IFPRU 4.13 Settlement risk

Where a system wide failure of a settlement system, a clearing system or a CCP occurs, the own funds requirements calculated in articles 378 (Settlement/delivery risk) and 379 (Free deliveries) of the EU CRR are waived until the situation is rectified. In this case, the failure of a counterparty to settle a trade shall not be deemed a default for purposes of credit risk.

[Note: article 380 of the EU CRR]