Contents
Article 7Capital requirements for winding-down or restructuring#
A CSD shall calculate its capital requirements for winding down or restructuring by applying the following steps in sequence:
(a)estimate the time span required for winding-down or restructuring for all of the stress scenarios referred to in the Annex consistently with the plan referred to in Article 47(2) of Regulation (EU) No 909/2014;
(b)divide the CSD's annual gross operational expenses determined in accordance with Article 6(3) by twelve (‘monthly gross operational expenses’);
(c)multiply the monthly gross operational expenses referred to in point (b) by the longer of the following points:
(i)the time span referred to in point (a);
(ii)six months.
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