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🔗 Back to Summary. 🇫🇷 French Version: 2021R0023_FR.69. Open the PDF. Direct link to EUR-LEX.
Article 68 – Protection for structured finance arrangements and covered bonds ⬅️ | ➡️ Article 70 – Notification requirements
Article 69 - Partial transfers: protection of trading, clearing and settlement systems
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.
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.