Article 7 Capital requirements for winding-down or restructuring

A CSD shall calculate its capital requirements for winding down or restructuring by applying the following steps in sequence:

1. (a)

   estimate the time span required for winding-down or restructuring for all of the stress scenarios referred to in the Annex consistently with the plan referred to in Article 47(2) of Regulation (EU) No 909/2014;

2. (b)

   divide the CSD's annual gross operational expenses determined in accordance with Article 6(3) by twelve (‘monthly gross operational expenses’);

3. (c)

   multiply the monthly gross operational expenses referred to in point (b) by the longer of the following points:

   1. (i)

      the time span referred to in point (a);

   2. (ii)

      six months.