# 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), Division 1: 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:

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

(a) they are issued or explicitly guaranteed by:
(i) a government;
(ii) a central bank;
(iii) a multilateral development bank as listed under Section 4.2 of Part 1 of Annex VI to Directive 2006/48/EC;
(iv) the European Financial Stability Facility or the European Stability Mechanism where applicable;
(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;
(c) the average time-to-maturity of the CCP’s portfolio does not exceed two years;
(d) they are denominated in one of the following currencies:
(i) a currency the risks of which the CCP can demonstrate that it is able to manage; or
(ii) a currency in which the CCP clears transactions, in the limit of the collateral received in that currency;
(e) they are freely transferable and without any regulatory constraint or third party claims that impair liquidation;
(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;
(g) reliable price data on these instruments are published on a regular basis.

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Source: https://www.legislation.gov.uk/eur/2013/153/annex/II/division/1 (the official version)
Page: https://openlegislation.uk/eu-regulation-2013-153/annex-II/division-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.