{
  "url": "https://openlegislation.uk/eu-regulation-2017-390/article-9",
  "json_url": "https://openlegislation.uk/eu-regulation-2017-390/article-9.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/9",
  "kind": "article",
  "number": "9",
  "heading": "General rules on collateral and other equivalent financial resources",
  "text": "1. A CSD-banking service provider shall fulfil the following conditions with regard to collateral:\n(a) it shall clearly distinguish the collateral from the other securities of the borrowing participant;\n(b) it shall accept collateral that meets the conditions of Article 10, or other types of collateral that meet the requirements of Article 11 in the following hierarchy:\n(i) firstly accept as collateral all the securities in the account of the borrowing participant that meet the requirements of Article 10 and only those;\n(ii) secondly accept as collateral all the securities in the account of the borrowing participant that meet the requirements set out in Article 11(1) and only those;\n(iii) finally accept as collateral all the securities in the account of the borrowing participant that meet the requirements set out in Article 11(2), within the limits of available qualifying liquid resources referred to in Article 34 with the view to meeting the minimum liquid resources requirement referred to in Article 35(3);\n(c) it shall monitor on at least a daily basis the credit quality, market liquidity and price volatility of each security accepted as collateral and value it in accordance with Article 12;\n(d) it shall specify methodologies related to the haircuts applied to the collateral value in accordance with Article 13;\n(e) it shall ensure that the collateral remains sufficiently diversified to allow its liquidation within the periods referred to in Articles 10 and 11 without a significant market impact, in accordance with Article 14.\n2. Collateral shall be provided by the counterparties under a security financial collateral arrangement as defined in point (c) of Article 2(1) of Directive 2002/47/EC of the European Parliament and of the Council or under a title transfer financial collateral arrangement as defined in point (b) of Article 2(1) of that Directive.\n3. A CSD-banking service provider shall fulfil the conditions of Article 15 and 16 with regard to other equivalent financial resources.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eur/2017/390/article/9",
    "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."
}