ORIENTAREA BĂNCII CENTRALE EUROPENE

din 20 iunie 2008

privind administrarea activelor din rezervele valutare ale Băncii Centrale Europene de către băncile centrale naționale, precum și documentația juridică aferentă operațiunilor având ca obiect aceste active (reformare)

(BCE/2008/5)

(2008/596/CE)

CONSILIUL GUVERNATORILOR BĂNCII CENTRALE EUROPENE,

având în vedere Tratatul de instituire a Comunității Europene, în special articolul 105 alineatul (2) a treia liniuță,

având în vedere articolul 3.1 a treia liniuță și articolele 12.1 și 30.6 din Statutul Sistemului European al Băncilor Centrale și al Băncii Centrale Europene (denumit în continuare „Statutul SEBC”),

întrucât:

ADOPTĂ PREZENTA ORIENTARE:

Articolul 1

Definiții

În sensul prezentei orientări:

Articolul 2

Administrarea activelor din rezervele valutare de către BCN din zona euro în calitate de mandatari ai BCE

(1) Fiecare BCN din zona euro are dreptul de a participa la administrarea operațională a activelor din rezervele valutare transferate către BCE. O BCN din zona euro poate decide să nu participe la această administrare sau să participe la aceasta împreună cu una sau mai multe BCN din zona euro. În cazul în care o BCN din zona euro nu participă la administrarea operațională a activelor din rezervele valutare ale BCE, celelalte BCN din zona euro administrează activele care ar fi fost administrate de BCN din zona euro care a decis să nu participe.

(2) BCN din zona euro efectuează operațiuni având ca obiect active din rezervele valutare ale BCE în calitate de mandatari ai BCE. Prin inițierea unor astfel de operațiuni, se consideră că o BCN din zona euro confirmă calitatea de mandatar al BCE. În ceea ce privește toate operațiunile efectuate de BCN din zona euro în numele BCE, la momentul exprimării acordului cu privire la fiecare operațiune, BCN din zona euro aduc la cunoștința tuturor părților calitatea BCE de mandant, prin indicarea atât a denumirii acesteia, cât și a unui număr sau identificator de cont.

(3) La efectuarea, în calitate de mandatar al BCE, a operațiunilor având ca obiect active din rezervele valutare ale BCE, fiecare BCN din zona euro subordonează intereselor BCE propriile sale interese sau interesele oricărei entități pentru care efectuează operațiuni.

(4) La solicitarea unei contrapărți a BCE de a dovedi capacitatea de a efectua operațiuni având ca obiect active din rezervele valutare ale BCE în calitate de mandatar al BCE, o BCN din zona euro pune la dispoziția acelei contrapărți dovada calității de mandatar.

Articolul 3

Documentația juridică

(1) Toate operațiunile având ca obiect active din rezervele valutare ale BCE se efectuează utilizând documentația juridică standard prevăzută în prezentul articol, în forma aprobată sau modificată ocazional de BCE. Înainte ca o BCN din zona euro să poată iniția astfel de operațiuni cu o contraparte, în numele BCE, documentația juridică trebuie semnată de către contraparte și exemplarele originale trebuie înaintate BCE.

(2) Operațiunile de report (repurchase), de deport (reverse repurchase), de cumpărare/revânzare (buy/sell-back) și de vânzare/răscumpărare (sell/buy-back) având ca obiect active din rezervele valutare ale BCE se documentează prin utilizarea următoarelor contracte standard:

(3) Operațiunile cu instrumente derivate tranzacționate pe piețele over-the-counter având ca obiect active din rezervele valutare ale BCE se documentează prin utilizarea următoarelor contracte standard:

(4) Comitetul executiv poate decide să utilizeze unul din contractele standard prevăzute la alineatul (2) litera (c) sau la alineatul (3) litera (c) cu preferință față de contractele prevăzute la alineatul (2) litera (a) sau la alineatul (3) litera (a), în privința unui stat membru care adoptă euro, în cazul în care nu este disponibilă nicio evaluare juridică, care să fie acceptabilă pentru BCE atât în privința formei, cât și a conținutului, referitoare la utilizarea contractului standard respectiv în statul membru respectiv. Comitetul executiv informează Consiliul guvernatorilor cu promptitudine în legătură cu orice decizie luată în temeiul acestei dispoziții.

(5) Depozitele având ca obiect active din rezervele valutare ale BCE constituite la contrapărțile care: (i) sunt eligibile pentru operațiunile menționate la alineatul (2) și/sau la alineatul (3); și (ii) sunt constituite sau înregistrate în temeiul legislației oricărei jurisdicții europene, cu excepția Irlandei, se documentează prin utilizarea contractului standard „FBE Master Agreement for Financial Transactions” (ediția 2004). În cazurile care nu intră sub incidența punctelor (i) și (ii), depozitele având ca obiect active din rezervele valutare ale BCE se documentează prin utilizarea acordului-cadru de compensare (netting), astfel cum se precizează la alineatul (7).

(6) Fiecărui contract standard i se anexează un document în forma prevăzută în anexa I (denumită în continuare „ECB Annex”) care constituie parte integrantă a fiecărui contract standard, document în temeiul căruia se efectuează operațiunile de report (repurchase), de deport (reverse repurchase), de cumpărare/revânzare (buy/sell-back) și de vânzare/răscumpărare (sell/buy-back), de împrumut de titluri de valoare, operațiunile de report tripartite (triparty repo) sau operațiunile cu instrumente derivate tranzacționate pe piețele over-the-counter, în afara cazului în care aceste operațiuni sunt efectuate în baza contractului standard „FBE Master Agreement for Financial Transactions” (ediția 2004).

