2000X0516 — PT — 03.02.2000 — 000.001 — 1
Estedocumentoconstituiuminstrumentodedocumentaçãoenãovinculaasinstituições
►B ►C1 ORIENTAÇÃODOBANCOCENTRALEUROPEU
de3deFevereiro de2000
relativaàgestãodosactivosdereservadoBancoCentralEuropeupelosbancoscentraisnacionaise
à documentação legal para as operações envolvendo os activos de reserva do Banco Central
Europeu
(BCE/2000/1) ◄
(2000/516/CE)
(JO L 207 de 17.8.2000, p. 24)
Rectificado por:
►C1Rectificação, JO L 165 de 21.6.2001, p. 66 (516/2000)
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ORIENTAÇÃODOBANCOCENTRALEUROPEU
de3deFevereiro de2000
relativa à gestãodosactivos dereserva doBancoCentral Europeu
pelos bancos centrais nacionais e à documentação legal para as
operações envolvendo os activos de reserva do Banco Central
Europeu
(BCE/2000/1)
(2000/516/CE)
O CONSELHO DO BANCO CENTRAL EUROPEU,
Tendo em conta o Tratado que institui a Comunidade Europeia (a seguirdesignado por «Tratado») e, nomeadamente, o terceiro travessão do n.
o2
do seu artigo 105.o, o terceiro travessão do artigo 3.o-1 e os artigos 12.o-
-1, 14.o-3 e 30.o-6 dos Estatutos do Sistema Europeu de Bancos Centrais e
do Banco Central Europeu (a seguir designados por «Estatutos»),
Considerando que:
(1)Em conformidade com o artigo 30.o-1 dos Estatutos, o Banco
Central Europeu (BCE) é dotado pelos bancos centrais nacionaisdos Estados-Membros que adoptaram a moeda única de activos de
reserva que não são moedas comunitárias e tem o pleno direito de
deter e gerir os activos de reserva para ele transferidos.
(2)Em conformidade com os artigos 9.o-2 e 12.o-1 dos Estatutos, o
BCE pode delegar a gestão de algumas das suas actividades nos
bancos centrais nacionais (BCN) e recorrer aos mesmos para a
realização de determinadas operações e que o BCE entende queos BCN devem gerir os activos de reserva do BCE na qualidadede seus mandatários. O BCE considera necessário que os BCN, aogerirem os activos de reserva do BCE na qualidade de
mandatários, apliquem um código de conduta e sigam determi-
nados procedimentos nas suas relações com contrapartes do BCE.
(3)A participação dos BCN na gestão dos activos de reservatransferidos para o BCE e as transacções relacionadas com tal
gestão tornam imperativa a preparação da documentação
necessária para as operações relacionadas com os activos dereservado BCE.
(4)Em conformidade com os artigos 12.o-1 e 14.o-3 dos Estatutos, as
orientações do BCE constituem parte integrante do direitocomunitário,
ADOPTOU A PRESENTE ORIENTAÇÃO:
Artigo 1.o
Definições
Para efeitos da presente orientação:
— por «Estados-Membros participantes» entende-se os Estados-
-Membros que tenham adoptado a moeda única em conformidade
com o Tratado,
— por «BCN», os bancos centrais nacionais dos Estados-Membros
participantes.
Artigo 2.o
QualidadedemandatáriodosBCN
1. Cada BCN realiza, na qualidade de mandatário do BCE, operações
relacionadas com os activos de reserva do BCE e, ao dar início a taisoperações, considera-se que aceita a referida qualidade de mandatário.Relativamente a quaisquer operações conduzidas pelos BCN em nome2000X0516 — PT — 03.02.2000 — 000.001 — 2
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do BCE, cada BCN deve, ao aceitar cada uma das operações, revelar às
partes envolvidas o estatuto de mandante do BCE, mencionando o nomedo BCE e fazendo referência a um número de conta ou código de
referência.
2. Cada BCN, quando realiza operações relacionadas com os activos
de reserva do BCE, na qualidade de mandatário do BCE, devesubordinar os seus próprios interesses, ou os interesses de quaisquerentidades para quem realize operações, aos interesses do BCE.
