4.8.4.4 Restriction on the enforcement of security rights

Resolution authorities have the power to restrict secured creditors of a bank in resolution from enforcing security interests in relation to any assets of that bank from the publication of a notice of the restriction until midnight – in the Member State of the resolution authority of the bank in resolution – at the end of the business day following that publication.1 This power may not be exercised in relation to any security interest of payment and securities settlement systems or operators of these systems, central counterparties, and central banks over assets pledged or provided by way of margin or collateral by the bank in resolution.2