Article 69
Partial transfers: protection of trading, clearing and settlement systems
1. The resolution authority shall ensure that the application of a resolution tool does not affect the operation of systems and rules of systems covered by Directive 98/26/EC, where the resolution authority:
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(a) |
transfers some but not all of the assets, rights, obligations or liabilities of a CCP under resolution to another entity; |
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(b) |
cancels or amends the terms of a contract to which the CCP under resolution is a party or substitutes a purchaser or bridge CCP as a party. |
2. For the purposes of paragraph 1 of this Article, the resolution authority shall ensure that the application of a resolution tools does not result in any of the following outcomes:
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(a) |
revoking a transfer order in accordance with Article 5 of Directive 98/26/EC; |
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(b) |
affecting the enforceability of transfer orders and netting as required by Articles 3 and 5 of Directive 98/26/EC; |
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(c) |
affecting the use of funds, securities or credit facilities as required by Article 4 of Directive 98/26/EC; |
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(d) |
affecting the protection of collateral security as required by Article 9 of Directive 98/26/EC. |