+Article 51 Power to require the provision of services and facilities
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Article 51 Power to require the provision of services and facilities

1. Overview

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Article 51 1

1.   The resolution authority may require a CCP under resolution, any entity belonging to the same group as the CCP or any of the CCP’s clearing members to provide any services or facilities that are necessary to enable a purchaser or bridge CCP to operate effectively the business transferred to it.

The first subparagraph shall apply regardless of whether an entity in the same group as the CCP or one of the CCP’s clearing members has entered into normal insolvency proceedings or is itself under resolution.
Article 51 2

2.   The resolution authority may enforce obligations imposed, pursuant to paragraph 1, by resolution authorities in other Member States where those powers are exercised in relation to entities belonging to the same group as the CCP under resolution, or in relation to the clearing members of that CCP.
Article 51 3

3.   The services and facilities referred to in paragraph 1 shall not include any form of financial support.
Article 51 4

4.   The services and facilities provided pursuant to paragraph 1 shall be provided:

(a)

on the same commercial terms on which they were provided to the CCP immediately before the resolution action was taken, where an agreement for the purposes of providing those services and facilities exists; or

(b)

on reasonable commercial terms, where there is no agreement for the purposes of providing those services and facilities or where that agreement has expired.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards