direct ec european parliament council june financi collater arrang european parliament council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european central bank regard opinion econom social committe act accord procedur laid articl treati direct ec european parliament council settlement final payment secur settlement system constitut mileston establish sound legal framework payment secur settlement system implement direct demonstr import limit system risk inher system stem influenc jurisdict benefit common rule relat collater constitut system commun european parliament council financi servic implement framework financi market action plan commiss undertook consult market expert nation author work propos legisl action collater urg progress field collater direct ec commun regim creat provis secur cash collater secur interest titl transfer structur includ repurchas agreement repo contribut integr cost effici financi market stabil financi system commun support freedom provid servic free movement capit singl market financi servic direct focus bilater financi collater arrang direct adopt european legal context consist direct ec direct ec european parliament council april reorganis wind credit institut direct ec european parliament council march reorganis wind insur undertak council regul ec insolv proceed direct line gener pattern previou legal act oppos direct complement exist legal act deal issu connect matter dealt legal act order improv legal certainti financi collater arrang member state ensur provis insolv law appli arrang inhibit effect realis financi collater cast doubt valid current techniqu bilater close net provis addit collater form top collater substitut collater direct address right person respect asset provid financi collater aris term financi collater arrang basi legal provis rule law aris reason commenc continu wind proceed reorganis measur restitut aris mistak error lack capac principl direct ec law applic book entri secur provid collater law jurisdict relev regist account centralis deposit system locat extend order creat legal certainti secur held cross border context financi collater scope direct lex rei sita rule applic law determin financi collater arrang properli perfect good parti law countri financi collater locat recognis member state affect applic direct directli held secur locat book entri secur provid financi collater held intermediari determin collater taker valid effect collater arrang govern law countri relev account maintain valid compet titl interest enforc collater govern sole law countri prevent legal uncertainti result unforeseen legisl order limit administr burden parti financi collater scope direct perfect requir nation law impos respect financi collater financi collater deliv transfer held regist design possess control collater taker person act collater taker behalf exclud collater techniqu collater provid allow substitut collater withdraw excess collater reason creation valid perfect enforc admiss evid financi collater arrang provis financi collater financi collater arrang made depend perform formal act execut document specif form manner make file offici public bodi registr public regist advertis newspap journal offici regist public matter notif public offic provis evid form date execut document instrument amount relev financi oblig matter direct provid balanc market effici safeti parti arrang parti avoid inter alia risk fraud balanc achiev scope direct cover financi collater arrang provid form dispossess provis financi collater provis financi collater evidenc write durabl medium ensur traceabl collater purpos direct act requir law member state condit transfer creat secur interest financi instrument book entri secur endors case instrument order record issuer regist case regist instrument consid formal act direct protect financi collater arrang evidenc evid write legal enforc manner provid law applic financi collater arrang simplif financi collater limit administr burden promot effici cross border oper european central bank nation central bank member state particip econom monetari union implement common monetari polici provis limit protect financi collater arrang rule insolv law addit support wider aspect common monetari polici particip monei market balanc amount liquid market cross border transact back collater direct seek protect valid financi collater arrang base transfer full ownership financi collater elimin call characteris financi collater arrang includ repurchas agreement secur interest enforc bilater close net protect enforc mechan titl transfer financi collater arrang includ repurchas agreement wide close net form part financi collater arrang sound risk manag practic commonli financi market protect enabl particip manag reduc credit exposur aris kind financi transact net basi credit exposur calcul combin estim current exposur outstand transact counterparti set reciproc item produc singl aggreg amount compar current collater direct prejudic restrict requir nation law bring account claim oblig set net relat reciproc fact conclud prior collater taker knew commenc mandatori legal act lead commenc wind proceed reorganis measur respect collater provid sound market practic favour regul particip financi market top financi collater arrang manag limit credit risk mark market calcul current market credit exposur financi collater top financi collater return surplu financi collater protect automat avoid rule appli possibl substitut asset provid financi collater asset intent provis top substitut financi collater question sole basi relev financi oblig exist financi collater provid financi collater provid prescrib period prejudic possibl question nation law financi collater arrang provis financi collater part initi provis top substitut financi collater intention detriment creditor cover inter alia action base fraud similar avoid rule appli prescrib period direct rapid formalist enforc procedur order safeguard financi stabil limit contagion effect case default parti financi collater arrang direct balanc object protect collater provid parti explicitli confirm possibl member state introduc nation legisl posteriori control court exercis relat realis valuat financi collater calcul relev financi oblig control judici author verifi realis valuat conduct commerci reason manner provid cash collater titl transfer secur structur protect recognit net pledg cash collater cash refer monei repres credit account similar claim