+Article 69 Partial transfers: protection of trading, clearing and settlement systems
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Article 69 Partial transfers: protection of trading, clearing and settlement systems
1. Overview
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Regulation |
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Article 69 1
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1. The resolution authority shall ensure that the application of a resolution tool does not affect the operation of systems and rules of systems covered by Directive 98/26/EC, where the resolution authority:
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(a)
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transfers some but not all of the assets, rights, obligations or liabilities of a CCP under resolution to another entity;
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(b)
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cancels or amends the terms of a contract to which the CCP under resolution is a party or substitutes a purchaser or bridge CCP as a party.
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Article 69 2
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2. For the purposes of paragraph 1 of this Article, the resolution authority shall ensure that the application of a resolution tools does not result in any of the following outcomes:
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(a)
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revoking a transfer order in accordance with Article 5 of Directive 98/26/EC;
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(b)
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affecting the enforceability of transfer orders and netting as required by Articles 3 and 5 of Directive 98/26/EC;
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(c)
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affecting the use of funds, securities or credit facilities as required by Article 4 of Directive 98/26/EC;
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(d)
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affecting the protection of collateral security as required by Article 9 of Directive 98/26/EC.
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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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