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Samsaveel
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Joined: April 20th, 2008, 5:47 am

Regulatory Text Interpretation

March 14th, 2017, 5:03 pm

Can the following be Interpreted as " standard Market Documentation or there is more to it " ?

Regulation (EU) No 575/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU ) NO 648/2012, article  305 “ Treatment of client exposures”, Paragraph  2c page 191

(c)" the institution has available an independent, written and reasoned legal opinion that concludes that, in the event of legal challenge, the relevant courts and administrative authorities would find that the client would bear no losses on account of the insolvency of its clearing member or of any of its clearing member's clients under the laws of the jurisdiction of the institution, its clearing member and the CCP, the law governing the transactions and contracts the institution clears through the CCP, the law governing the collateral, and the law governing any contract or agreement necessary to meet the condition in point (b);"
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