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ESO
CMP228: Definition of Qualified Bank
The CUSC definition of Qualified Bank requires the entity providing a Performance Bond or Letter of Credit to The Company to meet the general description of being a bank, which might imply that the entity is expected to hold a UK banking licence. CMP228 seeks to make changes to the definition of Qualified Bank to include ‘trade credit insurance company’, thereby increasing the number of prospective providers of security available to Users.
Modification status: Concluded
Last updated: 18 June 2020
Code Administrator Contact: Jade Clarke - [email protected]
Governance Route: Self-Governance
Impacts:
* Low: Parties required to provide security under Sections 2 and 15.
Documents
Proposal
Workgroup meetings and summary papers
Sorry, no documents found.
Workgroup Consultation
Sorry, no documents found.
Code Administrator Consultation
Draft/Final Modification Report
Decision
Sorry, no documents found.