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Recital 15

Recital 15

(15)The requirements in the Policy Manual on eligible collateral and on how that collateral is held and segregated should be considered equivalent to those set out in Article 4 of Delegated Regulation (EU) 2016/2251. The Policy Manual contains an equivalent list of eligible collateral, and AIs are to have appropriate controls in place to ensure that the collateral collected does not exhibit significant wrong-way risk or significant concentration risk. Concentration should be assessed in terms of an individual issuer, issuer type and asset type. Margin rules for OTC derivative contracts not cleared by a CCP contained in the Policy Manual should therefore be considered equivalent to those provided for under Article 11(3) of Regulation (EU) No 648/2012.

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