Version status: Applicable | Document consolidation status: No known changes
Version date: 13 July 2016 - onwards
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Article 15 Reuse of financial instruments received under a collateral arrangement

1. Any right of counterparties to reusefinancial instruments received as collateral shall be subject to at least both of the following conditions:

(a) the providing counterparty has been duly informed in writing by the receiving counterparty of the risks and consequences that may be involved in one of the following:

(i) granting consent to a right of use of collateral provided under a security collateral arrangement in accordance with Article 5 of Directive 2002/47/EC;

(ii) concluding a title transfer collateral arrangement;

(b) the providing counterparty has granted its prior express consent, as evidenced by a signature, in writing or in a legally equivalent manner, of the providing counterparty to a security collateral arrangement, the terms of which provide a right of use in accordance with Article 5 of Directive 2002/47/EC, or has expressly agreed to provide collateral by way of a title transfer collateral arrangement.

With regard to point (a) of the first subparagraph, the providi