Article 311 Own Funds Requirements for Exposures to CCPs that Cease to Meet Certain Conditions
1.
Institutions shall apply the treatment set out in this Article where it has become known to them, following a public announcement or notification from the competent authority of a CCP used by those institutions or from that CCP itself, that the CCP will no longer comply with the conditions for authorisation or recognition, as applicable.
- 01/01/2022
2.
Where the condition set out in paragraph 1 is met, institutions shall, within three months of becoming aware of the circumstance referred to therein, do the following with respect to their exposures to that CCP:
- (a) apply the treatment set out in point (b) of Article 306(1) to their trade exposures to that CCP;
- (b) apply the treatment set out in Article 309 to their pre-funded contributions to the default fund of that CCP and to its unfunded contributions to that CCP;
- (c) treat their exposures to that CCP, other than the exposures listed in points (a) and (b) of this paragraph, as exposures to a corporate in accordance with the Standardised Approach for credit risk set out in Chapter 2.
[Note: This rule corresponds to Article 311 of the CRR as it applied immediately before revocation by the Treasury.]
- 01/01/2022