Paragraph 2

An SEC-registered CCP specified in paragraph 3 is only specified for the purposes of regulation 2 where its internal rules and procedures include requirements equivalent to the following—

(a)

in relation to all derivative contracts^f1, at least one of the three options set out in paragraphs (a) to (c) of Article 28(1) (procyclicality) of the Regulatory Technical Standards,

(b)

in relation to derivative contracts executed on a regulated market, the requirement in Article 26(1)(b) (time horizons for the liquidation period) of the Regulatory Technical Standards, and

(c)

the requirement in Article 43(2) of EMIR (financial resources) relating to the default fund referred to in Article 42 and the other financial resources referred to in Article 43(1).

Annotations

Footnotes

f1: “derivative contract” is defined in Article 2 of EUR 2012/648.