Database on German and European Economic Law

 Directive 2002/47/EC

I. Description

In order to improve the legal certainty of financial collateral arrangements, Member States should ensure that certain provisions of insolvency law do not apply to such arrangements, in particular, those that would inhibit the effective realisation of financial collateral or cast doubt on the validity of current techniques such as bilateral close-out netting, the provision of additional collateral in the form of top-up collateral and substitution of collateral.

This Directive does not address rights which any person may have in respect of assets provided as financial collateral, and which arise otherwise than under the terms of the financial collateral arrangement and otherwise than on the basis of any legal provision or rule of law arising by reason of the commencement or continuation of winding-up proceedings or reorganisation measures, such as restitution arising from mistake, error or lack of capacity.

II. General Information

Title

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements

Status
Existing
Directive
2002/47/EC
Source
O.J. EC No L (Legislation), Edition 168, Year 2002, p.43
Adoption
06/06/2002
Promulgation
06/27/2002
Character
Regular Act
Legal Basis
Art. 95 EC
Legislative Procedure
Codecision procedure
Background

III. Versions and Legislative History

1. Versions

(A) Adoption | (P) Promulgation

2. Reformvorhaben

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Reformvorhaben
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany