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🔗 Back to Summary. 🇫🇷 French Version: 2018R1229_FR.22. Back to Summary of LVL1. Open the PDF. Direct link to EUR-LEX.
Article 21 – Buy-in not possible ⬅️ | ➡️ Article 23 – Application of partial settlement
Références LVL1 <=> LVL2
Level 1 reference(s): 2014R0909_EN.7 > 4#b
Article 22 - Ineffective buy-in process
1.
For the purposes of point (b) of 2014, the following operations shall be considered to be composed of several transactions:
(a)
operations where one party sells financial instruments for cash (‘first transaction’), with a commitment of the other party to sell equivalent financial instruments to the first party for a price that is determined or determinable (‘second transaction’);
(b)
operations where one party transfers financial instruments to another party (‘first transaction’), with a commitment of that other party to return equivalent financial instruments to the first party (‘second transaction’).
2.
Where paragraph 1 applies, the buy-in process shall be considered ineffective where the intended settlement date of the second transaction is set within 30 business days after the intended settlement date of the first transaction.