CHAPTER III Measures to address settlement fails

Section 2 Cash penalties

Article 17Collection and distribution of cash penalties

1.

CSDs shall charge and collect on at least a monthly basis the net amount of cash penalties to be paid by each failing participant.

Cash penalties shall be deposited into a dedicated cash account.

2.

CSDs shall distribute on at least a monthly basis the net amount of cash penalties referred to in paragraph 1 to receiving participants affected by settlement fails.