1. The operator of a Financial Market Infrastructure, which meets any of the designation conditions referred to in item (2) of Article (157), may effect Netting of all obligations owed to or by a Participant Person in this infrastructure, which incurred before the point of time where the Central Bank decides to put the concerned Participant Person under resolution in accordance with the provisions of articles nos. (142) and (143) of this decree-law, or the competent court has made an order for bankruptcy or liquidation of the concerned Participant Person. 2. In case Netting has been effected as provided in item (1) of this article, then: a. The obligations that are netted shall be disregarded in the bankruptcy or liquidation rules and proceedings and b. Any net obligations owed to or by the Participant Person that has not been discharged are payable to the Participant Person and may be recovered for the benefit of his creditors or are provable in the bankruptcy or liquidation, as the case may be. 3. Netting operations processed by the concerned infrastructure’s operator in accordance with item (1) of this article shall not be cancelled during a resolution, bankruptcy or liquidation process, nor any financial transfers already paid in accordance with paragraph (a) of item (2) of this article.
Interpretation and application must be checked against the official text and current version.