3. Cada BCN, quando solicitado por uma contraparte do BCE a
provar a sua competência para realizar, na qualidade de mandatário do
BCE, operações relacionadas com os activos de reserva do BCE, deve
apresentar a essa contraparte prova do mandato e dos poderes derepresentação.
Artigo 3.
o
Documentaçãolegal
1. Todas as operações envolvendo os activos de reserva do BCE
devem ser efectuadas utilizando a documentação legal exigida emconfromidade com o presente artigo.
2. O documento que figura como anexo 1 à presente orientação deve
ser anexado e fazer parte integrante de qualquer contrato-quadro ao
abrigo do qual sejam efectuadas operações com garantia [incluindo,nomeadamente, reportes (venda com acordo de recompra ou compracom acordo de revenda), reportes fraccionados ( buy/sell-back ousell/
/buy-backagreements ), contratos de empréstimo de valores mobiliários e
contratos de reporte tripartidos] ou operações de derivados em mercados
de balcão envolvendo os activos de reserva do BCE.
3. Deve ser celebrado com cada uma das contrapartes um acordo-
-quadro de compensação de acordo com um dos modelos que constam doanexo 2 à presente orientação.
4. Todas as operações com garantia relacionadas com os activos de
reservado BCE, incluindo reportes (vendacom a cordo de recompraou
compra com acordo de revenda) e reportes fraccionados ( buy/sell-back
ou sell/buy-back agreements ),etodasasoperaçõesdederivadosforade
bolsa envolvendo os activos de reserva do BCE, devem serdocumentadas nos termos dos contratos-quadro enunciados no anexo3 à presente orientação, de acordo com modelos que o BCE pode
aprovar ou alterar.
5. Os serviços financeiros relacionados com os activos de reserva do
BCE prestados por intermediários financeiros, incluindo, nomeada-mente, serviços bancários, de guarda e de investimento prestados porcorrespondentes, entidades incumbidas da guarda e depósito, organi-
zações de liquidação e entidades de compensação de derivados
transaccionados na bolsa, são documentados sob a forma de acordosespecíficos que o BCE pode aprovar ocasionalmente.
Artigo 4.
o
Disposiçõesfinais
Os bancos centrais nacionais dos Estados-Membros participantes são os
destinatários da presente orientação.
A presente orientação entra em vigor em 3 de Fevereiro de 2000.A presente orientação será publicada no JornalOficialdasComunidades
Europeias .2000X0516 — PT — 03.02.2000 — 000.001 — 3
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ANEXO 1
ANEXODOBCE ►C1(1)◄
As disposições do presente anexo devem ser juntas e fazer parte integrante de
todo e qualquer contrato-quadro ao abrigo do qual sejam efectuadas operações
com garantia [incluindo, nomeadamente, reportes (venda com acordo de
recompra ou compra com acordo de revenda) e reportes fraccionados ( buy/sell-
-backousell/buy-back agreements )] ou operações de derivados fora de bolsa
envolvendo os activos de reserva do BCE, em conformidade com o artigo 3.oda
orientação do BCE relativa à gestão dos activos de reserva do Banco Central
Europeu pelos bancos centrais nacionais e à documentação legal para as
operações envolvendo os activos de reserva do Banco Central Europeu (BCE/
/2000/1).
1. As disposições do presente anexo constituem os termos e condições
suplementares aplicáveis a [designação do contrato-quadro a que o presente
anexo se aplica] com data de [data do contrato] (o «contrato») celebrado entre
o Banco Central Europeu (o «BCE» e [designação da contraparte] (a
«contraparte»). As disposições constantes do presente anexo são juntas e
incorporadas no contrato, dele fazendo parte integrante. Caso alguma das
disposições do contrato (diferente das disposições do presente anexo) ou do
acordo-quadro de compensação do BCE com data de [data] (o «acordo-quadro
de compensação») celebrado entre o BCE e a contraparte, incluindo quaisquer
termos e condições suplementares anexos ao contrato, seja contrária ou
produza efeitos iguais ou semelhantes às disposições do presente anexo, as
disposições deste último prevalecem e são aplicáveis em vez das referidas
disposições.
2. Excepto nos casos em que o contrário seja estipulado por lei ou regulamento, a
contraparte aceita manter confidencial e, em circunstância alguma, divulgar a
terceiros quaisquer informações ou pareceres fornecidos pelo BCE, ou
quaisquer informações referentes ao BCE obtidas pela contraparte pelo facto
de esta ser uma contraparte do contrato, incluindo, nomeadamente,
informações respeitantes à existência ou condições do contrato (incluindo o
presente anexo) ou à relação por este meio criada entre a contraparte e o BCE.
A contraparte não utilizará o nome do BCE em qualquer material de
publicidade ou promoção.
3. A contraparte aceita notificar por escrito o BCE, logo que razoavelmente
possível, i) de qualquer operação de consolidação, absorção, fusão ou
transferência de grande parte ou da totalidade dos seus activos para outra
entidade, ii) da eventual nomeação de um liquidatário, fiel depositário,
administrador judicial ou agente análogo, bem como do início de qualquer
procedimento de liquidação ou reorganização da contraparte ou de qualquer
outro procedimento análogo, ou iii) da alteração do nome da contraparte.
4. Pelo presente contrato o BCE não renuncia à imunidade que porventura lhe
assista nos termos da lei aplicável em relação a acções judiciais ou à jurisdição
de qualquer tribunal, […].
5. Não serão aplicáveis ao BCE quaisquer causas de incumprimento ou medidas
de qualquer tipo em que se faça referência a falência, insolvência ou qualquer
outro facto análogo.
6. A contraparte declara que celebra o presente contrato (incluindo o presente
anexo) em seu próprio nome e que efectuará todas as transacções em seu
próprio nome e não na qualidade de representante de qualquer outra entidade.2000X0516 — PT — 03.02.2000 — 000.001 — 4
(1) O texto original do presente anexo foi redigido em inglês, francês e alemão e faz parte
dos acordos-quadro existentes, redigidos em inglês, francês e alemão. Os acordos-quadro
redigidos em inglês são regidos pelalei inglesaou pelalei do Esta do de NovaIorque, osacordos-quadro redigidos em francês são redigos pela lei francesa e os acordos-quadroredigidos em alemão são regidos pela lei alemã. A tradução do presente anexo paraoutras línguas foi realizada apenas com fins exemplificativos e as versões resultantes não
são juridicamente vinculativas.▼C1
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ANEXO 2
ÍNDICE
Anexo2a
Acordo-quadro de compensação regido pela lei inglesa
(para as contrapartes constituídas em jurisdições que não a França, Alemanha ou
Estados Unidos da América; redigido em inglês)
Anexo2b
Acordo-quadro de compensação regido pela lei francesa(para as contrapartes constituídas em França; redigido em francês)
Anexo2c
Acordo-quadro de compensação regido pela lei alemã(para as contrapartes constituídas na Alemanha; redigido em alemão)
Anexo2d
Acordo-quadro de compensação regido pela lei do Estado de Nova Iorque
(para as contrapartes constituídas nos Estados Unidos da América; redigido em
inglês)2000X0516 — PT — 03.02.2000 — 000.001 — 5
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ANEXO 2a
Acordo-quadrodecompensaçãoregidopelalei inglesa
(para as contrapartes constituídas em jurisdições que não a França,
AlemanhaouEstadosUnidosdaAmérica; redigidoeminglês)
MASTERNETTINGAGREEMENT
1.Scopeofagreement
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 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 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 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 Agreement
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
transactions, 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
represents 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.
3.Basecurrency
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 in2000X0516 — PT — 03.02.2000 — 000.001 — 6
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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.Crossacceleration
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 agreement in respect of
which default termination has not occurred in accordance with the provisions
thereof.
5.Globalnetting
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
Agreement) 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.Noticesandothercommunications
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.Governinglawandjurisdiction
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 proceedings before the
courts of any other country of competent jurisdiction.2000X0516 — PT — 03.02.2000 — 000.001 — 7
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2000X0516 — PT — 03.02.2000 — 000.001 — 8
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Appendix 1
Nettingagreements (*)
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 — PT — 03.02.2000 — 000.001 — 9
(*) This documentation is maintained by the ECB Legal Services and the legal departments
of the national central banks.
