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Application provision

1.1 This Part applies to every firm that is a CRR firm.



In accordance with Article 380 of the CRR, where a system wide failure of a settlement system, a clearing system or a CCP occurs, the own funds  requirements calculated as set out in Articles 378 and 379 of the CRR are waived until the situation is rectified. In this case, the failure of a counterparty to settle a trade shall not be deemed a default for purposes of credit risk.

Additional Notes

[Note: Art. 380 of the CRR]