netting arrangement

Definitions over time (1)

04/07/2020 – today applies on 12/11/2026 Article 2, Regulation (EU) 2021/23 Scope: Whole act

For the purposes of this Regulation the following definitions apply:

‘netting arrangement’ means an arrangement under which a number of claims or obligations can be converted into a single net claim, including a close-out netting arrangement under which, on the occurrence of an enforcement event (however or wherever defined), the obligations of the parties are accelerated so as to become immediately due or are terminated, and in either case are converted into or replaced by a single net claim, including a close-out netting provision as defined in point (n)(i) of Article 2(1) of Directive 2002/47/EC of the European Parliament and of the Council (^{20}) and netting as defined in point (k) of Article 2 of Directive 98/26/EC;