{
  "url": "https://openlegislation.uk/eu-regulation-2013-153/annex-II/division-1",
  "json_url": "https://openlegislation.uk/eu-regulation-2013-153/annex-II/division-1.json",
  "legislation": "eur/2013/153",
  "legislation_title": "Commission Delegated Regulation (EU) No 153/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on requirements for central counterparties (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2013-153",
  "path": "annex/II/division/1",
  "kind": "division",
  "number": "1",
  "heading": "For the purposes of Article 47(1) of Regulation (EU) No 648/2012, financial instruments can be considered highly liquid financial instruments, bearing minimal credit and market risk if they are debt instruments meeting each of the following conditions:",
  "text": "(a) they are issued or explicitly guaranteed by:\n(i) a government;\n(ii) a central bank;\n(iii) a multilateral development bank as listed under Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC;\n(iv) the European Financial Stability Facility or the European Stability Mechanism where applicable;\n(b) the CCP can demonstrate that they have low credit and market risk based upon an internal assessment by the CCP. In performing such assessment the CCP shall employ a defined and objective methodology that shall not fully rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;\n(c) the average time-to-maturity of the CCP’s portfolio does not exceed two years;\n(d) they are denominated in one of the following currencies:\n(i) a currency the risks of which the CCP can demonstrate that it is able to manage; or\n(ii) a currency in which the CCP clears transactions, in the limit of the collateral received in that currency;\n(e) they are freely transferable and without any regulatory constraint or third party claims that impair liquidation;\n(f) they have an active outright sale or repurchase agreement market, with a diverse group of buyers and sellers, including in stressed conditions and to which the CCP has reliable access;\n(g) reliable price data on these instruments are published on a regular basis.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2013/153/annex/II/division/1",
    "retrieved_at": "2026-11-01T14:48:50.528950+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}