2000X0516 — PT — 30.11.2002 — 003.001 — 1
Este documento constitui um instrumento de documentação e não vincula as instituições
►B ►C1 ORIENTAÇÃO DO BANCO CENTRAL EUROPEU
de 3 de Fevereiro de 2000
relativaàgestãodosactivosdereservadoBancoCentralEuropeupelosbancoscentraisnacionais
e 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)
Alterado por:
Jornal Oficial
n.opágina data
►M1Orientação do Banco Central Europeu de 21 de Junho de 2001 (BCE/
/2001/5)L 190 26 12.7.2001
►M2Orientação do Banco Central Europeu de 16 de Novembro de 2001
(BCE/2001/12)L 310 31 28.11.2001
►M3Orientação do Banco Central Europeu de 26 de Setembro de 2002 (BCE/
/2002/6)L 270 14 8.10.2002
Rectificado por:
►C1Rectificação, JO L 165 de 21.6.2001, p. 66 (BCE/516/2000)
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ORIENTAÇÃO DO BANCO CENTRAL EUROPEU
de 3 de Fevereiro de 2000
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)
(2000/516/CE)
O CONSELHO DO BANCO CENTRAL EUROPEU,
Tendo em conta o Tratado que institui a Comunidade Europeia (a
seguir designado por «Tratado») e, nomeadamente, o terceiro travessãodo 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 activosde reserva que não são moedas comunitárias e tem o plenodireito de deter e gerir os activos de reserva para ele transfe-
ridos.
(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,ao gerirem os activos de reserva do BCE na qualidade demandatários, 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 reserva trans-
feridos para o BCE e as transacções relacionadas com tal gestão
tornam imperativa a preparação da documentação necessáriapara as operações relacionadas com os activos de reserva doBCE.
(4)Em conformidade com os artigos 12.o-1 e 14.o-3 dos Estatutos, as
orientações do BCE constituem parte integrante do direito comu-nitário,
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 conformidadecom o Tratado,
— por «BCN», os bancos centrais nacionais dos Estados-Membros
participantes.
Artigo 2.
o
Qualidade de mandatário dos BCN
1. Cada BCN realiza, na qualidade de mandatário do BCE,
operações relacionadas com os activos de reserva do BCE e, ao dar2000X0516 — PT — 30.11.2002 — 003.001 — 2
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início a tais operações, considera-se que aceita a referida qualidade de
mandatário. Relativamente a quaisquer operações conduzidas pelosBCN em nome do BCE, cada BCN deve, ao aceitar cada uma das
operações, revelar às partes envolvidas o estatuto de mandante do
BCE, mencionando o nome do BCE e fazendo referência a um númerode 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, deve subor-
dinar os seus próprios interesses, ou os interesses de quaisquer
entidades 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 doBCE, operações relacionadas com os activos de reserva do BCE, deveapresentar a essa contraparte prova do mandato e dos poderes de repre-
sentação.
Artigo 3.
o
Documentação legal
1. Todas as operações envolvendo os activos de reserva do BCE
devem ser efectuadas utilizando a documentação legal exigida em
confromidade 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 aoabrigo do qual sejam efectuadas operações com garantia [incluindo,
nomeadamente, reportes (venda com acordo de recompra ou compra
com acordo de revenda), reportes fraccionados ( buy/sell-back ousell/
/buy-back agreements ), contratos de empréstimo de valores mobiliários
e contratos de reporte tripartidos] ou operações de derivados emmercados 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 constamdo anexo 2 à presente orientação.
4. Todas as operações com garantia relacionadas com os activos de
reserva do BCE, incluindo reportes (venda com acordo de recompra oucompra com acordo de revenda) e reportes fraccionados ( buy/sell-back
ousell/buy-back agreements ), e todas as operações de derivados fora
de bolsa envolvendo os activos de reserva do BCE, devem ser docu-
mentadas nos termos dos contratos-quadro enunciados no anexo 3 à
presente orientação, de acordo com modelos que o BCE pode aprovarou 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 derivadostransaccionados na bolsa, são documentados sob a forma de acordos
específicos que o BCE pode aprovar ocasionalmente.
Artigo 4.o
Disposições finais
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 2000.2000X0516 — PT — 30.11.2002 — 003.001 — 3
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A presente orientação será publicada no Jornal Oficial das Comuni-
dades Europeias .2000X0516 — PT — 30.11.2002 — 003.001 — 4
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ANEXO 1
ANEXO DO BCE (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.o
da orientação do BCE relativa à gestão dos activos de reserva do Banco CentralEuropeu 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 suple-
mentares 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 dis-
posições 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, infor-
mações 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 trans-
ferência de grande parte ou da totalidade dos seus activos para outra
entidade, ii) da eventual nomeação de um liquidatário, fiel depositário, admi-
nistrador 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 juris-
dição 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 qual-
quer 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 — 30.11.2002 — 003.001 — 5
(1)►M2O texto original do presente anexo foi redigido em espanhol, alemão, inglês,
francês, italiano e português, e faz parte dos contratos-quadro redigidos em espanhol,alemão, inglês, francês, italiano e português. A tradução do presente anexo para outraslínguas foi realizada com fins meramente ilustrativos e as versões resultantes não são
juridicamente vinculativas. ◄▼C1
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ANEXO 2
ÍNDICE
Anexo 2a
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)
Anexo 2b
Acordo-quadro de compensação regido pela lei francesa(para as contrapartes constituídas em França; redigido em francês)
Anexo 2c
Acordo-quadro de compensação regido pela lei alemã(para as contrapartes constituídas na Alemanha; redigido em alemão)
Anexo 2d
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 — 30.11.2002 — 003.001 — 6
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ANEXO 2a
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)
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 outs-
tanding 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 Euro-
pean Union which has adopted the euro as its currency, and regardless of
which office (including the head office and all branches) of the Counter-
party 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 transac-
tions.
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 — PT — 30.11.2002 — 003.001 — 7
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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 — PT — 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 — PT — 30.11.2002 — 003.001 — 10
(*) 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 — PT — 30.11.2002 — 003.001 — 11
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ANEXO 2b
Acordo-quadro de compensação regido pela lei francesa
(para as contrapartes constituídas em França; redigido en francês)
CONVENTION-CADREDE 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, 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 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.2000X0516 — PT — 30.11.2002 — 003.001 — 12
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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.
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 — PT — 30.11.2002 — 003.001 — 13
▼B
2000X0516 — PT — 30.11.2002 — 003.001 — 14
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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 — PT — 30.11.2002 — 003.001 — 15
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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 — PT — 30.11.2002 — 003.001 — 16
▼B
ANEXO 2c
Acordo-quadro de compensação regido pela lei alemã
(para as contrapartes constituídas na Alemanha; redigido em alemão)
EZB-AUFRECHNUNGSVERTRAG
(«MASTER NETTING AGREEMENT»)
1.Anwendungsbereichdieses 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 Zweig-
niederlassung 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 täglichen2000X0516 — PT — 30.11.2002 — 003.001 — 17
▼B
Referenzkurs, den die EZB für die umzurechnende Währung veröffentlicht
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 elektronis-
cher Form übermittelt werden und der Gegenseite auch zugegangen sind.
7.Teilbarkeit
Sollte eine Bestimmung dieses Vertrags (einschließlich des Anhangs 2)
ganz oder 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.AnwendbaresRecht undGerichtsstand
9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.
2000X0516 — PT — 30.11.2002 — 003.001 — 18
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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 — PT — 30.11.2002 — 003.001 — 19
▼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 — PT — 30.11.2002 — 003.001 — 20
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ANEXO 2d
Acordo-quadro de compensação regido pela lei do Estado de Nova Iorque
(paraascontrapartesconstituídasnosEstadosUnidosdaAmérica;redigido
em inglês)
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 entit-
lement or covered contractual payment obligation respectively, as
defined in and subject to FDICIA.2000X0516 — PT — 30.11.2002 — 003.001 — 21
▼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 notwiths-
tanding 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 — PT — 30.11.2002 — 003.001 — 22
(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 — PT — 30.11.2002 — 003.001 — 23
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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 — PT — 30.11.2002 — 003.001 — 24
▼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 — PT — 30.11.2002 — 003.001 — 25
▼M2
ANEXO 3
Contratos-quadro para operações com garantia e para operações de deri-
vados fora de bolsa
1. Todas as operações com garantia que envolvam activos de reserva do BCE,
incluindo reportes (acordos de venda com acordo e recompra e acordos de
compra com acordo de revenda) e reportes fraccionados («buy/sell-back» e
«sell/buy-back agreements», serão documentadas nos termos dos seguintes
contratos-quadro, segundo modelos que o BCE poderá aprovar ou alterar:relativamente às contrapartes organizadas ou constituídas ao abrigo dos orde-
namentos jurídicos da União Europeia ou do direito suíço, o Acordo Quadro
para Transacções Financeiras da FBE; relativamente às contrapartes organi-
zadas ou constituídas ao abrigo de outros ordenamentos jurídicos que não os
da União Europeia, da Suíça ou Estados Unidos, o «TBMA/ISMA Global
Master Repurchase Agreement, 2000 version» e, relativamente às contra-
partes organizadas ou constituídas ao abrigo da legislação federal ou
estadual norte-americana, o «The Bond Market Assocation Master Repur-
chase Agreement».
2. Todas as operações de derivados realizadas fora de bolsa envolvendo activos
de reserva do BCE serão documentadas nos termos dos seguintes contratos-
-quadro, segundo modelos que o BCE poderá aprovar ou alterar; para as
contrapartes organizadas ou constituídas ao abrigo do direito francês, a
«Convention-cadre relative aux operations de marché à terme» para as
contrapartes organizadas ou constituídas ao abrigo do direito alemão, a
«Rahmenvertrag für Finanztermingeschäfte»; para as contrapartes organi-
zadas ou constituídas ao abrigo de outros ordenamentos jurídicos que não os
da França, da Alemanha e dos Estados Unidos, o «1992 International Swaps
and Derivatives Association Master Agreement» (Multi-currency — cross-
-border, English law version) e, para as contrapartes organizadas ou
constituídas ao abrigo da legislação federal ou estadual norte-americana, o
«1992 International Swaps and Derivatives Association Master Agreement»
(Multi-currency — cross-border, New York law version).2000X0516 — PT — 30.11.2002 — 003.001 — 26
▼M3