2000X0516 — IT — 30.11.2002 — 003.001 — 1
Trattandosi di un semplice strumento di documentazione, esso non impegna la responsabilità delle istituzioni
►B INDIRIZZO DELLA BANCA CENTRALE EUROPEA
del 3 febbraio 2000
relativo alla gestione delle attività di riserva in valuta della Banca centrale europea da parte delle
banche centrali nazionali e alla documentazione legale concernente le operazioni aventi per
oggetto le attività di riserva in valuta della Banca centrale europea
(BCE/2000/1)
(2000/516/CE)
(GU L 207 del 17.8.2000, pag. 24)
Modificato da:
Gazzetta ufficiale
n. pag. data
►M1Indirizzo della Banca centrale europea del 21 giugno 2001 (BCE/2001/5) L 190 26 12.7.2001
►M2Indirizzo della Banca centrale europea del 16 novembre 2001 (BCE/
2001/12)L 310 31 28.11.2001
►M3Indirizzo della Banca centrale europea del 26 settembre 2002 (BCE/
2002/6)L 270 14 8.10.2002
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INDIRIZZO DELLA BANCA CENTRALE EUROPEA
del 3 febbraio 2000
relativo alla gestione delle attività di riserva in valuta della Banca
centrale europea da parte delle banche centrali nazionali e alladocumentazione legale concernente le operazioni aventi per oggetto
le attività di riserva in valuta della Banca centrale europea
(BCE/2000/1)
(2000/516/CE)
IL CONSIGLIO DIRETTIVO DELLA BANCA CENTRALE EUROPEA,
visto il trattato che istituisce la Comunità europea (in seguito denomi-
nato «trattato»), in particolare l'articolo 105, paragrafo 2, terzo trattino,
nonché gli articoli 3.1, terzo trattino, 12.1, 14.3 e 30.6 dello statuto delSistema europeo di banche centrali e della Banca centrale europea (inseguito denominato «statuto»),
considerando quanto segue:
(1)Ai sensi dell'articolo 30.1 dello statuto, alla Banca centrale euro-
pea (BCE) vengono conferite attività di riserva in valuta da parte
delle banche centrali nazionali degli Stati membri che hannoadottato la moneta unica (BCN) e che la BCE ha il pieno dirittodi detenere e gestire le riserve in valuta che le vengono trasfe-rite.
(2)Ai sensi degli articoli 9.2 e 12.1 dello statuto, la BCE può assol-vere attraverso le BCN taluni compiti ad essa attribuiti nonchéavvalersi delle stesse per eseguire determinate operazioni. LaBCE ritiene che le BCN debbano di conseguenza gestire le
riserve in valuta in qualità di suoi rappresentanti. La BCE reputa
necessario che, nell'operare in qualità di suoi rappresentanti perla gestione delle attività di riserva in valuta ad essa conferite, leBCN debbano osservare un codice di condotta e seguire determi-nate altre procedure con le controparti della BCE.
(3)La partecipazione delle BCN alla gestione delle attività diriserva in valuta conferite alla BCE e alle operazioni connesse atale gestione comporta la necessità di predisporre la documenta-zione relativa alle operazioni aventi per oggetto le riserve invaluta della BCE.
(4)In conformità degli articoli 12.1 e 14.3 dello statuto, gli indirizzidella BCE costituiscono parte integrante del diritto comunitario,
HA ADOTTATO IL SEGUENTE INDIRIZZO:
Articolo 1
Definizioni
Ai fini del presente indirizzo:
— per «Stati membri partecipanti» si intendono tutti gli Stati membri
che hanno adottato la moneta unica in conformità del trattato,
— per «BCN» si intendono le banche centrali nazionali degli Stati
membri partecipanti.
Articolo 2
Ruolo di rappresentanza delle BCN
1. Le BCN eseguono le operazioni aventi per oggetto le attività di
riserva in valuta della BCE in qualità di rappresentanti di quest'ultima;
con l'avvio di tali operazioni, esse riconoscono il loro ruolo di rappre-sentanti. Al momento di concludere ogni operazione eseguita per contodella BCE, le BCN comunicano alle parti che esse agiscono in qualitàdi rappresentanti della BCE, indicando sia il nome di quest'ultima siaun identificativo o numero di conto.2000X0516 — IT — 30.11.2002 — 003.001 — 2
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2. Nell'eseguire le operazioni aventi per oggetto le attività di riserva
in valuta della BCE in qualità di rappresentanti di quest'ultima, le BCNantepongono gli interessi della BCE ai propri ovvero a quelli di qual-
siasi entità per la quale esse eseguono le operazioni.
3. Se una controparte della BCE richiede a una BCN di giustificare
il suo potere di eseguire operazioni aventi per oggetto le attività diriserva in valuta della BCE in qualità di rappresentante di quest'ultima,la BCN fornisce prova dei poteri di rappresentanza ad essa attribuiti.
Articolo 3
Documentazione legale
1. Tutte le operazioni aventi per oggetto le attività di riserva in
valuta della BCE sono eseguite previa adozione della documentazionelegale prevista nel presente articolo.
2. A ciascun contratto standard in forza del quale vengono eseguite
operazioni in contropartita di strumenti finanziari (comprese, a titolo
esemplificativo, le operazioni pronti contro termine con retrocessionedel rateo di finanziamento o d'impiego, le operazioni pronti controtermine con attribuzione del rateo di finanziamento o d'impiego, leoperazioni di prestito titoli e di pronti contro termine trilaterali), ovvero
operazioni in strumenti derivati negoziati al di fuori dei mercati regola-
mentati aventi per oggetto le attività di riserva in valuta della BCE,viene accluso un documento nella forma dell'allegato 1 al presenteindirizzo. Tale documento costituisce parte integrante del contratto.
3. Con ciascuna controparte viene stipulato un accordo-quadro di
compensazione in una delle forme riportate nell'allegato 2 al presenteindirizzo.
4. Le operazioni in contropartita di strumenti finanziari — comprese
le operazioni pronti contro termine con retrocessione del rateo di finan-
ziamento o d'impiego e le operazioni pronti contro termine conattribuzione del rateo di finanziamento o d'impiego — e le operazioniin strumenti derivati negoziati al di fuori dei mercati regolamentatiaventi per oggetto le attività di riserva in valuta della BCE sono forma-
lizzate mediante uno dei contratti standard elencati nell'allegato 3 al
presente indirizzo, nelle forme di volta in volta approvate o modificatedalla BCE.
