Article 67
Protection for security arrangements
The resolution authority shall ensure that the application of a resolution tool does not result in any of the following with respect to security arrangements between a CCP under resolution and other parties to those arrangements:
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(a) |
the transfer of assets against which the liability is secured unless that liability and benefit of the security are also transferred; |
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(b) |
the transfer of a secured liability unless the benefit of the security is also transferred; |
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(c) |
the transfer of the benefit of the security unless the secured liability is also transferred; |
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(d) |
the modification or termination of a security arrangement through the use of ancillary powers, if the effect of that modification or termination is that the liability ceases to be secured. |