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🔗 Back to Summary. 🇫🇷 French Version: 2013R0153_FR.58. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 57 – Reverse stress tests ⬅️ | ➡️ Article 59 – Frequency
Références LVL1 <=> LVL2
Level 1 reference(s): 2012R0648_EN.49
Article 58 - Testing default procedures
1.
A CCP shall test and review its default procedures to ensure they are both practical and effective. A CCP shall perform simulation exercises as part of the testing of its default procedures.
2.
A CCP shall, following testing of its default procedures, identify any uncertainties and appropriately adapt its procedures to mitigate such uncertainty.
3.
A CCP shall, through conducting simulation exercises, verify that all clearing members, where appropriate, clients and other relevant parties including interoperable CCP’s and any related service providers, are duly informed and know the procedures involved in a default scenario.