Common use of Crisis Management Clause in Contracts

Crisis Management. 1. The Eurosystem shall manage and resolve any operational disturbances in T2S. In addition, due to the central role which T2S plays in securities settlement in connected markets, the Eu- rosystem shall assume a coordinating role. In particular, it shall coordinate, initiate and lead activities in connection with any event of an operational or financial nature which may im- pact the functioning and performance of T2S. The Eurosystem shall use its best efforts to act to protect the functioning of T2S and to operate T2S in a way that supports the financial sta- bility of all connected markets. 2. The principles of Crisis management are laid down in the Schedule 5 (Service Description) and Schedule 6 (Service Level Agreement), whereas the procedural aspects of the Crisis management framework are set out in the MOP, without prejudice to the competence of the Relevant Competent Authorities. The Contracting CSD shall, in coordination with the Rele- vant Competent Authorities, use its best efforts to ensure the compatibility of its Crisis man- agement framework with applicable laws. Moreover, the Contracting CSD shall make rea- sonable efforts to ensure the compatibility of its Crisis management framework with the T2S Crisis management procedures. 3. The details of the assistance to be provided by the Eurosystem in case of a Crisis are speci- fied in the Service Level Agreement and are based on the following principles: (a) the Eurosystem shall have adequate organisational and personnel capacities to deal with a Crisis Situation; (b) the Eurosystem shall fully cooperate with the Contracting CSDs, the Participating CSDs, the Relevant Competent Authorities and ESMA in order to manage a Crisis Situation (including investigating the feasibility of and implementing reasonable workarounds); (c) the Eurosystem shall prepare and maintain a Crisis management plan, and shall test its appropriateness together with the Contracting CSD, the Participating CSDs, the Relevant Competent Authorities and ESMA, on a regular basis; (d) the Eurosystem shall provide a report to the Contracting CSDs, the Participating CSDs, the Relevant Competent Authorities and ESMA on the effective handling of a Crisis Situation within a reasonable period of time after such a Crisis has occurred; and (e) the Eurosystem shall cover and where appropriate involve the DCP in the context of Crisis management. 4. The details of the assistance to be provided by the Contracting CSD in the case of a Crisis are specified in the Service Level Agreement and are based on the following principles: (a) the Contracting CSD shall use its best efforts to fully cooperate with the Eurosystem in order to manage a Crisis Situation; (b) the Contracting CSD shall use its best efforts to inform the Eurosystem about any po- tential market disturbances that may have an impact on T2S without delay; (c) the Contracting CSD shall use its best efforts to ensure that its own Crisis manage- ment plans cover T2S Crisis scenarios; (d) the Contracting CSD shall without undue delay inform and involve its DCP and other users about any T2S Crisis that could impact them; and (e) the Contracting CSD shall use its best efforts to assist in the preparation and mainte- xxxxx of a Crisis management plan by the Eurosystem. 5. In the case of a Crisis, the Contracting CSD shall be entitled to invoke its own Crisis man- agement plan in full cooperation with and where relevant with the approval of the Eurosys- tem, the Relevant Competent Authorities and ESMA, which may include the settlement of transactions outside T2S, unless this would have a detrimental impact on financial stability.

