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
5 Use of specified funds
(1) If a clearing member fails to satisfy its obligations under a cash call instrument, whether in full or in part, the Bank may require the CCP to use one or more specified funds of the clearing member to satisfy all or part of that clearing member’s obligations. (2) A requirement under paragraph (1) may— (a) specify which type, or types, of specified funds must be used; (b) specify the order in which any specified funds must be used; (c) provide that the CCP has discretion as to which specified funds to use.
5 Use of specified funds
(1) If a clearing member fails to satisfy its obligations under a cash call instrument, whether in full or in part, the Bank may require the CCP to use one or more specified funds of the clearing member to satisfy all or part of that clearing member’s obligations. (2) A requirement under paragraph (1) may— (a) specify which type, or types, of specified funds must be used; (b) specify the order in which any specified funds must be used; (c) provide that the CCP has discretion as to which specified funds to use.
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