+Article 54 Exclusion of certain contractual terms in early intervention and resolution
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Article 54 Exclusion of certain contractual terms in early intervention and resolution
1. Overview
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Regulation |
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Article 54 1
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1. A crisis prevention measure or a resolution action taken in accordance with this Regulation, or any event directly linked to the application of that action, shall not be deemed to be insolvency proceedings, an enforcement event or an event of default within the meaning of Directive 98/26/EC, Directive 2002/47/EC and Regulation (EU) No 575/2013 respectively provided that the substantive obligations under the contract, including payment and delivery obligations, and the provision of collateral, continue to be performed.
For the purposes of the first subparagraph of this paragraph, third-country resolution proceedings recognised pursuant to Article 77, or otherwise where the resolution authority so decides, shall be considered a resolution action taken in accordance with this Regulation.
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Article 54 2
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2. A crisis prevention measure or a resolution action referred to in paragraph 1 shall not be used to:
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(a)
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exercise any termination, suspension, modification, netting or set-off rights, including in relation to a contract entered into by any entity of the group to which the CCP belongs which includes cross-default provisions or obligations which are guaranteed or otherwise supported by any group entity;
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(b)
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obtain possession, exercise control or enforce any security over any property of the CCP concerned or any group entity in relation to a contract which includes cross-default provisions; or
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(c)
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affect any contractual rights of the CCP concerned or any group entity in relation to a contract which includes cross-default provisions.
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1.1 References
1.2 Identified Requirements
1.3 Related Standards
2. Identified Requirements
Requirements
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Requirement |
3. Related Standards
Standards
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Requirement |
- Builddate: 22.01.2021 00:00:00 -Doknr: CELEX:32021R0023
- EULAW -
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