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Appendix 2
Transactionsnotsubjecttoanynettingagreement
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 termination
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 transactions.
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 — PT — 03.02.2000 — 000.001 — 10
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ANEXO 2b
Acordo-quadrodecompensaçãoregidopelalei francesa
(paraascontrapartesconstituídasemFrança;redigidoenfrancês)
CONVENTION-CADREDECOMPENSATION
1.Champd'applicationdelaconvention
1.1 Laprésente convention (ci-a près dénommée la«convention») apour 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 transactions.
1.2 Dans la présente convention, on entend par «convention de compensation»
toute convention en vigueur entre les parties (y compris, sans restriction, la
présente 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 alieu, entre laBCE 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.Dispositionsd'ordregénéral
2.1 L'ensemble des transactions de toute nature (ci-après dénommées «tran-
sactions») 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
décident spécifiquement autrement.
2.2 Les parties reconnaissent que les termes de la présente convention,
l'ensemble des transactions régies par elle, toutes les modifications apportées
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 laprésente convention.2000X0516 — PT — 03.02.2000 — 000.001 — 11
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3.Devisederéférence
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 convention, 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 ladevise de référence ce même jour, selon les conditions définies
par la BCE.
4.Clausededéfaillancecroisée
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.Compensationglobale
5.1 Lors de la survenance d'une résiliation pour défaillance, la BCE
comptabilisera 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.Notificationsetautrescommunications
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
électroniques).
7.Gestionséparée
Chacune des dispositions de la présente convention (y compris, sans
restriction, 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.Loiapplicable,attributiondecompétences
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 lajuridiction du tribuna l ( 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 compétents
d'un autre pays.2000X0516 — PT — 03.02.2000 — 000.001 — 12
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2000X0516 — PT — 03.02.2000 — 000.001 — 13
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Additif 1
Conventionsdecompensation
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 — PT — 03.02.2000 — 000.001 — 14
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Additif 2
Transactionsnonsoumisesàuneconventiondecompensation
1. Les dispositions du présent additif s'appliquent aux transactions conclues entre
les parties qui ne sont pas effectivement soumises à une autre convention de
compensation.
2. Lors de lasurvena nce:
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 événement
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 résiliation 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») pourront êtrerésiliées 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
transaction 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 laperte de laBCE, celle-ci utilisera , sous réserve de lalégisla tion
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 — PT — 03.02.2000 — 000.001 — 15
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ANEXO 2c
Acordo-quadrodecompensaçãoregidopelalei alemã
(paraascontrapartesconstituídasnaAlemanha;redigidoemalemão)
EZB-AUFRECHNUNGSVERTRAG
(«MASTERNETTINGAGREEMENT»)
1.AnwendungsbereichdiesesVertrags
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 Zweigniederlassung
des Vertragspartners mit der EZB abgeschlossen werden. Der Vertrag
berücksichtigt ferner alle sonst zwischen den Parteien bestehenden
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 wichtigen 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 aufgerechnet 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 Abweichendes
vereinbaren.
2.2. Die Parteien sind sich darüber einig, dass dieser Vertrag in seiner jeweiligen
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(«basecurrency»)
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 Referenz-
kurs, den die EZB für die umzurechnende Währung veröffentlicht oder,
hilfsweise, zum jeweiligen Marktkurs, zu dem die EZB an diesem2000X0516 — PT — 03.02.2000 — 000.001 — 16
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Geschäftstag den umzurechnenden Währungsbetrag gegen die Vertragswäh-
rung kaufen oder verkaufen kann.
4.Vertragsübergreifendes Kündigungs- oder Beendigungsrecht aus wich-
tigemGrund
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 Vereinbarungen ein
vergleichbarer Kündigungs- oder Beendigungsgrund noch nicht gegeben ist.
5.AllumfassendeAufrechnugsvereinbarung(«globalnetting»)
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 anwendbaren
Recht nicht wirksam bzw. nichtig sind.
6.ErklärungenundandereMitteilungen
Alle Erklärungen, Weisungen und andere Mitteilungen im Rahmen dieses
Vertrags sind nur dann wirksam, wenn sie in Schriftform oder in
elektronischer Form übermittelt werden und der Gegenseite auch zuge-
gangen sind.
