S.L. 330.9 Art. 70Power to restrict the enforcement of security interests.

(1) The Resolution Committee may restrict secured creditors of an institution under resolution from enforcing security interests in relation to any assets of that institution under resolution from the publication of a notice of the restriction in accordance with regulation 83(4) until midnight at the end of the business day following that publication.

(2) The Resolution Committee shall not exercise the power referred to in sub-regulation (1), in relation to any security interest of systems or operators of systems designated for the purposes of Directive 98/26/EC, central counterparties authorised in the Union pursuant to Article 14 of Regulation (EU) No 648/2012 and third-country central counterparties recognised by ESMA pursuant to Article 25 of Regulation (EU) No 648/2012, and central banks, over assets pledged or provided for by way of margin or collateral by the institution under resolution.

(3) Where regulation 80 applies, the Resolution Committee, together with the European resolution authorities concerned, shall ensure that any restrictions imposed pursuant to the power referred to in sub-regulation (1) are consistent for all group entities in relation to which a resolution action is taken.

(4) When exercising a power under this regulation, the Resolution Committee shall have regard to the impact the exercise of that power might have on the orderly functioning of financial markets.