Article 47 of EMIR

Article 47 of EMIR - Investment Policy:

(a) What is the possible duration of the "highly secured arrangements" to be used for maintaining cash other than with a central bank?

(b) Article 45(1) of Commission Delegated Regulation (EU) No 153/2013 ('Highly secured arrangements maintaining cash’) states that if cash is not deposited with a central bank then it must be deposited with "an authorised credit institution as defined under Directive 2006/48/EC..." or with "a third country financial that is subject to and complies with prudential rules considered by the competent authorities to be at least as stringent...". Article 45(2) of Commission Delegated Regulation (EU) No 153/2013 states that "not less than 95% of such cash" shall be deposited through "arrangements that ensure the collateralisation of the cash with highly liquid financial instruments...". Is the counterparty to such a collateralisation arrangement required to be an entity which meets the criteria under Article 45(1) of Commission Delegated Regulation (EU) No 153/2013?

(c) Is it permissible for a CCP to refuse to indemnify (or exclude liability to) clearing members or clients against losses incurred due to the default of a central bank, authorised credit institution or equivalent third country financial institutions (in the case of cash), or the operator of a securities settlement system or authorised financial institution (in the case of the financial instruments) holding clearing member or client assets (or other CCP assets representing the reinvestment of such assets by the CCP)?