5. La prestazione di servizi finanziari aventi per oggetto le attività di
riserva in valuta della BCE da parte di intermediari finanziari —compresi, a titolo esemplificativo, i servizi bancari, di custodia e diinvestimento prestati da banche corrispondenti, depositari, organi di
regolamento ed enti centrali di compensazione per gli strumenti deri-
vati negoziati nei mercati regolamentati — è regolata da contrattispecifici di volta in volta approvati dalla BCE.
Articolo 4
Disposizioni finali
Le banche centrali nazionali degli Stati membri partecipanti sono desti-
natarie del presente indirizzo.
Il presente indirizzo ha effetto dal 3 febbraio 2000.Il presente indirizzo è pubblicato nella Gazzetta ufficiale delle
Comunità europee .2000X0516 — IT — 30.11.2002 — 003.001 — 3
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ALLEGATO 1
ALLEGATO BCE (1)
Le disposizioni contenute nel presente allegato sono accluse, costituendone parte
integrante, a ciascuno dei contratti standard che regolano le operazioni in
contropartita di strumenti finanziari (comprese, a titolo esemplificativo, le opera-
zioni pronti contro termine con retrocessione del rateo di finanziamento o
d'impiego e le operazioni pronti contro termine con attribuzione del rateo di
finanziamento o d'impiego) ovvero le operazioni in strumenti derivati negoziati
al di fuori dei mercati regolamentati aventi per oggetto le attività di riserva in
valuta della BCE, in conformità dell'articolo 3 dell'indirizzo della BCE relativo
alla gestione delle attività di riserva in valuta della Banca centrale europea da
parte delle banche centrali nazionali e alla documentazione legale concernente
le operazioni aventi per oggetto le attività di riserva in valuta della Banca
centrale europea (BCE/2000/1).
1. Le clausole del presente allegato integrano le condizioni applicate al [ nome
del contratto standard al quale si applica il presente allegato ] stipulato in
data [data del contratto ] («contratto») fra la Banca centrale europea
(«BCE») e [ nome della controparte ] («controparte»). Dette clausole sono
allegate al contratto o sono in esso contenute e costituiscono parte integrante
dello stesso. Qualora, e nella misura in cui, le disposizioni contenute nel
contratto (diverse dalle clausole del presente allegato) o nell'accordo-quadro
di compensazione della BCE concluso in data [ data] («accordo-quadro di
compensazione») fra la BCE e la controparte, compresi eventuali altri alle-
gati, annessi o condizioni integrative di tale contratto, risultino incompatibili
con le clausole del presente allegato, ovvero identiche o simili alle stesse nei
loro effetti, queste ultime prevarranno e saranno applicate in loro vece.
2. Salvo nei casi in cui diversamente previsto dalla legge, la controparte accetta
di mantenere riservati, e di non rivelare in nessuna circostanza a terzi,
elementi informativi o consigli ad essa forniti dalla BCE ovvero informazioni
riguardanti la BCE ottenute dalla controparte in virtù della stipula del
contratto, comprese, a titolo esemplificativo, le informazioni concernenti
l'esistenza stessa del contratto o le condizioni applicate al medesimo
(compreso il presente allegato), o il rapporto intercorrente fra la controparte
e la BCE in virtù del contratto medesimo, e di non utilizzare il nome della
BCE in nessun tipo di materiale informativo o promozionale.
3. La controparte accetta di notificare per iscritto alla BCE, appena possibile: a)
tutte le operazioni di fusione, per unione o incorporazione, ovvero il trasferi-
mento della totalità o della maggior parte del suo attivo a terzi; b) la nomina
di un commissario liquidatore, curatore fallimentare o amministratore con
compiti di natura analoga, ovvero l'avvio di procedure di liquidazione o di
ristrutturazione della controparte, od ogni altra procedura di natura analoga;
c) eventuali variazioni del nome della controparte.
4. La BCE non rinuncia alla propria immunità — in ogni caso nella misura
massima consentita dalla legge in vigore — da ogni procedimento legale e
dalla giurisdizione di qualsiasi tribunale nonché da qualsiasi riparazione
pretesa nei suoi confronti mediante ordinanza di ingiunzione, esecuzione
forzata in forma specifica, restituzione di beni di sua proprietà, sequestro
conservativo o pignoramento del suo attivo (sia anteriormente che successi-
vamente alla sentenza).
5. Alla BCE non possono essere applicate clausole che prevedono una situa-
zione di inadempimento o altre clausole, di qualsiasi natura, nelle quali si
faccia riferimento al fallimento, all'insolvenza o ad altri eventi di natura
analoga concernenti la BCE.
6. La controparte accetta di sottoscrivere il contratto (compreso il presente alle-
gato) e di eseguire tutte le operazioni per proprio conto e non in qualità di
rappresentante di eventuali terze parti.2000X0516 — IT — 30.11.2002 — 003.001 — 4
(1)►M2Il testo originario del presente allegato è redatto in francese, inglese, italiano,
portoghese, spagnolo e tedesco e incorporato in accordi quadro redatti in francese,inglese, italiano, portoghese, spagnolo e tedesco. La traduzione del presente allegatoin altre lingue è fornita a fini esclusivamente informativi e non è giuridicamente vinco-
lante.◄
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ALLEGATO 2
INDICE
Allegato 2a
Accordo-quadro di compensazione regolato dal diritto inglese
(ad uso delle controparti con sede legale in paesi diversi da Francia, Germania e
Stati Uniti d'America; redatto in inglese)
Allegato 2b
Accordo-quadro di compensazione regolato dal diritto francese(ad uso delle controparti con sede legale in Francia; redatto in francese)
Allegato 2c
Accordo-quadro di compensazione regolato dal diritto tedesco(ad uso delle controparti con sede legale in Germania; redatto in tedesco)
Allegato 2d
Accordo-quadro di compensazione regolato dal diritto dello Stato di New York
(ad uso delle controparti con sede legale negli Stati Uniti d'America; redatto in
inglese)2000X0516 — IT — 30.11.2002 — 003.001 — 5
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ALLEGATO 2a
Accordo-quadro di compensazione regolato dal diritto inglese
(ad uso delle controparti con sede legale in paesi diversi da Francia,
Germania e Stati Uniti d'America; redatto in inglese)
MASTER NETTING AGREEMENT
1.Scope of agreement
1.1. The purpose of this Agreement (hereinafter referred to as the Agreement) is
to ensure that the ECB is able to net all existing positions under all outstan-
ding transactions made between the ECB and the Counterparty, regardless
of any agent or agents authorised to act on behalf of the ECB through
whom the transactions giving rise to those positions may have been
effected, including the central bank of any Member State of the European
Union which has adopted the euro as its currency, and regardless of which
office (including the head office and all branches) of the Counterparty may
be involved in such transactions, and after taking into account the effect of
any existing netting provisions in master or other agreements between the
ECB and the Counterparty and/or provisions of mandatory law that operate
with similar effect that may apply to certain of such transactions.
