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Article 1 - Order in which the recompense referred to in Article 20(1) of Regulation (EU) 2021/23 is to be paid

Article 1
Order in which the recompense referred to in Article 20(1) of Regulation (EU) 2021/23 is to be paid

1. A CCP that has been required by its competent authority, in accordance with Article 20(1) of Regulation (EU) 2021/23, to recompense non-defaulting clearing members shall recompense those clearing members pari passu.

2. A CCP that has been required by its competent authority to recompense its non-defaulting clearing members both in cash and through the distribution of instruments recognising a claim on the CCP’s future profits shall use exactly the same allocation scheme for all non-defaulting clearing members when determining which parts of that recompense shall be allocated in cash and non-cash recompense.

3. Any profit-transfer agreement that may impair the profit level shall be reintegrated in the CCP’s profit amount.

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