default
as defined in Regulation (EU) No 909/2014 of the European Parliament and of the Council of…, Article 2(1), point (26) (Definitions)
in relation to a participant, a situation where insolvency proceedings, as defined in Article 2, point (j), of Directive 98/26/EC, are opened against a participant or an event defined in the CSD’s internal rules as constituting a default