(a)they are issued or explicitly guaranteed by one of the following:
(e)they fulfil one of the following requirements:
(e)they fulfil one of the following requirements:
(h)they are not issued by any of the following:
1. 1. In order for collateral to be considered of the best quality for the purposes of point (d) of Article 59(3), and point (d) of Article 59(4) of Regulation (EU) No 909/2014, it shall consist of debt instruments that meet all of the following conditions:
((a))(iii) they are issued or explicitly guaranteed by one of the following:(i)a government;(ii)a central bank;(iii)one of the multilateral development banks listed in Article 117 of Regulation (EU) No 575/2013;575/2013;(iv)the European Financial Stability Facility or the European Stability Mechanism;
((i))(i) a government;
((ii))(ii) a central bank;
((iii))(i) theyone areof notthe otherwisemultilateral subjectdevelopment tobanks significant wrong-way risklisted in the meaning of Article 291117 of Regulation (EU) No 575/2013.575/2013;
((iv))(iv) the European Financial Stability Facility or the European Stability Mechanism;
((b))(b) the CSD can demonstrate that they have low credit and market risk based upon its own internal assessment employing a defined and objective methodology that does not exclusively rely on external opinions and that takes into consideration the country risk of the particular country where the issuer is established;
((c))(c) they are denominated in a currency the risks of which the CSD-banking service provider is able to manage;
((d))(d) they are freely transferable without any legal constraint or third party claims that impair their liquidation;
((e))(ii) they fulfil one of the following requirements:(i)they have an active outright sale or repurchase agreement market, with a diverse group of buyers and sellers, including in stressed conditions and to which the CSD-banking service provider has reliable access;(ii)they can be liquidated by the CSD-banking service provider through a prearranged and highly reliable funding arrangement as referred to in point (e) of Article 59(4) of Regulation (EU) No 909/2014 and specified in Article 38 of this Regulation;
((i))(i) they have an active outright sale or repurchase agreement market, with a diverse group of buyers and sellers, including in stressed conditions and to which the CSD-banking service provider has reliable access;
((ii))(ii) they can be liquidated by the CSD-banking service provider through a prearranged and highly reliable funding arrangement as referred to in point (e) of Article 59(4) of Regulation (EU) No 909/2014 and specified in Article 38 of this Regulation;
((f))(f) reliable price data on such debt instruments are published on at least a daily basis;
((g))(g) they are readily available and convertible into cash on a same-day basis.
2. 2. In order for collateral, to be considered of a lower quality than that referred to in paragraph 1 for the purposes of point (d) of Article 59(3), and point (d) of Article 59(4) of Regulation (EU) No 909/2014, it shall consist of transferable securities and money market instruments that meet all of the following conditions:
((a))(a) the financial instruments have been issued by an issuer that has low credit risk based on an adequate internal assessment by the CSD-banking service provider, employing a defined and objective methodology that does not exclusively rely on external opinions and that takes into consideration the risk arising from the establishment of the issuer in a particular country;
((b))(b) the financial instruments have a low market risk based on an adequate internal assessment by the CSD-banking service provider, employing a defined and objective methodology that does not exclusively rely on external opinions;
((c))(c) they are denominated in a currency the risks of which the CSD-banking service provider is able to manage;
((d))(d) they are freely transferable and without any legal constraint or third party claims that impair their liquidation;
((e))(i) they fulfil one of the following requirements:(i)they have an active outright sale or repurchase agreement market, with a diverse group of buyers and sellers, to which the CSD-banking service provider can demonstrate reliable access, including in stressed conditions;conditions;(ii)they can be liquidated by the CSD-banking service provider through a prearranged and highly reliable funding arrangement as referred to in point (e) of Article 59(4) of Regulation (EU) No 909/2014 and specified in Article 38 of this Regulation;
((i))they have an active outright sale or repurchase agreement market, with a diverse group of buyers and sellers, to which the CSD-banking service provider can demonstrate reliable access, including in stressed conditions;
((ii))they can be liquidated by the CSD-banking service provider through a prearranged and highly reliable funding arrangement as referred to in point (e) of Article 59(4) of Regulation (EU) No 909/2014 and specified in Article 38 of this Regulation;
((f))(f) they can be liquidated on a same-day basis;
((g))(g) price data on these instruments are publicly available on a close to real-time basis;
((h))(i) they are not issued by any of the following:(i)the participant providing the collateral, or by an entity that is part of the same group as the participant, except in the case of a covered bond and only where the assets backing that bond are appropriately segregated within a robust legal framework and satisfy the requirements set out in this Article;Article;(ii)a CSD-banking service provider or an entity that is part of the same group as the CSD-banking service provider;(iii)an entity whose business involves providing services critical to the functioning of the CSD-banking service provider, unless that entity is a Union central bank or a central bank that issues a currency in which the CSD-banking service provider has exposures;
((i))the participant providing the collateral, or by an entity that is part of the same group as the participant, except in the case of a covered bond and only where the assets backing that bond are appropriately segregated within a robust legal framework and satisfy the requirements set out in this Article;
((ii))(ii) a CSD-banking service provider or an entity that is part of the same group as the CSD-banking service provider;
((iii))(iii) an entity whose business involves providing services critical to the functioning of the CSD-banking service provider, unless that entity is a Union central bank or a central bank that issues a currency in which the CSD-banking service provider has exposures;
((i))they are not otherwise subject to significant wrong-way risk in the meaning of Article 291 of Regulation (EU) No 575/2013.