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
3 Maximum amount of cash – non-default loss
(1) Where a CCP has incurred non-default loss, the maximum amount of cash that may be specified in relation to a clearing member is three times that clearing member’s contributions to all prefunded default funds. (2) It is irrelevant for the purpose of a calculation under paragraph (1) whether any maximum amount as calculated under regulation 2(1) or (2) has been specified. (3) In this regulation, “specified” has the same meaning as in regulation 2(5).
3 Maximum amount of cash – non-default loss
(1) Where a CCP has incurred non-default loss, the maximum amount of cash that may be specified in relation to a clearing member is three times that clearing member’s contributions to all prefunded default funds. (2) It is irrelevant for the purpose of a calculation under paragraph (1) whether any maximum amount as calculated under regulation 2(1) or (2) has been specified. (3) In this regulation, “specified” has the same meaning as in regulation 2(5).
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