2.

Any exercise by counterparties of their right to reuse shall be subject to at least both of the following conditions: reuse is undertaken in accordance with the terms specified in the collateral arrangement referred to in point (b) of paragraph 1; the financial instruments received under a collateral arrangement are transferred from the account of the providing counterparty. By way of derogation from point (b) of the first subparagraph, where a counterparty to a collateral arrangement is established in a third country and the account of the counterparty providing the collateral is maintained in and subject to the law of a third country, the reuse shall be evidenced either by a transfer from the account of the providing counterparty or by other appropriate means.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.