# Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (Text with EEA relevance), Article 380: Waiver

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

Where a system wide failure of a settlement system, a clearing system or a CCP occurs, competent authorities may waive the own funds requirements calculated as set out in Articles 378 and 379 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.

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Source: https://www.legislation.gov.uk/eur/2013/575/article/380 (the official version)
Page: https://openlegislation.uk/eu-regulation-2013-575/article-380
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.