The Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Calculation of Maximum Amounts for Cash Calls and Use of Specified Funds) Regulations 2023
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1 Citation, commencement, extent and interpretation
(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Calculation of Maximum Amounts for Cash Calls and Use of Specified Funds) Regulations 2023. (2) These Regulations come into force on 31st December 2023. (3) These Regulations extend to England and Wales, Scotland and Northern Ireland. (4) In these Regulations— “contribution” means the sum of money a clearing member is required to pay to the CCP that is attributed to a prefunded default fund; “default loss” means loss incurred by the CCP arising as a result of a clearing member defaulting on its obligations to the CCP; “excess collateral” means any collateral held by the CCP in the name of a clearing member in excess of the collateral which that clearing member is required by the CCP to place with the CCP; “non-default loss” means loss incurred by the CCP arising otherwise than as a result of a clearing member defaulting on its obligations to the CCP; “prefunded default fund” means a default fund that is maintained by the CCP under Article 42(1) of EMIR in relation to a particular class, or to particular classes, of instruments; “relevant prefunded default fund” means the prefunded default fund which the CCP maintains in relation to the class, or classes, of instruments to which the default loss relates; “specified funds” means any of the following types of funds held by the CCP— money which was paid to the CCP by a clearing member to cover the CCP’s potential future exposure in the event of default by that clearing member; money which was paid to the CCP as a contribution to a prefunded default fund by a clearing member; or money which, at the end of the period for payment specified in the cash call instrument, is excess collateral held by the CCP in the name of a clearing member.
1 Citation, commencement, extent and interpretation
(1) These Regulations may be cited as the Financial Services and Markets Act 2023 (Resolution of Central Counterparties: Calculation of Maximum Amounts for Cash Calls and Use of Specified Funds) Regulations 2023. (2) These Regulations come into force on 31st December 2023. (3) These Regulations extend to England and Wales, Scotland and Northern Ireland. (4) In these Regulations— “contribution” means the sum of money a clearing member is required to pay to the CCP that is attributed to a prefunded default fund; “default loss” means loss incurred by the CCP arising as a result of a clearing member defaulting on its obligations to the CCP; “excess collateral” means any collateral held by the CCP in the name of a clearing member in excess of the collateral which that clearing member is required by the CCP to place with the CCP; “non-default loss” means loss incurred by the CCP arising otherwise than as a result of a clearing member defaulting on its obligations to the CCP; “prefunded default fund” means a default fund that is maintained by the CCP under Article 42(1) of EMIR in relation to a particular class, or to particular classes, of instruments; “relevant prefunded default fund” means the prefunded default fund which the CCP maintains in relation to the class, or classes, of instruments to which the default loss relates; “specified funds” means any of the following types of funds held by the CCP— money which was paid to the CCP by a clearing member to cover the CCP’s potential future exposure in the event of default by that clearing member; money which was paid to the CCP as a contribution to a prefunded default fund by a clearing member; or money which, at the end of the period for payment specified in the cash call instrument, is excess collateral held by the CCP in the name of a clearing member.
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