Retained EU Law SI 2016/1401 United Kingdom

Commission Delegated Regulation (EU) 2016/1401 of 23 May 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms with regard to regulatory technical standards for methodologies and principles on the valuation of liabilities arising from derivatives (Text with EEA relevance)

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person4

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.art004 Role of the netting agreement Regulated
  • Valuer must determine single close-out amount for netted derivatives under resolutionAny Person
s.art005 Valuation principle for early termination amount Regulated
  • Calculate early termination amount for derivative liabilities in resolutionAny Person
s.art006 Determination of the close-out amount Regulated
  • Determination of close-out amount by the valuerAny Person
s.art007 Valuation of cleared derivative contracts entered into between an institution under resolution and a CCP Regulated
Other duties (1) — Crown / regulator
  • Resolution authority must notify CCP of close-out decisionStatutory regulator
s.art008 Point in time for establishing the value of derivative liabilities and early determination Regulated
  • Valuer must determine derivative liabilities at specified timesAny Person
4 other provisions — procedural and definitional
s.art001 Definitions
s.art002 Comparison between the destruction in value that would arise from the close-out and the bail-in potential of derivative contracts
s.art003 Communication of the decision to close out
s.art009 Entry into force

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.