EBU Single Rulebook Q&A 7 August 2014 2014_1424 Recognition of contractual netting agreements by the competent authority

Should the provision of Article 296(1) of Regulation (EU) No 575/2013 (CRR) that “competent authorities shall recognise a contractual netting agreement …” be understood as a requirement to have an acceptance made by the supervisory authority, in particular in the course of performing its on-site or off-site activities, or rather to receive a formal permission (e.g.