{
  "url": "https://openlegislation.uk/eu-regulation-2017-390/article-7",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-390/article-7.json",
  "legislation": "eur/2017/390",
  "legislation_title": "Commission Delegated Regulation (EU) 2017/390 of 11 November 2016 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on certain prudential requirements for central securities depositories and designated credit institutions offering banking-type ancillary services (Text with EEA relevance)",
  "legislation_url": "https://openlegislation.uk/eu-regulation-2017-390",
  "path": "article/7",
  "kind": "article",
  "number": "7",
  "heading": "Capital requirements for winding-down or restructuring",
  "text": "A CSD shall calculate its capital requirements for winding down or restructuring by applying the following steps in sequence:\n(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;\n(b) divide the CSD's annual gross operational expenses determined in accordance with Article 6(3) by twelve (‘monthly gross operational expenses’);\n(c) multiply the monthly gross operational expenses referred to in point (b) by the longer of the following points:\n(i) the time span referred to in point (a);\n(ii) six months.",
  "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/2017/390/article/7",
    "retrieved_at": "2026-11-01T14:45:08.893870+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."
}