Effective from Dec 10 2020 - Jun 15 2021 To view other versions open the versions tab on the right
1.
The following rights and arrangements shall be protected when implementing the resolution procedures stipulated under this Law:
a)
Guaranteed liabilities.
b)
Settlement and set-off arrangements.
c)
Securitization arrangements.
d)
Liabilities arising from subscription to settlement systems.
2.
The rights and liabilities referred to in paragraph (1) of this Article shall be protected as follows:
a)
Prohibiting the transfer of a guarantee without the transfer of the related guaranteed liability, and vice versa.
b)
Prohibiting the transfer of part of the guarantees or liabilities subject to the financial guarantee measures by the transfer of ownership and set-off arrangements.
c)
Prohibiting the partial transfer of assets or liabilities arising from securitization arrangements.
d)
Prohibiting the amendment, cancellation, or reduction of the arrangements stipulated under paragraph (1) of this Article, including any procedure that would render these arrangements inexecutable.
e)
Prohibiting any procedure that would hinder the implementation of settlement system contracts, or the rules stipulated therein, and render them inexecutable.
