Skip to the text
In this act Article 2 of 23

Article 2 — Requirements for the provision of indirect clearing services by clients

Financial servicesLevel 2RTSEMIRIn forceOfficial source

2(1)

1.A client may only provide indirect clearing services to indirect clients provided that all of the following conditions are fulfilled:

Copy link
2(1)(a)
(a)the client is an authorised credit institution or investment firm or an entity established in a third country that would be considered to be a credit institution or investment firm if that entity were established in the Union;
Copy link
2(1)(b)
(b)the client provides indirect clearing services on reasonable commercial terms and publicly discloses the general terms and conditions under which it provides those services;
Copy link
2(1)(c)
(c)the clearing member has agreed to the general terms and conditions referred to in point (b) of this paragraph.
Copy link
2(2)

2.The client referred to in paragraph 1 and the indirect client shall conclude, in writing, an indirect clearing arrangement. The indirect clearing arrangement shall include at least the following contractual terms:

Copy link
2(2)(a)
(a)the general terms and conditions referred to in paragraph 1(b);
Copy link
2(2)(b)
(b)the client's commitment to honour all obligations of the indirect client towards the clearing member with regard to the transactions covered by the indirect clearing arrangement.
Copy link

All aspects of the indirect clearing arrangement shall be clearly documented.

2(3)

3.A CCP shall not prevent the conclusion of indirect clearing arrangements that are entered into on reasonable commercial terms.

Copy link