1.2. In this Agreement, a «netting agreement» means any agreement for the
time being in effect between the Parties (and including, without limitation,
this Agreement and agreements of the kind listed in Appendix 1 to this
Agreement), including such modifications and additions thereto as may be
agreed between the ECB and the Counterparty (hereinafter referred to as
the Parties) from time to time, which contains provisions to the effect
that, should any event of default as defined for the purposes of such agree-
ment occur, there may be an early termination, liquidation, closing-out or
acceleration of transactions or obligations under transactions or any analo-
gous event (a «default termination») and the respective obligations of the
Parties under such agreement may be combined, aggregated or set-off
against each other so as to produce a single net balance payable by one
Party to the other.
2.General
2.1. All transactions of whatever nature (hereinafter referred to as transactions)
entered into between the Parties at any time after the date of this Agree-
ment shall be governed by this Agreement, unless the Parties specifically
agree otherwise.
2.2. The Parties acknowledge that the terms of this Agreement, all transactions
governed by this Agreement, any amendments to the terms of such transac-
tions, and the single net balance payable under any netting agreement
constitute a single business and contractual relationship and arrangement.
2.3. The Counterparty has entered into this Agreement as principal and repre-
sents and warrants that it has entered and shall enter into all transactions
as principal.
2.4. This Agreement is supplemental to the netting agreements entered into
between the Parties prior to the date of this Agreement, and all further
netting agreements and transactions entered into between the Parties after
the date of this Agreement shall be supplemental to this Agreement.2000X0516 — IT — 30.11.2002 — 003.001 — 6
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3.Base currency
The base currency for the purposes of this Agreement shall be the US
dollar or, at the ECB's option, any other currency. Wherever it is necessary
in accordance with the terms of this Agreement to convert amounts into the
base currency, such amounts shall be converted at the daily reference rate
published by the ECB for the currency to be converted into the base
currency or, in the absence of such reference rate, at the rate of exchange
at which the ECB can buy or sell, as appropriate, such amounts with or
against the base currency on such day, all as determined by the ECB.
4.Cross acceleration
Should any default termination occur under any netting agreement (inclu-
ding under Appendix 2 to this Agreement), then the ECB shall have the
right to declare, by written notice to the Counterparty, that a default termi-
nation has occurred under each other netting agreement in respect of which
default termination has not occurred in accordance with the provisions
thereof.
5.Global netting
5.1. Should a default termination occur, the ECB shall, as soon as is reasonably
practicable, take an account of what is due from each Party to the other
under each netting agreement (including under Appendix 2 to this Agree-
ment) in respect of which default termination has occurred and aggregate
the sums due from each Party to the other under such netting agreements
(including under Appendix 2 to this Agreement), in every case in or
converted into the base currency, and only the net balance of the account
shall be payable by the Party owing the larger aggregate sum.
5.2. Clause 5.1 shall continue to operate to the extent possible notwithstanding
the unenforceability under applicable law of any provisions contained in
any netting agreement (including under Appendix 2 of this Agreement).
6.Notices and other communications
All notices, instructions and other communications to be given under this
Agreement shall be effective only upon receipt and shall be made in
writing (including by electronic means).
7.Severability
Each provision contained herein (including, without limitation, Appendix 2
to this Agreement) shall be treated as separate from any other provision
herein and shall be enforceable notwithstanding the unenforceability of
any such other provision.
8.Non-assignability
The rights and obligations of the Counterparty under this Agreement may
not be assigned, charged, pledged or otherwise transferred or dealt with by
the Counterparty.
9.Governing law and jurisdiction
9.1. This Agreement shall be governed by and construed in accordance with
English law.
9.2. For the benefit of the ECB, the Counterparty hereby irrevocably submits
for all purposes of or in connection with this Agreement to the jurisdiction
of the District Court ( Landgericht ) of Frankfurt am Main, Germany.
Nothing in this clause 9 shall limit the right of the ECB to take proceedingsbefore the courts of any other country of competent jurisdiction.2000X0516 — IT — 30.11.2002 — 003.001 — 7
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2000X0516 — IT — 30.11.2002 — 003.001 — 8
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Appendix 1
Netting agreements (*)
1. ISDA Master Agreement (Multicurrency-Cross Border 1992)
2. PSA-ISMA Global Master Repurchase Agreement3. Convention-cadre AFB relative aux opérations de marché à terme
4. Convention-cadre AFB relative aux opérations de pension livrée
5. Rahmenvertrag für Finanztermingeschäfte6. Rahmenvertrag für echte Pensionsgeschäfte2000X0516 — IT — 30.11.2002 — 003.001 — 9
(*) This documentation is maintained by the ECB Legal Services and the legal depart-
ments of the national central banks.
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Appendix 2
Transactions not subject to any netting agreement
1. The provisions of this Appendix apply to transactions entered into between
the Parties that are not effectively subject to any other netting agreement.
2. Should:
a) a default termination occur under any netting agreement, or
b) an event that is defined as an event of default or other analogous event
under any netting agreement occur, which event would, assuming there
were outstanding transactions under any such netting agreement, result
in, or entitle the ECB to take steps which would result in, a default termi-
nation under such netting agreement,
(any such event under (a) or (b) above is referred to in this Appendix as an
«event of default»), then all transactions to which this Appendix applies (but
not less than all, unless any such transaction may not be so closed out under
applicable law) under which obligations have or would otherwise have fallen
due by or after the date of such event of default (the «close out date») may
by notice in writing from the ECB to the Counterparty be liquidated and
closed-out as described under paragraphs 3 and 4 of this Appendix, and the
ECB shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be
obliged to make any further payments or deliveries under any such transac-
tions.
