Preamble
Recitals 31
Chapter I - General provisions (Article 1) 1
Chapter II - Independence of valuers (Article 2-5) 4
Chapter III - Methodology for assessing the value of the assets and liabilities of the CCP before and after resolution (Article 6-18) 13
Chapter IV - Separation of the valuation under resolution and valuation for the application of the ‘no creditor worse off’ principle and methodology for carrying out the valuation for the application of the ‘no creditor worse off’ principle (Article 19-26) 8

franchise value

Definitions over time (1)

29/08/2023 – today applies on 12/11/2026 Article 1, Commission Delegated Regulation (EU) 2023/1616 Scope: Whole act

For the purposes of this Regulation, the following definitions apply:

‘franchise value’ means the net present value of cash flows, higher or lower than the value arising from the contractual terms and conditions of assets and liabilities existing at the valuation date, that can reasonably be expected to result from the maintenance and renewal of assets and liabilities or businesses and which includes the impact of any business opportunities, as relevant, including those stemming from the different resolution actions that are assessed by the valuer;