Requirements of the EMIR regulation
29. A central counterparty providing clearing services must meet the requirements set out in the EMIR regulation (within the meaning of section 313 of the Act).
Loss allocation
29A. The central counterparty must maintain effective arrangements (which may include rules) for ensuring that losses that -
(a) arise otherwise than as a result of clearing member default; and
(b) threaten the central counterparty's solvency;
are allocated with a view to ensuring that the central counterparty can continue to provide the services and carry on the activities specified in its recognition order.
Recovery plans
29B. The central counterparty must maintain a plan that sets out the steps that it will take in order to maintain the continuity of the services that it provides and the activities that it carries on that are specified in its recognition order in the event that such continuity is threatened.
Market abuse or financial crime
30. The central counterparty must
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