# Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 2013 concerning the balance sheet of the monetary financial institutions sector (recast) (ECB/2013/33), Division 1.2: For the purposes both of determining substitutability of deposits and classifying liabilities as deposits:

Extent: E+W+S+N.I.

(a) transferability refers to the possibility of mobilising funds placed in a financial instrument by using payment facilities, such as cheques, transfer orders, direct debits or similar means;
(b) convertibility refers to the possibility and the cost of converting financial instruments into currency or transferable deposits; the loss of fiscal advantages in the case of such conversion may be considered a penalty that reduces the degree of liquidity;
(c) certainty means knowing precisely in advance the capital value of a financial instrument in terms of national currency;
(d) securities quoted and traded regularly on an organised market are considered to be marketable. For shares in open-end collective investment undertakings, there is no market in the usual sense. Nevertheless, investors know the daily quotation of the shares and can withdraw funds at this price.

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Source: https://www.legislation.gov.uk/eur/2013/1071/annex/I/part/1/section/1/division/1.2 (the official version)
Page: https://openlegislation.uk/eu-regulation-2013-1071/annex-I/part-1/section-1/division-1.2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.