3. Should liquidation and close-out under paragraph 2 of this Appendix occur,
the ECB shall, as soon as is reasonably practicable, take an account of what
is due from each Party to the other, including, as necessary, determining in
respect of each transaction the ECB's total gain or loss, as the case may be,
resulting from the liquidation and close-out of such transaction as at the date
of such liquidation and close-out, in every case in or converted into the base
currency. The ECB shall then aggregate such gains and losses and only the
balance of the account shall be payable by the Counterparty, if the aggregate
losses exceed the aggregate gains, or by the ECB, if the aggregate gains
exceed the aggregate losses.
4. In determining in respect of each transaction the ECB's total gain or loss, the
ECB shall, subject to applicable law, use a commercially reasonable method
of calculation which (a) is based on, to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating
in the same financial centre, and (b) takes into account, where applicable, the
liquidation and close-out of such transaction earlier than its scheduled value
date or delivery date.
5. The Parties agree that the calculation of the net sum under paragraphs 3 and
4 of this Appendix is a reasonable pre-stimate of losses suffered.2000X0516 — IT — 30.11.2002 — 003.001 — 10
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ALLEGATO 2b
Accordo-quadro di compensazione regolato dal diritto francese
(ad uso delle controparti con sede legale in Francia; redatto in francese)
CONVENTION-CADRE DE COMPENSATION
1.Champ d'application de la convention
1.1 La présente convention (ci-après dénommée la «convention») a pour objet
de permettre à la BCE de compenser l'ensemble des positions existantes
dans le cadre de l'ensemble des transactions en cours effectuées entre la
BCE et la contrepartie, sans distinction de l'agent ou des agents autorisés à
agir pour le compte de la BCE par l'intermédiaire duquel ou desquels les
transactions génératrices de ces positions ont pu être effectuées, y compris
la banque centrale de tout État membre de l'Union européenne ayant adopté
l'euro comme monnaie nationale, et sans distinction de l'établissement (y
compris le siège social et l'ensemble des succursales) de la contrepartie
impliqué dans ces transactions, et après prise en considération de l'incidence
de toutes les dispositions existantes relatives à la compensation qui figurent
dans la convention-cadre ou dans les autres conventions conclues entre la
BCE et la contrepartie et/ou des dispositions de la législation applicable
ayant un effet similaire et susceptibles de s'appliquer à certaines de ces tran-
sactions.
1.2 Dans la présente convention, on entend par «convention de compensation»
toute convention en vigueur entre les parties (y compris, sans restriction, laprésente convention et les conventions de l'espèce énumérées dans l'additif
1 de la présente convention), y compris les modifications et les avenants
aux textes susceptibles d'être convenus, s'il y a lieu, entre la BCE et la
contrepartie (ci-après dénommées les «parties»), qui comporte des disposi-
tions prévoyant, lors de la survenance d'un cas de défaillance tel que défini
dans le cadre de cette convention, une possibilité de résiliation, d'exigibilité
anticipées ou de «close out» des transactions ou des obligations afférentes
aux transactions ou de tout événement analogue (une «résiliation pour
défaillance»), les obligations respectives des parties dans le cadre de cette
convention pouvant dès lors être regroupées, globalisées ou compensées
réciproquement de manière à donner lieu à un solde net unique payable
par l'une des parties à l'autre.
2.Dispositions d'ordre général
2.1 L'ensemble des transactions de toute nature (ci-après dénommées «transac-
tions») conclues entre les parties à tout moment après la date de la présente
convention sera régi par la présente convention, sauf si les parties en déci-
dent spécifiquement autrement.
2.2 Les parties reconnaissent que les termes de la présente convention,
l'ensemble des transactions régies par elle, toutes les modifications appor-
tées aux termes de ces transactions et le solde net unique payable dans le
cadre de toute convention de compensation constituent une relation et un
accord professionnels et contractuels uniques.
2.3 La contrepartie a conclu cette convention en son nom propre; elle déclare et
atteste qu'elle a conclu et conclura toutes les transactions en son nom
propre.
2.4 La présente convention complète les conventions antérieures de compensa-
tion conclues antérieurement entre les parties; toutes les autres conventions
de l'espèce et transactions qui seront conclues ultérieurement entre les
parties compléteront la présente convention.2000X0516 — IT — 30.11.2002 — 003.001 — 11
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3.Devise de référence
La devise de référence utilisée dans le cadre de cette convention sera le
dollar des États-Unis ou, au choix de la BCE, une autre devise. Dans les
cas où il sera nécessaire, conformément aux termes de la présente conven-
tion, de convertir les montants dans la devise de référence, la conversion
s'effectuera au taux de référence quotidien publié par la BCE pour la devise
à convertir dans la devise de référence ou, à défaut de ce taux de référence,
au taux de change auquel la BCE peut acheter ou vendre, selon le cas, ces
montants avec ou contre la devise de référence ce même jour, selon les
conditions définies par la BCE.
4.Clause de défaillance croisée
Lors de la survenance d'une résiliation pour défaillance dans le cadre d'une
convention de compensation (y compris dans le cadre de l'additif 2 de la
présente convention), la BCE sera habilitée à prononcer, par notification
écrite à la contrepartie, la résiliation pour défaillance de chacune des autres
conventions de compensation pour lesquelles il n'y a pas eu résilitation pour
défaillance dans les conditions prévues par les dispositions précitées.
5.Compensation globale
5.1 Lors de la survenance d'une résiliation pour défaillance, la BCE comptabili-
sera dans les meilleurs délais les montants dus par chacune des parties à
l'autre au titre de chaque convention de compensation (y compris dans le
cadre de l'additif 2 de la présente convention) pour laquelle est intervenue
une résiliation pour défaillance et globalisera les sommes dues par chaque
partie à l'autre au titre de ces conventions de compensation (y compris
dans le cadre de l'additif 2 de la présente convention) libellées ou converties
dans tous les cas dans la devise de référence, seul le solde net étant payable
par la partie débitrice du montant brut le plus élevé.
5.2 La clause 5.1 restera en vigueur dans la mesure du possible nonobstant le
caractère inapplicable, en vertu de la loi en vigueur, de toute disposition
pouvant être contenues dans une convention de compensation (y compris
dans le cadre de l'additif 2 de la présente convention).
6.Notifications et autres communications
L'ensemble des notifications, instructions et autres communications à donner
dans le cadre de la présente convention ne prendront effet qu'à la date de
leur réception et seront adressées par écrit (y compris par les moyens élec-
troniques).
7.Gestion séparée
Chacune des dispositions de la présente convention (y compris, sans restric-
tion, l'additif 2 de ladite convention) sera traitée isolément des autres
dispositions et sera applicable nonobstant le caractère inapplicable de ces
autres dispositions.
8.Incessibilité
Les droits et les obligations de la contrepartie dans le cadre de la présente
convention ne peuvent être cédés, transférés ou autrement négociés par la
contrepartie.
9.Loi applicable, attribution de compétences
9.1 La présente convention sera soumise au droit français et interprétée selon
ledit droit.
9.2 Dans l'intérêt de la BCE, la contrepartie soumet irrévocablement par la
présente convention tous les cas afférents à celle-ci ou s'y rapportant à la
compétence de la juridiction du tribunal ( Landgericht ) de Francfort-sur-le-
Main, Allemagne. Aucune disposition de cette clause 9 ne limitera le droit
de la BCE d'entamer une procédure judiciaire devant les tribunaux compé-
tents d'un autre pays.2000X0516 — IT — 30.11.2002 — 003.001 — 12
▼B
2000X0516 — IT — 30.11.2002 — 003.001 — 13
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Additif 1
Conventions de compensation
1. Convention-cadre AFB relative aux opérations de marché à terme
2. Convention-cadre AFB relative aux opérations de pension livrée3. ISDA Master Agreement (Multicurrency-Cross Border 1992)
4. PSA-ISMA Global Master Repurchase Agreement
5. The Bond Market Association Master Repurchase Agreement6. Rahmenvertrag für Finanztermingeschäfte
7. Rahmenvertrag für echte Pensionsgeschäfte2000X0516 — IT — 30.11.2002 — 003.001 — 14
▼B
Additif 2
Transactions non soumises à une convention de compensation
1. Les dispositions du présent additif s'appliquent aux transactions conclues
entre les parties qui ne sont pas effectivement soumises à une autre conven-
tion de compensation.
2. Lors de la survenance:
a) d'une résiliation pour défaillance dans le cadre d'une convention de
compensation ou
b) d'un événement défini comme étant un cas de défaillance ou un événe-
ment analogue dans le cadre d'une quelconque convention de
compensation, lequel événement, dans l'hypothèse où des transactions
seraient en cours au titre de cette convention de compensation, amènerait
ou habiliterait la BCE à prendre des mesures qui entraîneraient une rési-
liation pour défaillance dans le cadre de ladite convention,
[les événements prévus aux points a) ou b) étant dénommés dans le présent
additif «cas de défaillance»],
l'ensemble des transactions concernées par le présent additif (sans exception,
sauf dans le cas où une transaction ne peut faire l'objet d'une résiliation dans
ces conditions aux termes de la loi applicable) dans le cadre desquelles les
obligations sont ou seraient arrivées à échéance à la date ou après la date
de survenance de ce cas de défaillance (la «date de résiliation») pourrontêtre résiliées par notification écrite de la BCE à la contrepartie dans les
conditions prévues aux points 3 et 4 du présent additif et la BCE ne sera
pas tenue d'effectuer, sans préjudice des points 3 et 4 du présent additif,
d'effectuer d'autres paiements ou livraisons au titre de ces transactions.
3. En cas de résiliation selon les termes du point 2 du présent additif, la BCE
comptabilisera dans les meilleurs délais les sommes dues par chacune des
parties à l'autre, notamment, le cas échéant, en déterminant pour chaque tran-
saction la perte ou le gain total de la BCE résultant de la résiliation de ladite
transaction à la date de résiliation, le montant étant dans tous les cas libellé
ou converti dans la devise de référence. La BCE globalisera ensuite ces gains
et pertes et seul le solde net sera payable par la contrepartie si le total des
pertes excède celui des gains, ou par la BCE si le total des gains excède celui
des pertes.
4. Pour déterminer, dans le cadre de chaque transaction, le montant total du
gain ou de la perte de la BCE, celle-ci utilisera, sous réserve de la législation
applicable, une méthode de calcul commercialement raisonnable: a) fondée,
dans la mesure du possible, sur les cotations fournies par au moins quatre
intervenants de premier rang du marché considéré et opérant dans le même
centre financier et b) prenant en compte, le cas échéant, la résiliation de la
transaction intervenue antérieurement à la date de valeur ou de livraison
prévue.
5. Les parties conviennent que le calcul de la somme nette aux termes des
points 3 et 4 du présent additif constitue une estimation raisonnable des
pertes encourues.2000X0516 — IT — 30.11.2002 — 003.001 — 15
▼B
ALLEGATO 2c
Accordo-quadro di compensazione regolato dal diritto tedesco
(ad uso delle controparti con sede legale in Germania; redatto in tedesco)
EZB-AUFRECHNUNGSVERTRAG
(«MASTER NETTING AGREEMENT»)
1.Anwendungsbereich dieses Vertrags
1.1. Der Zweck dieses Vertrages (im Folgenden: «Vertrag») besteht darin, die
Verrechnung aller bestehenden Positionen aus allen offenen Geschäften
zwischen der EZB und dem Vertragspartner zu ermöglichen. Der Vertrag
schließt Geschäfte ein, die die EZB über Stellvertreter (z. B. Teilnehmer-
zentralbanken) abschließt. Er umfasst auch ferner alle diejenigen
Geschäfte, die über die Hauptverwaltung oder eine unselbständige Zwei-
gniederlassung des Vertragspartners mit der EZB abgeschlossen werden.
Der Vertrag berücksichtigt ferner alle sonst zwischen den Parteien beste-
henden Rahmenverträge oder sonstigen Vereinbarungen, die
Aufrechnungsklauseln enthalten, sowie zwingende gesetzliche Vorschriften
mit ähnlichen Wirkungen.
1.2. Unter einem Aufrechnungsvertrag (Netting Agreement) im Sinne dieses
Vertrags (im Folgenden: «Aufrechnungsvertrag») sind alle die zwischen
den Parteien getroffenen (einschließlich dieses Vertrags sowie der im
Anhang 1 zum Vertrag aufgeführten) Vereinbarungen in ihrer jeweiligen
Fassung zu verstehen, die Klauseln enthalten, wonach im Fall eines wich-
tigen Grundes (event of default) insbesondere eine vorzeitige Beendigung
eintritt oder eine Kündigung ausgesprochen werden kann (im folgenden:
«Beendigung oder Kündigung aus wichtigem Grund»); ferner muss dort
vereinbart sein, dass infolge einer Beendigung oder Kündigung Geschäfte
oder Verpflichtungen fällig bzw. in verrechenbare, fällige Forderungen
umgewandelt werden, die anschließend zusammengefasst, ver- oder aufge-
rechnet werden mit der Folge, dass lediglich ein einziger Nettosaldo durch
eine der beiden Parteien geschuldet wird.
2.Allgemeines
2.1. Für alle Geschäfte, die die Parteien nach Unterzeichnung dieses Vertrags
tätigen (im Folgenden «Einzelabschlüsse»), gelten die nachfolgenden
Bestimmungen, sofern die Parteien im Einzelabschluss nichts Abwei-
chendes vereinbaren.
2.2. Die Parteien sind sich darüber einig, dass dieser Vertrag in seiner jewei-
ligen Fassung, alle Einzelabschlüsse, die von diesem Vertrag erfasst
werden, und die aus Aufrechnungsverträgen resultierenden Nettosalden ein
einheitliches Vertragsverhältnis bilden.
2.3. Die Vertragsparteien sichern zu, dass sie den Vertrag in eigenem Namen
abgeschlossen haben und alle Einzelabschlüsse ebenfalls in eigenem
Namen tätigen werden.
3.Vertragswährung («base currency»)
Vertragswährung ist der US-Dollar oder jede andere Währung, die die
Parteien vereinbaren. Die Umrechnung von auf andere Währungen
lautenden Beträgen in die Vertragswährung erfolgt jeweils zum täglichen
Referenzkurs, den die EZB für die umzurechnende Währung veröffentlicht2000X0516 — IT — 30.11.2002 — 003.001 — 16
▼B
oder, hilfsweise, zum jeweiligen Marktkurs, zu dem die EZB an diesem
Geschäftstag den umzurechnenden Währungsbetrag gegen die Vertragswäh-
rung kaufen oder verkaufen kann.
4.Vertragsübergreifendes Kündigungs- oder Beendigungsrecht aus wich-
tigem Grund
Sofern die EZB ein Kündigungs- oder Beendigungsrecht aus wichtigem
Grund im Rahmen eines Aufrechnungsvertrags (sowie auch gemäß Anhang
2 zu diesem Vertrag) hat, erstreckt sich dieses Recht auch auf jeden
anderen Aufrechnungsvertrag, auch wenn nach den dortigen Vereinba-
rungen ein vergleichbarer Kündigungs- oder Beendigungsgrund noch nicht
gegeben ist.
5.Allumfassende Aufrechnugsvereinbarung («global netting»)
5.1. Sollte eine Beendigung oder Kündigung aus wichtigem Grund stattfinden,
wird die EZB unverzüglich die aus den jeweiligen Aufrechnungsverträgen
(sowie auch aus Anhang 2 zu diesem Vertrag) resultierenden Nettosalden
errechnen und diese, nach Umrechnung in die Vertragswährung, zu einer
einzigen Forderung oder Verbindlichkeit zusammenfassen mit der Folge,
dass nurmehr dieser Betrag zwischen den Parteien geschuldet wird.
5.2. Z. 5.1 gilt ungeachtet dessen, dass Klauseln in Aufrechnungsverträgen
(einschließlich Anhang 2 zu diesem Vertrag) nach dem jeweils anwend-
baren Recht nicht wirksam bzw. nichtig sind.
6.Erklärungen und andere Mitteilungen
Alle Erklärungen, Weisungen und andere Mitteilungen im Rahmen dieses
Vertrags sind nur dann wirksam, wenn sie in Schriftform oder in elektroni-
scher Form übermittelt werden und der Gegenseite auch zugegangen sind.
7.Teilbarkeit
Sollte eine Bestimmung dieses Vertrags (einschließlich des Anhangs 2)
ganzoder teilweise unwirksam sein oder werden, bleiben die übrigen
Bestimmungen wirksam. An Stelle der unwirksamen Bestimmungen tritt
eine wirksame Regelung, die dem wirtschaftlichen Zweck mit der unwirk-
samen Bestimmung soweit wie möglich Rechnung trägt.
8.Abtretungsverbot
Die Rechte und Pflichten aus dem Vertrag darf der Vertragspartner weder
abtreten noch in sonstiger Weise hierüber verfügen.
9.Anwendbares Recht und Gerichtsstand
9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.
9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.
2000X0516 — IT — 30.11.2002 — 003.001 — 17
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Anlage 1
Liste der Aufrechnungsverträge
1. Rahmenvertrag für Finanztermingeschäfte
2. Rahmenvertrag für echte Pensionsgeschäfte3. ISDA Master Agreement (Multicurrency-Cross Border 1992)
4. The Bond Market Association Master Repurchase Agreement
5. PSA-ISMA Global Master Repurchase Agreement6. Convention-Cadre AFB Relative aux Opérations de Marché à Terme
7. Convention-Cadre AFB Relative aux Opérations de Pension Livrée2000X0516 — IT — 30.11.2002 — 003.001 — 18
▼B
Anlage 2
Geschäfte, die keinem Aufrechnungsvertrag unterliegen:
1. Vorschriften dieses Anhangs finden Anwendung auf solche Einzelabschlüsse
zwischen den Parteien, die von keinem anderen Aufrechnungsvertrag erfasst
werden.
2. Sofern
a) eine Beendigung oder Kündigung aus wichtigem Grund nach Maßgabe
eines Aufrechnungsvertrags eintritt oder
b) ein Beendigungs- oder Kündigungsgrund nach Maßgabe eines Aufrech-
nungsvertrags vorliegt, der zur Beendigung führen oder zur Kündigung
durch die EZB berechtigen würde, sofern Einzelabschlüsse im Rahmen
dieses Aufrechnungsvertrags getätigt worden wären, (im Folgenden:
«beendigendes Ereignis im Sinne dieses Anhangs»)
und die EZB eine Kündigung im Hinblick auf diesen Anhang ausgesprochen
hat, dann können alle unter diesen Anhang fallenden Einzelabschlüsse gemäß
den Punkten 3 und 4 dieses Anhangs durch eine schriftliche Mitteilung der
EZB an den Vertragspartner beendigt und abgerechnet werden, sofern diese
Einzelabschlüsse Verpflichtungen enthalten, die im Zeitpunkt des Wirksam-
werdens der Beendigung oder Kündigung noch nicht fällig sind. Die
Hauptpflichten aus diesen Einzelgeschäften erlöschen, vorbehaltlich der
nachfolgenden Punkte 3 und 4 dieses Anhangs.