(7) Se încheie un acord-cadru de compensare (netting), în una dintre formele prevăzute în anexa II, cu toate contrapărțile, cu excepția celor: (i) cu care BCE a semnat un contract standard „FBE Master Agreement for Financial Transactions” (ediția 2004); și (ii) care sunt constituite sau înregistrate în temeiul legislației oricărei jurisdicții europene, cu excepția Irlandei, după cum urmează:

(8) Furnizarea de servicii financiare având ca obiect active din rezervele valutare ale BCE de către intermediari financiari incluzând, cu titlu exemplificativ, servicii bancare, de brokeraj, de custodie și de investiții prestate de bănci corespondente, custozi și depozitari, organisme de decontare și organisme centrale de compensare a instrumentelor derivate tranzacționate la bursă, se documentează pe baza contractelor specifice aprobate de BCE ocazional.

Articolul 4

Intrare în vigoare

(1) Începând cu 25 iunie 2008, Orientarea BCE/2006/28 se abrogă.

(2) Trimiterile la Orientarea BCE/2006/28 se interpretează ca fiind trimiteri la prezenta orientare.

(3) Prezenta orientare intră în vigoare la 25 iunie 2008.

Articolul 5

Destinatari

Prezenta orientare se aplică BCN din zona euro.

(1) JO C 17, 25.1.2007, p. 5. Orientare modificată prin Orientarea BCE/2007/6 (JO L 196, 28.7.2007, p. 46).

(1) This Annex has been drawn up in English and is incorporated into master agreements drawn up in English which are governed by English or New York law.

The Counterparty agrees that it has entered into the Agreement (including this Annex) as principal and not as agent for any other entity and that it shall enter into all transactions as principal.

There shall not apply in relation to the ECB any event of default or other provision of any kind in which reference is made to the bankruptcy, insolvency or other analogous event of the ECB.

There shall be no waiver by the ECB of immunity from suit or the jurisdiction of any court, or any relief against the ECB by way of injunction, order for specific performance or for recovery of any property of the ECB or attachment of its assets (whether before or after judgment), in every case to the fullest extent permitted by applicable law.

The Counterparty agrees to notify the ECB in writing as soon as reasonably practicable of: (i) any consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all of its assets to, another entity; (ii) the appointment of any liquidator, receiver, administrator or analogous officer or the commencement of any procedure for the winding-up or reorganisation of the Counterparty or any other analogous procedure; or (iii) a change in the Counterparty’s name.

Except as required by law or regulation, the Counterparty agrees that it shall keep confidential, and under no circumstances disclose to a third party, any information or advice furnished by the ECB or any information concerning the ECB obtained by the Counterparty as a result of it being a party to the Agreement, including without limitation information regarding the existence or terms of the Agreement (including this Annex) or the relationship between the Counterparty and the ECB created thereby, nor shall the Counterparty use the name of the ECB in any advertising or promotional material.

The provisions of this Annex shall be supplemental terms and conditions applying to [name the standard agreement to which this Annex applies] dated [date of agreement] (the Agreement) between the European Central Bank (the ECB) and [name of counterparty] (the Counterparty). The provisions of this Annex shall be annexed to, incorporated in and form an integral part of the Agreement. If and to the extent that any provisions of the Agreement (other than the provisions of this Annex) or the ECB Master Netting Agreement dated as of [date] (the Master Netting Agreement) between the ECB and the Counterparty, including any other supplemental terms and conditions, Annex or schedule to the Agreement, contain provisions inconsistent with or to the same or similar effect as the provisions of this Annex, the provisions of this Annex shall prevail and apply in place of those provisions.

ANEXĂ IIa

Acord-cadru de compensare (netting) reglementat de legea engleză

MASTER NETTING AGREEMENT

Dated:

Between:

European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany (hereinafter referred to as the ECB), and

[Counterparty] whose [address] [registered place of business] is at [address] (hereinafter referred to as the Counterparty)

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 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 of 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. 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 of 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. 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 termination has occurred and aggregate the sums due from each party to the other under such netting agreements (including under Appendix 2 of 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 of 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 proceedings before the courts of any other country of competent jurisdiction.

European Central Bank Name of Counterparty By By Title Title [Address for the service of notices under this Agreement] Date Date [In case of Luxembourg counterparties: In addition to clause 9 of this Agreement the parties agree that for purpose of Article 1 of the Protocol annexed to the Convention on Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters, signed in Brussels on 27 September 1998 and without prejudice to the foregoing execution of this Agreement by the parties hereto, [Luxembourg counterparty] expressly and specifically confirms its agreement to the provisions of clause 9 of this Agreement, stipulating that the District Court (Landgericht) of Frankfurt am Main shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts. Luxembourg counterparty By Title ]

Appendix 1 to Master netting agreement Netting agreements (1) 1. FBE Master Agreement for Financial Transactions (Edition 2004) 2. ISDA Master Agreement (Multi-currency — Cross border 1992) 3. TBMA/ISMA Global Master Repurchase Agreement (2000 version) 4. The Bond Market Association Master Repurchase Agreement. (1) This documentation is maintained by the ECB Legal Services and the legal departments of the national central banks.