The Contracts for Difference (Electricity Supplier Obligations) Regulations 2014
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Change 1
33 Apportioning sums to CFDs
(1) This regulation applies where the CFD counterparty is unable fully to meet its liabilities under a CFD. (2) For the purposes of this regulation the term “unable fully to meet its liabilities under a CFD” includes liabilities under a connected agreement. (3) The CFD counterparty is unable fully to meet its liabilities under a CFD when the total amount held by the CFD counterparty at any time is less than the total amount of CFD counterparty payments it must pay at that time. (4) Where this regulation applies, the amount which may be used to make CFD counterparty payments in relation to a particular CFD or connected agreement is the amount given by— A H � ( O G O A ) where— AH is the total amount held by the CFD counterparty; OG is the amount of CFD counterparty payments owed in relation to that CFD or connected agreement; and OA is the total amount of CFD counterparty payments which the CFD counterparty owes. (5) An amount is held by the CFD counterparty if it is in possession of that amount and— (a) it is an amount paid to it by electricity suppliers under these Regulations, other than an amount paid under or by virtue of regulation 23(1) or 23(6), or provided under regulation 19(2); (b) it is an amount treated as a payment by an electricity supplier to the CFD counterparty by virtue of regulation 21(4) or (5) or regulation 30(3); (c) it is an amount of collateral which was provided in the form of cash and the CFD counterparty is entitled to call that collateral by virtue of regulation 21; (d) it is an amount received as a CFD party payment by the CFD counterparty; or (e) it is any other amount provided to the CFD counterparty for the purpose of making CFD counterparty payments.
33 Apportioning sums to CFDs
(1) This regulation applies where the CFD counterparty is unable fully to meet its liabilities under a CFD. (2) For the purposes of this regulation the term “unable fully to meet its liabilities under a CFD” includes liabilities under a connected agreement. (3) The CFD counterparty is unable fully to meet its liabilities under a CFD when the total amount held by the CFD counterparty at any time is less than the total amount of CFD counterparty payments it must pay at that time. (4) Where this regulation applies, the amount which may be used to make CFD counterparty payments in relation to a particular CFD or connected agreement is the amount given by— A H � ( O G O A ) where— AH is the total amount held by the CFD counterparty; OG is the amount of CFD counterparty payments owed in relation to that CFD or connected agreement; and OA is the total amount of CFD counterparty payments which the CFD counterparty owes. (5) An amount is held by the CFD counterparty if it is in possession of that amount and— (a) it is an amount paid to it by electricity suppliers under these Regulations, other than an amount paid under or by virtue of regulation 23(1) or 23(6), or provided under regulation 19(2); (b) it is an amount treated as a payment by an electricity supplier to the CFD counterparty by virtue of regulation 21(4) or (5) or regulation 30(3); (c) it is an amount of collateral which was provided in the form of cash and the CFD counterparty is entitled to call that collateral by virtue of regulation 21; (d) it is an amount received as a CFD party payment by the CFD counterparty; or (e) it is any other amount provided to the CFD counterparty for the purpose of making CFD counterparty payments.
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