Member States may provide that the opening of insolvency proceedings against a participant shall not prevent funds or securities available on the settlement account of that participant from being used to fulfil that participant's obligations in the system on the day of the opening of the insolvency proceedings. Furthermore, Member States may also provide that such a participant's credit facility connected to the system be used against available, existing collateral security to fulfil that participant's obligations in the system.
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New version applies from 30/06/2009 — introduced by Directive 2009/44/EC.
40 provisions change.
Later versions: 04/01/2011, 16/08/2012, 17/09/2014, 27/06/2019, 08/04/2024.
Article 4 changes in this version: compare with the current text.