Text as of 16 Aug 2012 · Original act (Official Journal of 27 July 2012) · Same wording as today’s text.Today’s text
Article 50 — Settlement
Financial services★Level 1RegulationEMIRIn forceIn force on the date shown, by the dates in the Official Journal.·VerifiedIdentical to the official source.·Official source
1.A CCP shall, where practical and available, use central bank money to settle its transactions. Where central bank money is not used, steps shall be taken to strictly limit cash settlement risks.
2.A CCP shall clearly state its obligations with respect to deliveries of financial instruments, including whether it has an obligation to make or receive delivery of a financial instrument or whether it indemnifies participants for losses incurred in the delivery process.
3.Where a CCP has an obligation to make or receive deliveries of financial instruments, it shall eliminate principal risk through the use of delivery-versus-payment mechanisms to the extent possible.