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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Change 1
2 Maximum amount of cash – default loss
(1) Where a CCP has incurred default loss that relates to a class or classes of instruments, in respect of which the CCP maintains one prefunded default fund, the maximum amount of cash that may be specified in relation to a clearing member is two times that clearing member’s contribution to the relevant prefunded default fund. (2) Where a CCP has incurred default loss that relates to a class or classes of instruments, in respect of which the CCP maintains more than one prefunded default fund, the maximum amount of cash that may be specified in relation to a clearing member (“C”) is two times C’s contribution to each relevant prefunded default fund. (3) The maximum amount in paragraph (2) must be calculated separately in relation to each prefunded default fund to which C is required to contribute. (4) It is irrelevant— (a) for the purposes of a calculation under paragraph (2), whether the maximum amount under paragraph (2) has been specified in relation to C’s contributions to another prefunded default fund; or (b) for the purposes of a calculation under either paragraph (1) or paragraph (2), whether the maximum amount as calculated under regulation 3(1) has been specified. (5) In this regulation, “specified” means either the amount specified in a cash call instrument, or the cumulative amount specified in multiple cash call instruments, as applicable.
2 Maximum amount of cash – default loss
(1) Where a CCP has incurred default loss that relates to a class or classes of instruments, in respect of which the CCP maintains one prefunded default fund, the maximum amount of cash that may be specified in relation to a clearing member is two times that clearing member’s contribution to the relevant prefunded default fund. (2) Where a CCP has incurred default loss that relates to a class or classes of instruments, in respect of which the CCP maintains more than one prefunded default fund, the maximum amount of cash that may be specified in relation to a clearing member (“C”) is two times C’s contribution to each relevant prefunded default fund. (3) The maximum amount in paragraph (2) must be calculated separately in relation to each prefunded default fund to which C is required to contribute. (4) It is irrelevant— (a) for the purposes of a calculation under paragraph (2), whether the maximum amount under paragraph (2) has been specified in relation to C’s contributions to another prefunded default fund; or (b) for the purposes of a calculation under either paragraph (1) or paragraph (2), whether the maximum amount as calculated under regulation 3(1) has been specified. (5) In this regulation, “specified” means either the amount specified in a cash call instrument, or the cumulative amount specified in multiple cash call instruments, as applicable.
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