# 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), Article 7: Capital requirements for winding-down or restructuring

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

A CSD shall calculate its capital requirements for winding down or restructuring by applying the following steps in sequence:
(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;
(b) divide the CSD's annual gross operational expenses determined in accordance with Article 6(3) by twelve (‘monthly gross operational expenses’);
(c) multiply the monthly gross operational expenses referred to in point (b) by the longer of the following points:
(i) the time span referred to in point (a);
(ii) six months.

---
Source: https://www.legislation.gov.uk/eur/2017/390/article/7 (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-390/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.