Crisis Management. 1. The Eurosystem shall manage and resolve any operational disturbances in T2S. In addition, due to the central role which T2S plays in securities settlement in connected markets, the Eu- rosystem shall assume a coordinating role. In particular, it shall coordinate, initiate and lead activities in connection with any event of an operational or financial nature which may im- pact the functioning and performance of T2S. The Eurosystem shall use its best efforts to act to protect pro- tect the functioning of T2S and to operate T2S in a way that supports the financial sta- bility stability of all connected markets. 2. The principles of Crisis crisis management are laid down in the Schedule Schedules 5 (Service Description) and Schedule 6 (Service Level Agreement)6, whereas and the procedural aspects of the Crisis crisis management framework are set out in the MOP, without prejudice to the competence of the Relevant Competent Authorities. The Contracting CSD shall, in coordination with the Rele- vant Competent Authorities, use its best efforts to ensure the compatibility of its Crisis man- agement framework with applicable laws. Moreover, the Contracting CSD shall make rea- sonable efforts to ensure the compatibility of its Crisis management framework with the T2S Crisis management procedures. 3. The details of the assistance to be provided by the Eurosystem in the case of a Crisis crisis are speci- fied specified in the Service Level Agreement Schedule 6 and are based on the following principles: (a) the Eurosystem shall have adequate organisational and personnel capacities to deal with a Crisis Situationcrisis; (b) the Eurosystem shall fully cooperate with the Contracting CSDsConnected NCBs, the Participating CSDs, the Relevant Competent Authorities and ESMA in order to manage a Crisis Situation (crisis, including investigating investigat- ing the feasibility of and implementing reasonable workarounds); (c) the Eurosystem shall prepare and maintain a Crisis crisis management plan, and shall test its appropriateness on a regular basis together with the Contracting CSDConnected NCBs, the Participating CSDs, the Relevant Competent Authorities and ESMA, on a regular basis;; and (d) the Eurosystem shall provide a report to the Contracting CSDs, Connected NCBs and the Participating CSDs, the Relevant Competent Authorities and ESMA on the effective handling of a Crisis Situation cri- sis within a reasonable period of time after such a Crisis crisis has occurred; and (e) the Eurosystem shall cover and where appropriate involve the DCP in the context of Crisis management. 4. The details of the assistance to be provided by the Contracting CSD [NCB] in the case of a Crisis crisis are specified in the Service Level Agreement Schedule 6 and are based on the following principles: (a) the Contracting CSD [NCB] shall use its best efforts to fully cooperate with the Eurosystem in order to manage a Crisis Situationcrisis; (b) the Contracting CSD [NCB] shall use its best efforts to inform the Eurosystem about any po- tential potential market disturbances that may have an impact on T2S without delay; (c) the Contracting CSD [NCB] shall use its best efforts to ensure that its own Crisis manage- ment crisis management plans cover T2S Crisis crisis scenarios; (d) the Contracting CSD [NCB] shall without undue delay inform and involve its DCP and other users Dedicated Cash Account Holders about any T2S Crisis crisis that could impact them; and (e) the Contracting CSD [NCB] shall use its best efforts to assist in the preparation and mainte- xxxxx maintenance of a Crisis crisis management plan by the Eurosystem. 5. In If the case [NCB] deems that financial stability of a Crisisits country or the safeguarding of its currency is threatened, the Contracting CSD shall be entitled [NCB] may unilaterally and to the extent possible after informing the Euro- system reasonably in advance of any such event, invoke its own Crisis man- agement plan in full cooperation with and where relevant with the approval of the Eurosys- tem, the Relevant Competent Authorities and ESMAcrisis management plan, which may include the settlement of transactions in [currency] outside T2S, unless this would if necessary for reasons of financial stability or the safeguarding of its currency and to the extent the invoca- tion of crisis management measures does not have a detrimental negative impact on the settlement of transactions in other currencies in T2S. In such circumstances, the Eurosystem shall, in line with the Decision ECB/2011/20 grant to the Participating CSD(s) designated by the [NCB] a derogation from the eligibility criterion set out in Article 15(1)(e) of the T2S Guideline in re- lation to such transactions settled outside of T2S to preserve financial stabilitystability and to safe- guard its currency. The Eurosystem shall use its best efforts to support the [NCB] in moving to crisis management measures and in returning to normal activities in T2S. Without preju- dice to the Eurosystem’s own crisis management responsibilities, the Eurosystem shall not take action to hinder the efficient crisis management of the [NCB]. 6. The Eurosystem shall, to the extent possible, endeavour to: (i) provide reasonable notice prior to the suspension of the provision of T2S Services to a Participating CSD or a Directly Con- nected Party and (ii) involve the [NCB] in the crisis management in relation to the Participat- ing CSD or a Directly Connected Party as specified in Schedule 6 and the MOP.

