The recent guidance indicates that, in the event of a system-wide failure affecting settlement, clearing, or central counterparty systems, competent authorities have the discretion to waive the own funds requirements as outlined in Articles 378 and 379. This temporary suspension remains in effect until the underlying issues are resolved.

Importantly, during such periods of disruption, a failure by a counterparty to fulfil trade settlements will not be categorised as a default in terms of credit risk. This provision aims to provide clarity and support to market participants during times of operational distress.