EN ECB-P UBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 27 April 2011 
on amendments to the rules on the register of financial assets 
(CON/2011/40) 
 
Introduction and legal basis  
On 4 April 2011, the European Central Bank (ECB) received a request from the Slovenian Ministry of 
Finance for an opinion on a draft law amending the Law on Banka Slovenije (hereinafter the ‘draft law’). 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third and fifth indents of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 on the consultation of  the European Central Bank by national authorities 
regarding draft legislative provisions
1, as the draft law contains provisions referring to Banka Slovenije 
and payment and settlement systems. In accordance with the first sentence of Article 17.5 of the Rules of 
Procedure of the European Central Bank, th e Governing Council has adopted this opinion. 
 1.  Purpose of the draft law 
1.1 The draft law amends Chapter 4.2.a of the Law on Banka Slovenije
2 which governs the register of 
financial assets. Banka Slovenije maintains the regi ster of credit claims and other financial assets 
which can be used as collateral for liabilities to Banka Slovenije, the ECB and the national central 
banks of the European System of Central Banks (hereinafter collectively referred to as the ‘relevant 
central banks’). The register contains details on fi nancial assets and financia l collateral rights on 
these assets of the relevant central banks. The info rmation which the register contains as to (a) the 
unique identifier allocated to particular financia l assets; and (b) whether financial collateral is 
registered, is publicly available. Entering fina ncial assets onto the register gives notice of any 
registered financial collateral rights over such asset s. If a creditor has acquired financial collateral 
rights in good faith as regards third-party rights over financial assets and these rights have been 
entered on the register, such creditor will have prio rity ranking in any repayment from the collateral 
proceeds, irrespective of any prior third-party rights in existence. 
1.2 The main objective of the draft law is to align the abovementioned rules on the register of financial 
assets with Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 
amending Directive 98/26/EC on settlement finality  in payment and securities settlement systems 
and Directive 2002/47/EC on financial collateral a rrangements as regards linked systems and credit 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2  Zakon o Banki Slovenije , the official consolidat ed version published in Uradni list RS  No 72/06. 
ECB-P UBLIC  
2 claims3. In line with the requirement of Directive 2009/44/EC4, the draft law amends the current 
rules pursuant to which financial collateral over re gistered financial assets is created by means of 
an entry on the register. However, in future the re gister is only planned to serve as a record of 
financial collateral established ove r registered financial assets. 
1.3 In addition, the draft law5 broadens the tasks of Banka Slovenije  related to the administration of the 
register of financial assets. Banka Slovenije s hould: (a) provide interested persons, upon request, 
with information as to whether fina ncial collateral in favour of the relevant central banks has been 
established over assets that can be used as collate ral for liabilities to the said entities; and (b) 
receive notifications of the establishment of colla teral over such assets from third party collateral 
takers.  
 2.  General observations  
The ECB welcomes the intention of the draft law to  remove the formal condition for the creation of 
financial collateral over financial assets that can be used for securing liabilities to relevant central banks. 
It is anticipated that the provision of the draft la w under which Banka Slovenije provides other potential 
collateral takers with info rmation on financial collatera l established in favour of the relevant central banks 
as well as receiving information on collateral establishe d on registered financial assets will increase legal 
certainty where financial assets are used for collateral purposes. 
 
This opinion will be published on the ECB’s website. 
  Done at Frankfurt am Main, 27 April 2011. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET 
                                                 
3  OJ L 146, 10.6.2009, p. 37. 
4  Article 2(6)(a) of Directive 2009/44/EC. 
5  Proposed new paragraph 1.a of Article 22.e of the Law on Banka Slovenije.