Crisis Management. 1. The Eurosystem shall manage and resolve any operational disturbances in T2S. In addition, due to the central role which T2S plays in securities settlement in connected markets, the Eu- rosystem shall assume a coordinating role. In particular, it shall coordinate, initiate and lead activities in connection with any event of an operational or financial nature which may im- pact the functioning and performance of T2S. The Eurosystem shall use its best efforts to act to protect pro- tect the functioning of T2S and to operate T2S in a way that supports the financial sta- bility stability of all connected markets. 2. The principles of Crisis crisis management are laid down in the Schedule Schedules 5 (Service Description) and Schedule 6 (Service Level Agreement)6, whereas and the procedural aspects of the Crisis crisis management framework are set out in the MOP, without prejudice to the competence of the Relevant Competent Authorities. The Contracting CSD shall, in coordination with the Rele- vant Competent Authorities, use its best efforts to ensure the compatibility of its Crisis man- agement framework with applicable laws. Moreover, the Contracting CSD shall make rea- sonable efforts to ensure the compatibility of its Crisis management framework with the T2S Crisis management procedurestheMOP. 3. The details of the assistance to be provided by the Eurosystem in the case of a Crisis crisis are speci- fied specified in the Service Level Agreement Schedule 6 and are based on the following principlesfollowingprinciples: (a) the Eurosystem shall have adequate organisational and personnel capacities to deal with a Crisis Situationcrisis; (b) the Eurosystem shall fully cooperate with the Contracting CSDsConnected NCBs, the Participating CSDs, the Relevant Competent Authorities and ESMA in order to manage a Crisis Situation (crisis, including investigating investigat- ing the feasibility of and implementing reasonable workarounds)reasonableworkarounds; (c) the Eurosystem shall prepare and maintain a Crisis crisis management plan, and shall test its appropriateness on a regular basis together with the Contracting CSDConnected NCBs, the Participating CSDs, the Relevant Competent Authorities and ESMA, on a regular basis;; and (d) the Eurosystem shall provide a report to the Contracting CSDs, Connected NCBs and the Participating CSDs, the Relevant Competent Authorities and ESMA on the effective handling of a Crisis Situation cri- sis within a reasonable period of time after such a Crisis has occurred; and (e) the Eurosystem shall cover and where appropriate involve the DCP in the context of Crisis managementcrisis hasoccurred. 4. The details of the assistance to be provided by the Contracting CSD [NCB] in the case of a Crisis crisis are specified in the Service Level Agreement Schedule 6 and are based on the following principlesfollowingprinciples: (a) the Contracting CSD [NCB] shall use its best efforts to fully cooperate with the Eurosystem in order to manage a Crisis Situationcrisis; (b) the Contracting CSD [NCB] shall use its best efforts to inform the Eurosystem about any po- tential potential market disturbances that may have an impact on T2S without delay; (c) the Contracting CSD [NCB] shall use its best efforts to ensure that its own Crisis manage- ment crisis management plans cover T2S Crisis crisis scenarios; (d) the Contracting CSD [NCB] shall without undue delay inform and involve its DCP and other users Dedicated Cash Account Holders about any T2S Crisis crisis that could impact them; andthem;and (e) the Contracting CSD [NCB] shall use its best efforts to assist in the preparation and mainte- xxxxx maintenance of a Crisis crisis management plan by the Eurosystem. 5. In If the case [NCB] deems that financial stability of a Crisisits country or the safeguarding of its currency is threatened, the Contracting CSD shall be entitled [NCB] may unilaterally and to the extent possible after informing the Euro- system reasonably in advance of any such event, invoke its own Crisis man- agement plan in full cooperation with and where relevant with the approval of the Eurosys- tem, the Relevant Competent Authorities and ESMAcrisis management plan, which may include the settlement of transactions in [currency] outside T2S, unless this would if necessary for reasons of financial stability or the safeguarding of its currency and to the extent the invoca- tion of crisis management measures does not have a detrimental negative impact on the settlement of transactions in other currencies in T2S. In such circumstances, the Eurosystem shall, in line with the Decision ECB/2011/20 grant to the Participating CSD(s) designated by the [NCB] a derogation from the eligibility criterion set out in Article 15(1)(e) of the T2S Guideline in re- lation to such transactions settled outside of T2S to preserve financial stabilitystability and to safe- guard its currency. The Eurosystem shall use its best efforts to support the [NCB] in moving to crisis management measures and in returning to normal activities in T2S. Without preju- dice to the Eurosystem’s own crisis management responsibilities, the Eurosystem shall not take action to hinder the efficient crisis management of the[NCB]. 6. The Eurosystem shall, to the extent possible, endeavour to: (i) provide reasonable notice prior to the suspension of the provision of T2S Services to a Participating CSD or a Directly Con- nected Party and (ii) involve the [NCB] in the crisis management in relation to the Participat- ing CSD or a Directly Connected Party as specified in Schedule 6 and the MOP.