S.L. 330.9 Art. 80Partial transfers: protection of trading, clearing and settlement systems.

(1) The application of a resolution tool shall not affect the operation of systems and rules of systems covered by Directive 98/

26/EC, where the Resolution Committee:

(a) transfers some but not all of the assets, rights or liabilities of an institution under resolution to another entity; or

(b) uses powers under regulation 64 to cancel or amend the terms of a contract to which the institution under resolution is a party or to substitute a recipient as a party.

(2) In particular, a transfer, cancellation or amendment as referred to in sub-regulation (1) shall not revoke a transfer order in contravention of Article 5 of Directive 98/26/EC; and shall not modify or negate the enforceability of transfer orders and netting as required by Articles 3 and 5 of that Directive, the use of funds, securities or credit facilities as required by Article 4 thereof or protection of collateral security as required by Article 9 thereof.