Opinion of the Advocate General — ECLI:EU:C:2018:239
Date: 2018-04-12
Language of the case: Lithuanian
Subject matter: Right of establishment;Free movement of capital;Approximation of laws
Procedure: Reference for a preliminary ruling;Reference for a preliminary ruling - inadmissible
Origin: Lithuania

summary of the national case-law in points 27 to 30 of this Opinion. 10 See, to that effect, explanatory memorandum to the proposal for a Directive of the European Parliament and of the Council on financial collateral arrangements (COM(2001) 168 final of 27 March 2001) (‘the explanatory memorandum to the draft’), point 2.3. 11 See explanatory memorandum to the draft, point 2.1. 12 See, inter alia, Article 39 and Article 48(7) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ 2012 L 201, p. 1). See, also, Article 10 of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ 2015 L 337, p. 35). Article 10 of Directive 2015/2366 establishes two means of satisfying the safeguarding requirements. Member States may choose between keeping the funds separate (Article 10(1)(a)) and imposing an obligation to insure the funds in question (Article 10(1)(b)). 13 Emphasis added. 14 Emphasis added. 15 See Article 5(1) of Directive 2002/47. 16 See Article 6(1) and Article 7(1) of Directive 2002/47. 17 See judgment of 10 November 2016 (C‑156/15, EU:C:2016:851). 18 See point 13 of this Opinion. 19 See point 61 of this Opinion. 20 C‑156/15, EU:C:2016:586. 21 See judgment of 10 November 2016 (C‑156/15, EU:C:2016:851, paragraph 51).