repay monei monei market deposit explicitli exclud banknot direct case secur financi collater arrang increas liquid financi market stem reus quot pledg quot secur reus prejudic nation legisl separ asset unfair treatment creditor direct prejudic oper effect contractu term financi instrument provid financi collater right oblig condit contain term issu right oblig condit appli issuer holder instrument act compli fundament right principl laid charter fundament right european union object propos action creat minimum regim relat financi collater suffici achiev member state reason scale effect action achiev commun level commun adopt measur accord principl subsidiar set articl treati accord principl proportion set articl direct order achiev object adopt direct articl subject matter scope direct lai commun regim applic financi collater arrang satisfi requir set paragraph financi collater accord condit set paragraph collater taker collater provid belong categori public author exclud publicli guarante undertak fall point includ public sector bodi member state charg interven manag public debt ii public sector bodi member state authoris hold account custom central bank european central bank bank intern settlement multilater develop bank defin articl direct ec european parliament council march relat take pursuit busi credit institut intern monetari fund european invest bank financi institut subject prudenti supervis includ credit institut defin articl direct ec includ institut list articl direct ii invest firm defin articl council direct eec invest servic secur field iii financi institut defin articl direct ec iv insur undertak defin articl council direct eec june coordin law regul administr provis relat direct insur life assur life assur undertak defin articl council direct eec novemb coordin law regul administr provis relat direct life assur undertak collect invest transfer secur ucit defin articl council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit vi manag compani defin articl direct eec central counterparti settlement agent clear hous defin articl direct ec includ similar institut regul nation law act futur option deriv market extent cover direct person natur person act trust repres capac behalf person includ bondhold holder form securitis debt institut defin point person natur person includ unincorpor firm partnership provid parti institut defin point member state exclud scope direct financi collater arrang parti person mention paragraph make option member state inform commiss inform member state thereof financi collater provid consist cash financi instrument member state exclud scope direct financi collater consist collater provid share share affili undertak mean seventh council direct eec june consolid account share undertak exclus purpos mean product essenti collater provid busi real properti direct appli financi collater provid provis evidenc write evidenc provis financi collater identif financi collater appli purpos suffici prove book entri secur collater credit form credit relev account cash collater credit form credit design account direct appli financi collater arrang arrang evidenc write legal equival manner articl definit purpos direct quot financi collater arrang quot mean titl transfer financi collater arrang secur financi collater arrang cover master agreement gener term condit quot titl transfer financi collater arrang quot mean arrang includ repurchas agreement collater provid transfer full ownership financi collater collater taker purpos secur cover perform relev financi oblig quot secur financi collater arrang quot mean arrang collater provid financi collater secur favour collater taker full ownership financi collater remain collater provid secur establish quot cash quot mean monei credit account currenc similar claim repay monei monei market deposit quot financi instrument quot mean share compani secur equival share compani bond form debt instrument negoti capit market secur dealt give acquir share bond secur subscript purchas exchang give rise cash settlement exclud instrument payment includ unit collect invest undertak monei market instrument claim relat right respect forego quot relev financi oblig quot mean oblig secur financi collater arrang give cash settlement deliveri financi instrument relev financi oblig consist includ present futur actual conting prospect oblig includ oblig aris master agreement similar arrang ii oblig ow collater taker person collater provid iii oblig class kind aris time time quot book entri secur collater quot mean financi collater provid financi collater arrang consist financi instrument titl evidenc entri regist account maintain behalf intermediari quot relev account quot mean relat book entri secur collater subject financi collater arrang regist account maintain collater taker entri made book entri secur collater provid collater taker quot equival collater quot relat cash mean payment amount currenc ii relat financi instrument mean financi instrument issuer debtor form part issu class nomin amount currenc descript financi collater arrang transfer asset occurr event relat affect financi instrument provid financi collater asset quot wind proceed quot mean collect proceed involv realis asset distribut proce creditor sharehold member involv intervent administr judici author includ collect proceed termin composit analog measur found insolv voluntari compulsori quot reorganis measur quot mean measur involv intervent administr judici author intend preserv restor financi situat affect pre exist right parti includ limit measur involv suspens payment suspens enforc measur reduct claim quot enforc event quot mean event default similar event agre parti occurr term financi collater arrang oper law collater taker entitl realis financi collater close net provis effect quot quot mean collater taker dispos financi collater provid secur financi collater arrang owner accord term secur financi collater arrang quot close net provis quot mean provis financi collater arrang arrang financi collater arrang form part absenc provis statutori rule occurr enforc event oper net set oblig parti acceler immedi due express oblig pai amount repres estim current termin replac oblig pai amount ii account due parti respect oblig net sum equal balanc account payabl parti larger amount due parti refer direct financi collater quot provid quot quot provis quot financi collater financi collater deliv transfer held regist design possess control collater taker person act collater taker behalf substitut withdraw excess financi collater favour collater provid prejudic financi collater provid collater taker mention direct refer direct quot write quot includ record electron mean durabl medium articl formal requir member state requir creation valid perfect enforc admiss evid financi collater arrang provis financi collater financi collater arrang depend perform formal act paragraph prejudic applic direct financi collater provid provis evidenc write financi collater arrang evidenc write legal equival manner articl enforc financi collater arrang member state ensur occurr enforc event collater taker realis manner financi collater provid subject term agre secur financi collater arrang financi instrument sale appropri set appli discharg relev financi oblig cash set amount appli discharg relev financi oblig appropri agre parti secur financi collater arrang parti agre secur financi collater arrang valuat financi instrument member state appropri june oblig recognis make option member state inform commiss turn inform member state thereof manner realis financi collater refer paragraph subject term agre secur financi collater arrang requir effect prior notic intent realis term realis approv court public offic person realis conduct public auction prescrib manner addit time period elaps member state ensur financi collater arrang effect accord term notwithstand commenc continu wind proceed reorganis measur respect collater provid collater taker articl articl prejudic requir nation law effect realis valuat financi collater calcul relev financi oblig conduct commerci reason manner articl financi collater secur financi collater arrang extent term secur financi collater arrang provid member state ensur collater taker entitl exercis relat financi collater provid secur financi collater arrang collater taker exercis incur oblig transfer equival collater replac origin financi collater latest due date perform relev financi oblig cover secur financi collater arrang altern collater taker due date perform relev financi oblig transfer equival collater extent term secur financi collater arrang provid set equival collater appli discharg relev financi oblig equival collater transfer discharg oblig paragraph subparagraph subject secur financi collater agreement origin financi collater subject treat provid secur financi collater arrang time origin financi collater provid member state ensur financi collater collater taker articl render invalid unenforc right collater taker secur financi collater arrang relat financi collater transfer collater taker discharg oblig paragraph subparagraph enforc event occur oblig paragraph subparagraph remain outstand oblig subject close net provis articl recognit titl transfer financi collater arrang member state ensur titl transfer financi collater arrang effect accord term enforc event occur oblig collater taker transfer equival collater titl transfer financi collater arrang remain outstand oblig subject close net provis articl recognit close net provis member state ensur close net provis effect accord term notwithstand commenc continu wind proceed reorganis measur respect collater provid collater taker notwithstand purport assign judici attach disposit respect right member state ensur oper close net provis subject requir mention articl agre parti articl insolv provis disappli member state ensur financi collater arrang provis financi collater arrang declar invalid void revers sole basi financi collater arrang exist financi collater provid dai commenc wind proceed reorganis measur prior order decre make commenc prescrib period prior defin refer commenc proceed measur refer make order decre take action occurr event proceed measur member state ensur financi collater arrang relev financi oblig exist financi collater provid dai moment commenc wind proceed reorganis measur legal enforc bind parti collater taker prove awar awar commenc proceed measur financi collater arrang oblig provid financi collater addit financi collater order account financi collater amount relev financi oblig withdraw financi collater provid substitut exchang financi collater substanti member state ensur provis financi collater addit financi collater substitut replac financi collater oblig treat invalid revers declar void sole basi provis made dai commenc wind proceed reorganis measur prior order decre make commenc prescrib period prior defin refer commenc wind proceed reorganis measur refer make order decre take action occurr event proceed measur ii relev financi oblig incur prior date provis financi collater addit financi collater substitut replac financi collater prejudic paragraph direct leav unaffect gener rule nation insolv law relat voidanc transact enter prescrib period refer paragraph paragraph articl conflict law question respect matter paragraph aris relat book entri secur collater govern law countri relev account maintain refer law countri refer domest law disregard rule decid relev question refer made law countri matter refer paragraph legal natur proprietari effect book entri secur collater requir perfect financi collater arrang relat book entri secur collater provis book entri secur collater arrang gener complet step render arrang provis effect parti person titl interest book entri secur collater overridden subordin compet titl interest good faith acquisit occur step requir realis book entri secur collater occurr enforc event articl report commiss decemb commiss present report european parliament council applic direct applic articl articl articl accompani propos revis articl implement member state bring forc law regul administr provis compli direct decemb latest forthwith inform commiss thereof member state adopt provis refer direct accompani refer occas offici public member state determin refer made articl entri forc direct enter forc dai public offici journal european commun articl addresse direct address member state brussel june european parliament presid cox council presid birulé bertrán oj oj oj opinion european parliament decemb publish offici journal council common posit march publish offici journal decis european parliament oj oj oj oj oj direct amend direct ec oj oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj direct amend direct ec european parliament council oj direct amend direct ec european parliament council oj oj direct amend direct ec european parliament council oj