> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/emir/level-3/q-and-a/esma/esma-qa-661-collateral-requirements-and-recording-of-client-assets.md).

# ESMA Q\&A 661 — Q\&A — Collateral requirements and recording of client assets \[Answer Published]

*Answer Published · ESMA publication · Checked against the ESMA publication on 11 Oct 2026 ·* [*Official source*](https://www.esma.europa.eu/qa/661)

|                         |                                                                                                   |
| ----------------------- | ------------------------------------------------------------------------------------------------- |
| **Full title**          | ESMA Q\&A 661 — Q\&A — Collateral requirements and recording of client assets \[Answer Published] |
| **Issuer**              | ESMA                                                                                              |
| **Reference**           | ESMA\_QA\_661                                                                                     |
| **Document type**       | Q\&A                                                                                              |
| **Date**                | published 13/01/2023                                                                              |
| **Addressees**          | Not recorded                                                                                      |
| **Legal basis**         | Article 46 of EMIR - old CCP question 2 dated 20/03/2013                                          |
| **Related instruments** | None recorded                                                                                     |
| **Text on this page**   | Word for word — the full text of the ESMA publication                                             |

**Collateral requirements and recording of client assets (old CCP question 2 dated 20/03/2013)**

#### Question

What is the requirement on a CCP for the recording of financial instruments posted to it as margins, default fund contributions or contributions to other financial resources? Is it possible for a CCP to record the value assigned to financial instruments post-haircut?

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#### Answer

Article 46(1) of EMIR sets out the purpose of haircuts by making reference to the ‘potential’ for the value of the assets posted as collateral to decline. In order to adequately apply haircut requirements set-out in Article 46(1), a CCP needs to have procedures enabling the record of the pre-haircut value of financial instruments actually posted to the CCP by clearing members for their own account or the account of their clients. This is consistent with recording requirements set out in Article 14(3) of Commission Delegated Regulation No 2013/153. This concept is therefore not compatible with a situation where the CCP would have procedures providing for just the record of this post-haircut value and where it would routinely impose such a decline in full in respect of every financial instrument that is posted to the CCP at the expense of clients.

***

### Related Level 1 articles

* [Article 46 — Collateral requirements](/emir/articles/46.md)