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

Workgroup meetings and summary papers

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Workgroup Consultation

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Code Administrator Consultation

Draft/Final Modification Report

Decision

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