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Regulation (EU) 2015/2365 of the European Parliament and of the CouncilShow full title
Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (Text with EEA relevance)
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Article 15U.K.Reuse of financial instruments received under a collateral arrangement
1.Any right of counterparties to reuse financial instruments received as collateral shall be subject to at least both of the following conditions:
(a)the providing counterparty has been duly informed in writing by the receiving counterparty of the risks and consequences that may be involved in one of the following:
(i)
granting consent to a right of use of collateral provided under a security collateral arrangement in accordance with Article 5 of Directive 2002/47/EC;
(ii)
concluding a title transfer collateral arrangement;
(b)the providing counterparty has granted its prior express consent, as evidenced by a signature, in writing or in a legally equivalent manner, of the providing counterparty to a security collateral arrangement, the terms of which provide a right of use in accordance with Article 5 of Directive 2002/47/EC, or has expressly agreed to provide collateral by way of a title transfer collateral arrangement.
With regard to point (a) of the first subparagraph, the providing counterparty shall at least be informed in writing of the risks and consequences that may arise in the event of the default of the receiving counterparty.
2.Any exercise by counterparties of their right to reuse shall be subject to at least both of the following conditions:
(a)reuse is undertaken in accordance with the terms specified in the collateral arrangement referred to in point (b) of paragraph 1;
(b)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.
3.This Article is without prejudice to stricter sectoral legislation, in particular to Directives 2009/65/EC and 2014/65/EU, and to national law that aims to ensure a higher level of protection for providing counterparties.
4.This Article shall not affect national law concerning the validity or effect of a transaction.
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