Article 4(1)(84) of the CRR also contains the definition of `simple repo transaction`, that is to say, `a repo transaction of an asset or similar non-complex assets, as opposed to a basket of assets`. UCITS that have concluded ISDA agreements with counterparties that have a discretion on the UCITS portfolio/derivatives underlying products must have the necessary documents to meet the requirements for the transfer of the investment management function by UCITS (see points 1.3, 2.1.4 and 2.5.3 above). ISDA`s credit support documentation may be modified to the requirements of the Guidelines for the Management of Collateral (see section 1.4 above). According to that provision, repurchase transactions mean `any transaction governed by a retirement transaction or a reverse retirement transaction`. Although not expressly required by the Guidelines, UCITS that have entered into securities lending agreements may need to amend them, in particular to ensure that they can obtain the securities lent at any time or terminate the securities lending agreement at any time and to meet the collateral management requirements set out in the Guidelines (see section 1.4 above). (reverse) It may also be necessary to modify repo transactions, in particular to allow the UCITS to recover all liquidity/securities at any time or to terminate the agreement at any time. Repo refers to repurchase transactions in which the guarantor of the guarantee sells an asset or set of assets to the collateral taker at price X, with the agreement to repurchase the corresponding assets at a later date or on request in the case of a repo opened at price Y. The difference between price Y and price X is usually annualized at a percentage called the repo rate. As stated in bis and CGFS document 59 cited above (pp. 4, 5), “Repo is economically similar to a secured loan, as the securities offer credit cover in case the seller (i.e.
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