Recital 56

(56) To facilitate the transfer of a client’s positions in the event of a clearing member default, the clearing member that receives such positions should be given time to comply with certain requirements that come with the provision of client clearing services. In particular, and considering that the transfer of the client’s positions takes place under extraordinary circumstances and over a short period, the receiving clearing member should be given three months to undertake and complete its due diligence processes to ensure compliance with anti-money laundering requirements under Union law. In addition, and if applicable, the receiving clearing member should comply with capital requirements for exposures of clearing members towards clients under Regulation (EU) No 575/2013 within a period agreed with its competent authority not exceeding three months. The starting point of that agreed period should be the date of transfer of the client’s positions from the defaulting clearing member to the receiving clearing member.

← Recital 55 · All articles · Recital 57 →

Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.