+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. Ħarsa ġenerali

,
Article 69 1

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:

(a)

transfers some but not all of the assets, rights, obligations or liabilities of a CCP under resolution to another entity;

(b)

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.
Article 69 2

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:

(a)

revoking a transfer order in accordance with Article 5 of Directive 98/26/EC;

(b)

affecting the enforceability of transfer orders and netting as required by Articles 3 and 5 of Directive 98/26/EC;

(c)

affecting the use of funds, securities or credit facilities as required by Article 4 of Directive 98/26/EC;

(d)

affecting the protection of collateral security as required by Article 9 of Directive 98/26/EC.

1.1 Referenzi

1.2 Rekwiżiti identifikati

1.3 Standards relatati

2. Rekwiżiti identifikati

Rekwiżiti

3. Standards relatati

Standards