a non-default event, it shall only be applied up to a cumulative amount equivalent to the non-defaulting clearing members’ contribution to the CCP’s default funds and distributed among clearing members proportionally to their contributions to the default funds.