Article 37
Timeframes for the delivery of financial instruments
Following the buy-in process, the financial instruments referred to in the first subparagraph of Article 5(1) of Regulation (EU) No 909/2014 shall be delivered to the receiving participants which are acting on behalf of the CCP, the receiving clearing members, the trading venue members or the trading parties, within the following timeframes:
(a)
four business days after the extension period referred to in Article 36 for shares that have a liquid market;
(b)
seven business days after the extension period referred to in Article 36 for financial instruments other than shares that have a liquid market;
(c)
seven business days after the extension period referred to in the second subparagraph of Article 7(3) of Regulation (EU) No 909/2014 for financial instruments traded on SME growth markets;
(d)
where shares referred to in point (a) are traded on SME growth markets, point (c) shall apply.