7.Teilbarkeit
Sollte eine Bestimmung dieses Vertrags (einschließlich des Anhangs 2) ganz
oder teilweise unwirksam sein oder werden, bleiben die übrigen Bestim-
mungen wirksam. An Stelle der unwirksamen Bestimmungen tritt eine
wirksame Regelung, die dem wirtschaftlichen Zweck mit der unwirksamen
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.AnwendbaresRechtundGerichtsstand
9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.
2000X0516 — PT — 03.02.2000 — 000.001 — 17
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Anlage 1
ListederAufrechnungsverträge
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 — PT — 03.02.2000 — 000.001 — 18
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Anlage 2
Geschäfte,diekeinemAufrechnungsvertragunterliegen:
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 gegebenenfalls in
die Vertragswährung umrechnen. Die EZB fasst dann diese Forderungen und
Verbindlichkeiten zu einer einzigen Forderung oder Verbindlichkeit
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
Einzelabschlüssen 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
Marktteilnehmern an dem maßgeblichen Finanzplatz gestellten Kursen oder
Preisen beruht und b) hierbei in Rechnung stellt, dass die Beendigung oder
Kündigung des jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.2000X0516 — PT — 03.02.2000 — 000.001 — 19
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ANEXO 2d
Acordo-quadrodecompensaçãoregidopelaleidoEstadodeNovaIorque
(paraascontrapartesconstituídasnosEstadosUnidosdaAmérica;redigido
eminglês)
MASTERNETTINGAGREEMENT
1.Scopeofagreement
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 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 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
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 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
transactions) entered into between the ECB and the parties at any
time after the date of this Agreement 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 transactions, and the single net balance payable under
any netting agreement constitute a single business and contractual
relationship 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), andthe 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
entitlement or covered contractual payment obligation respectively,
as defined in and subject to FDICIA.2000X0516 — PT — 03.02.2000 — 000.001 — 20
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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 obligations
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 amend-
ments effected by the US Federal Institutions Reform, Recovery
and Enforcement Act of 1989, and under any agreement, writ,
decree or order entered into with apa rty's supervisory
authorities; and
(b) at all times during the term of this Agreement, it will
continuously 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.Basecurrency
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.Crossacceleration
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 agreement
in respect of which default termination has not occured in accordance
with the provisions thereof.
5.Globalnetting
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
termination 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
notwithstanding the unenforceability under applicable law of any
provisions contained in any netting agreement (including under
Appendix 2 to this Agreement).
6.Noticesandothercommunications
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 — PT — 03.02.2000 — 000.001 — 21
(1) Representation to be used where the Counterparty is a US depository institution.
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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.Governinglawandjurisdiction
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 — PT — 03.02.2000 — 000.001 — 22
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Appendix 1
Nettingagreements
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 — PT — 03.02.2000 — 000.001 — 23
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Appendix 2
Transactionsnotsubjecttoanynettingagreement
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 termination
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 transactions.
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 — PT — 03.02.2000 — 000.001 — 24
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ANEXO 3
Contratos-quadro para operações com garantia e para operações de
derivadosforadebolsa
1. Todas as operações com garantia envolvendo activos de reserva do BCE,
incluindo reportes (venda com acordo de recompra ou compra com acordo de
revenda) e reportes fraccionados ( buy/sell-back ousell/buy-back agreements ),
devem ser documentadas nos termos dos seguintes contratos-quadro, segundomodelos que o BCE pode aprovar ou alterar: […].
2. Todas as operações de derivados realizadas fora de bolsa envolvendo activos
de reserva do BCE devem ser documentadas nos termos dos seguintes
contratos-quadro, segundo modelos que o BCE pode aprovar ou alterar: […], o
«1992 International Swaps and Derivatives Association Master Agreement»
(Multicurrency — cross-border, English law version) e para as contrapartes
constituídas nos Estados Unidos, o «1992 International Swaps and Derivatives
Association Master Agreement» (Multicurrency — cross-border, New York
law version).2000X0516 — PT — 03.02.2000 — 000.001 — 25
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