+Article 7 3.

Article 7 3.

The penalty mechanism referred to in paragraph 2 shall not apply to:

(a) 

settlement fails the underlying cause of which is not attributable to the participants in the transaction;

(b) 

operations that are not considered as trading;

(c) 

transactions where the failing participant is a CCP, except for transactions entered into by a CCP where it does not interpose itself between the counterparties; or

(d) 

transactions where insolvency proceedings are opened against the failing participant.

1. Przegląd

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1.1 Odwołania

1.2 Zidentyfikowane wymagania

1.3 Powiązane normy

2. Zidentyfikowane wymagania

Wymagania

3. Powiązane normy

Normy