3. Sollte eine Beendigung oder Kündigung gemäß Punkt 2 dieses Anhangs
eintreten, wird die EZB unverzüglich die beiderseitigen Ansprüche ermitteln
und hierbei, sofern erforderlich, den aus jedem Einzelabschluss für die EZB
resultierenden Gewinn oder Verlust ermitteln, der sich aus der vorzeitigen
Kündigung oder Beendigung an dem Tag ergibt, an dem die Kündigung
oder Beendigung wirksam wird; sie wird ferner diese Positionen gegebenen-
falls in die Vertragswährung umrechnen. Die EZB fasst dann diese
Forderungen und Verbindlichkeiten zu einer einzigen Forderung oder Verbin-
dlichkeit zusammen mit der Folge, dass nurmehr dieser Betrag zwischen den
Parteien geschuldet wird.
4. Zur Ermittlung der Gewinne und Verluste der EZB aus den jeweiligen Einze-
labschlüssen wird die EZB, vorbehaltlich des anwendbaren Rechtes, eine für
beide Seiten angemessene Berechnungsmethode verwenden, die a), soweit
möglich und vorhanden, auf den von mindestens vier bedeutenden Marktteil-
nehmern an dem maßgeblichen Finanzplatz gestellten Kursen oder Preisen
beruht und b) hierbei in Rechnung stellt, dass die Beendigung oder Kündi-
gung des jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.2000X0516 — IT — 30.11.2002 — 003.001 — 19
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ALLEGATO 2d
Accordo-quadro di compensazione regolato dal diritto dello Stato di New
York
(ad uso delle controparti con sede legale negli Stati Uniti d'America; redatto
in inglese)
MASTER NETTING AGREEMENT
1. Scope of agreement
1.1. The purpose of this Agreement (hereinafter referred to as the
Agreement) is to ensure that the ECB is able to net all existing
positions under all outstanding transactions made between the ECB
and the Counterparty, regardless of any agent or agents authorised
to act on behalf of the ECB through whom the transactions giving
rise to those positions may have been effected, including the central
bank of any Member State of the European Union which has
adopted the euro as its currency, and regardless of which office
(including the head office and all branches) of the Counterparty
may be involved in such transactions, and after taking into account
the effect of any existing netting provisions in master or other
agreements between the ECB and the Counterparty and/or provi-
sions of mandatory law that operate with similar effect that may
apply to certain of such transactions.
1.2. In this Agreement, a «netting agreement» means any agreeement for
the time being in effect between the Parties (and including, without
limitation, this Agreement and agreements of the kind listed in
Appendix 1 to this Agreement), including such modifications and
additions thereto as may be agreed between the ECB and the Coun-
terparty (hereinafter referred to as the Parties), from time to time,which contains provisions to the effect that, should any event of
default as defined for the purposes of such agreement occur, there
may be an early termination, liquidation, closing-out or acceleration
of transactions or obligations under transactions or any analogous
event (a «default termination») and the respective obligations of
the parties under such agreement may be combined, aggregated or
netted against each other so as to produce a single net balance
payable by one Party to the other.
2. General
2.1. All transactions of whatever nature (hereinafter referred to as tran-
sactions) entered into between the ECB and the parties at any time
after the date of this Agreement shall be governed by this Agree-
ment, unless the parties specifically agree otherwise.
2.2. The parties acknowledge that the terms of this Agreement, all tran-
sactions governed by this Agreement, any amendments to the terms
of such transactions, and the single net balance payable under any
netting agreement constitute a single business and contractual rela-
tionship and arrangement.
2.3. Each party represents and warrants to the other that it is a financial
institution for purposes of the US Deposit Insurance Corporation
Improvement Act of 1991 (hereinafter referred to as FIDICIA),
and the parties agree that this Agreement shall be a netting contract,
as defined in FDICIA, and that each receipt or payment obligation
under the Agreement shall be a covered contractual payment entitle-
ment or covered contractual payment obligation respectively, as
defined in and subject to FDICIA.2000X0516 — IT — 30.11.2002 — 003.001 — 20
▼B
2.4. The Counterparty has entered into this Agreement as principal and
represents and warrants that it has entered and shall enter into all
transactions as principal.
[2.5. The Counterparty represents and warrants to, and convenants and
agrees with the ECB, that:
(a) it has the power to execute and deliver this Agreement and any
other documentation relating to this Agreement to which it is a
party and that it is required to deliver; it has the power to
perform its obligations under this Agreement and any obliga-
tions under any netting agreement to which it is a party; it has
taken all necessary action to authorise such execution, deliery
and performance, including authorisations required under the
US Federal Deposit Insurance Act, as amended, including
amendments effected by the US Federal Institutions Reform,
Recovery and Enforcement Act of 1989, and under any agree-
ment, writ, decree or order entered into with a party's
supervisory authorities; and
(b) at all times during the term of this Agreement, it will conti-
nuously include and maintain as part of its official written
books and records this Agreement, the netting agreements and
evidence of all necesary authorisations](1).
[2.5.] [2.6.] This Agreement is supplemental to the netting agreements entered
into between the parties prior to the date of this Agreement, and
all further netting agreements and transactions entered into between
the Parties after the date of this Agreement shall be supplemental to
this Agreement.
3. Base currency
The base currency for the purposes of this Agreement shall be the
US dollar or, at the ECB's option, any other currency. Wherever it
is necessary in accordance with the terms of this Agreement to
convert amounts into the base currency, such amounts shall be
converted at the daily reference rate published by the ECB for the
currency to be converted into the base currency or, in the absence
of such reference rate, at the rate of exchange at which the ECB can
buy or sell, as appropriate, such amounts with or against the base
currency on such day, all as determined by the ECB.
4. Cross acceleration
Should any default termination occur under any netting agreement
(including under Appendix 2 to this Agreement), then the ECB shall
have the right to declare, by written notice to the Counterparty, that
a default termination has occurred under each other netting agree-
ment in respect of which default termination has not occured in
accordance with the provisions thereof.
5. Global netting
5.1. Should a default termination occur, the ECB shall, as soon as is
reasonably practicable, take an account of what is due from each
party to the other under each netting agreement (including under
Appendix 2 of this Agreement) in respect of which default termina-
tion has occured and aggregate the sums due from each party to the
other under such netting agreements (including under Appendix 2 to
this Agreement), in every case in or converted into the base
currency, and only the net balance of the account shall be payable
by the party owing the larger aggregate sum.
