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· dated 16 Dec 2019 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2019-12-16","entry_into_force":"2020-04-16","locators":{"document_date":"CELLAR 32020R0447 work_date_document","entry_into_force":"CELLAR 32020R0447 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/emir/level-2/rts/2020-447-covered-bonds-and-securitisations","path":"/emir/level-2/rts/2020-447-covered-bonds-and-securitisations","name":"Commission Delegated Regulation (EU) 2020/447","number":"2020/447","celex":"32020R0447","title_official":"COMMISSION DELEGATED REGULATION (EU) 2020/447 of 16 December 2019 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of criteria for establishing the arrangements to adequately mitigate counterparty credit risk associated with covered bonds and securitisations, and amending Delegated Regulations (EU) 2015/2205 and (EU) 2016/1178 (Text with EEA relevance)","document_date":"2019-12-16"},"position":{"kind":"article","key":"1","index":1,"articles":5,"annexes":0},"prev":null,"next":{"path":"/emir/level-2/rts/2020-447-covered-bonds-and-securitisations/articles/2","key":"2","title":"Article 2 — Criteria to determine which arrangements under securitisations mitigate counterparty credit risk"},"act_anchor":"#art-1"}},"provenance":{"official_url":"https://eur-lex.europa.eu/eli/reg_del/2020/447/oj/eng","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/emir/level-2/rts/2020-447-covered-bonds-and-securitisations.md","unit_text_sha256":"a0be3ac6737be95bbb6e2e6070d3e07ccaeaaaf2be7cf627c95f4517861ff2ed","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/emir/level-2/rts/2020-447-covered-bonds-and-securitisations/art-1","kind":"article","key":"1","heading":"Article 1 — Criteria to determine which arrangements under covered bonds mitigate counterparty credit risk","text":"## <a id=\"art-1\"></a>Article 1 — Criteria to determine which arrangements under covered bonds mitigate counterparty credit risk\n\nArrangements under covered bonds shall be considered to adequately mitigate counterparty credit risk, where OTC derivative contracts concluded by covered bond entities in connection with covered bonds comply with all of the following criteria:\n\n<a id=\"art-1-p-a\"></a>**(a)** those contracts are registered or recorded in the cover pool of the covered bond in accordance with national legislation on covered bonds;\n\n<a id=\"art-1-p-b\"></a>**(b)** those contracts are not terminated in case of resolution or insolvency of the covered bond issuer or the cover pool;\n\n<a id=\"art-1-p-c\"></a>**(c)** the counterparty to the OTC derivative contract concluded with covered bond issuers or with cover pools for covered bonds ranks at least pari passu with the covered bond holders, except where the counterparty to the OTC derivative contract concluded with covered bond issuers or with cover pools for covered bonds is the defaulting or the affected party, or waives the pari passu rank;\n\n<a id=\"art-1-p-d\"></a>**(d)** the covered bond is subject to a regulatory collateralisation requirement of at least 102 %.\n\n","marks":[],"text_hash":"a0be3ac6737be95bbb6e2e6070d3e07ccaeaaaf2be7cf627c95f4517861ff2ed","revision":1}}