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🔗 Back to Summary. 🇫🇷 French Version: 2018R1229_FR.21. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 20 – CSDs that use a common settlement infrastructure ⬅️ | ➡️ Article 22 – Ineffective buy-in process
Article 21 - Buy-in not possible
A buy-in shall only be considered not possible where:
(a)
the relevant financial instruments no longer exist;
(b)
for transactions not cleared by a CCP, the failing trading venue member or the failing trading party is subject to insolvency proceedings.
For the purposes of point (b), insolvency proceeding shall mean any collective measure provided for in the law of a Member State, or a third country, either to wind up the trading venue member or trading party or to reorganise it, where such measure involves the suspension or imposition of limitations on transfers or payments.