5.2. Clause 5.1 shall continue to operate to the extent possible notwith-
standing the unenforceability under applicable law of any provisions
contained in any netting agreement (including under Appendix 2 to
this Agreement).
6. Notices and other communications
All notices, instructions and other communications to be given
under this Agreement shall be effective only upon receipt and shall
be made in writing (including by electronic means).2000X0516 — IT — 30.11.2002 — 003.001 — 21
(1) Representation to be used where the Counterparty is a US depository institution.
▼B
7. Severability
Each provision contained herein (including, without limitation,
Appendix 2 to this Agreement) shall be treated as separate from
any other provision herein and shall be enforceable notwithstanding
the unenforceability of any such other provision.
8. Non-assignability
The rights and obligations of the Counterparty under this Agree-
ment may not be assigned, charged, pledged or otherwise
transferred or dealt with by the Counterparty.
9. Governing law and jurisdiction
9.1. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, United States of America.
9.2. For the benefit of the ECB, the Counterparty hereby irrevocably
submits for all purposes of or in connection with this Agreement
to the jurisdiction of the District Court ( Landgericht ) of Frankfurt
am Main, Germany. Nothing in this clause 9 shall limit the right
of the ECB to take proceedings before the courts of any other
country of competent jurisdiction.
2000X0516 — IT — 30.11.2002 — 003.001 — 22
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Appendix 1
Netting agreements
1. ISDA Master Agreement (Multicurrency-Cross Border 1992)
2. The Bond Market Association Master Repurchase Agreement3. PSA-ISMA Global Master Repurchase Agreement
4. Convention-cadre AFB relative aux opérations de marché à terme
5. Convention-cadre AFB relative aux opérations de pension livrée6. Rahmenvertrag für Finanztermingeschäfte
7. Rahmenvertrag für echte Pensionsgeschäfte2000X0516 — IT — 30.11.2002 — 003.001 — 23
▼B
Appendix 2
Transactions not subject to any netting agreement
1. The provisions of this Appendix apply to transactions entered into between
the Parties that are not effectively subject to any other netting agreement.
2. Should:
a) a default termination occur under any netting agreement, or
b) an event that is defined as an event of default or other analogous event
under any netting agreement occur, which event would, assuming there
were outstanding transactions under any such netting agreement, result
in, or entitle the ECB to take steps which would result in, a default termi-
nation under such netting agreement,
(any such event under (a) or (b) above is referred to in this Appendix as an
«event of default»), then all transactions to which this Appendix applies (but
not less than all, unless any such transaction may not be so closed out under
applicable law) under which obligations have or would otherwise have fallen
due by or after the date of such event of default (the «close out date») may
by notice in writing from the ECB to the Counterparty be liquidated and
closed-out as described under paragraphs 3 and 4 of this Appendix, and the
ECB shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be
obliged to make any further payments or deliveries under any such transac-
tions.
3. Should liquidation and close-out under paragraph 2 of this Appendix occur,
the ECB shall, as soon as is reasonably practicable, take an account of what
is due from each Party to the other, including, as necessary, determining in
respect of each transaction the ECB's total gain or loss, as the case may be,
resulting from the liquidation and close-out of such transaction as at the date
of such liquidation and close-out, in every case in or converted into the base
currency. The ECB shall then aggregate such gains and losses and only the
balance of the account shall be payable by the Counterparty, if the aggregate
losses exceed the aggregate gains, or by the ECB, if the aggregate gains
exceed the aggregate losses.
4. In determining in respect of each transaction the ECB's total gain or loss, the
ECB shall, subject to applicable law, use a commercially reasonable method
of calculation which (a) is based on, to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating
in the same financial centre, and (b) takes into account, where applicable, the
liquidation and close-out of such transaction earlier than its scheduled value
date or delivery date.
5. The Parties agree that the calculation of the net sum under paragraphs 3 and
4 of this Appendix is a reasonable pre-estimate of losses suffered.2000X0516 — IT — 30.11.2002 — 003.001 — 24
▼M2
ALLEGATO 3
Contratti standard per le operazioni in contropartita di strumenti finanziari
e per le operazioni in strumenti derivati negoziati al di fuori dei mercati
regolamentati
1. Tutte le operazioni in contropartita di strumenti finanziari aventi per oggetto
le attività di riserva in valuta della BCE comprese le operazioni di pronti
contro termine con retrocessione del rateo di finanziamento o d'impiego e le
operazioni di pronti contro termine con attribuzione del rateo di finanzia-mento o d'impiego, sono regolate dai seguenti contratti standard nelle forme
di volta in volta approvate o modificate dalla BCE: per le controparti ricono-
sciute o costituite secondo il diritto degli Stati appartenenti all'Unione
europea o secondo il diritto svizzero, il contratto quadro per le operazioni
finanziarie della FBE; per le controparti riconosciute o costituite secondo il
diritto di uno Stato che si trovi al di fuori dell'Unione europea, Svizzera e
Stati Uniti, il «TBMA/ISMA Global Master Repurchase Agreement, 2000
version», e per le controparti riconosciute o costituite secondo il diritto fede-
rale o statale degli Stati Uniti, il «Bond Market Association Master
Repurchase Agreement».
2. Le operazioni in strumenti derivati negoziati al di fuori dei mercati regola-
mentati aventi per oggetto le attività di riserva in valuta della BCE sono
regolate dai seguenti contratti standard nelle forme di volta in volta approvate
o modificate dalla BCE: per le controparti costituite o riconosciute secondo il
diritto francese, la «Convention-cadre relative aux opérations de marché à
terme»; per le controparti costituite o riconosciute secondo il diritto tedesco,
il «Rahmenvertrag für Finanztermingeschäfte»; per le controparti costituite o
riconosciute secondo il diritto di uno Stato diverso da Francia, Germania o
Stati Uniti, il «1992 International Swaps and Derivatives Association Master
Agreement» (Multicurrency — Cross-border, ordinamento inglese); e per
controparti costituite o riconosciute secondo il diritto federale o statale degli
Stati Uniti, il «1992 International Swaps and Derivatives Association Master
Agreement» (Multicurrency — Cross-border, ordinamento dello Stato di New
York).2000X0516 — IT — 30.11.2002 — 003.001 — 25
▼M3