EUROPEISKA CENTRALBANKENS RIKTLINJE

av den 20 juni 2008

om de nationella centralbankernas förvaltning av Europeiska centralbankens reservtillgångar och den rättsliga dokumentationen för transaktioner som gäller sådana tillgångar (omarbetning)

(ECB/2008/5)

(2008/596/EG)

ECB-RÅDET HAR ANTAGIT DENNA RIKTLINJE

med beaktande av fördraget om upprättandet av Europeiska gemenskapen, särskilt artikel 105.2 tredje strecksatsen,

med beaktande av artikel 3.1 tredje strecksatsen samt artiklarna 12.1 och 30.6 i stadgan för Europeiska centralbankssystemet och Europeiska centralbanken (nedan kallad ECBS-stadgan), och

med beaktande av följande:

HÄRIGENOM FÖRESKRIVS FÖLJANDE.

Artikel 1

Definitioner

I denna riktlinje avses med

Artikel 2

Förvaltning av reservtillgångar av de nationella centralbankerna i euroområdet som fullmäktig för ECB

1. Varje nationell centralbank i euroområdet har rätt att delta i den operativa förvaltningen av de reservtillgångar som överförts till ECB. En nationell centralbank i euroområdet kan välja att avstå från sådan förvaltning eller att bedriva sådan förvaltning tillsammans med en eller flera andra nationella centralbanker i euroområdet. Om en nationell centralbank i euroområdet inte deltar i den operativa förvaltningen av ECB:s reservtillgångar ska de andra nationella centralbankerna i euroområdet förvalta de tillgångar som annars skulle ha förvaltats av den nationella centralbank i euroområdet som avstår från förvaltningen.

2. De nationella centralbankerna i euroområdet som deltar i förvaltningen ska genomföra transaktioner som omfattar ECB:s reservtillgångar som fullmäktig för ECB. Genom att inleda sådana transaktioner ska den nationella centralbanken i euroområdet anses ha godkänt sin ställning som fullmäktig för ECB. För alla transaktioner som nationella centralbanker i euroområdet utför för ECB:s räkning ska de, när de godtar transaktionen, informera alla parter om ECB:s ställning som huvudman genom angivande av såväl namn som hänvisning till ett kontonummer eller en kontoidentifikation.

3. Varje nationell centralbank i euroområdet som i egenskap av fullmäktig för ECB genomför transaktioner som omfattar ECB:s reservtillgångar ska sätta sina egna intressen, eller annan enhets intressen för vilken den genomför transaktioner, i andra hand efter ECB:s intressen.

4. Varje nationell centralbank i euroområdet ska, då den av en av ECB:s motparter anmodas framlägga bevis på att den för ECB:s räkning är befullmäktigad att genomföra transaktioner som omfattar ECB:s reservtillgångar, förelägga nämnda motparter bevis på sådan fullmakt.

Artikel 3

Rättslig dokumentation

1. Samtliga transaktioner som omfattar ECB:s reservtillgångar ska genomföras enligt standardiserad rättslig dokumentation i enlighet med denna artikel och i sådan form som kan godkännas eller ändras av ECB från gång till gång. Innan en nationell centralbank i euroområdet börjar handla med en motpart för ECB:s räkning, ska den rättsliga dokumentationen skrivas under av motparten och originalen överlämnas till ECB.

2. Återköpsavtal, omvända återköpsavtal, köpe- och återförsäljningsavtal, sälj- och återköpsavtal som omfattar ECB:s reservtillgångar ska dokumenteras i enlighet med följande standardavtal:

3. Transaktioner med OTC-derivat som omfattar ECB:s reservtillgångar ska dokumenteras i enlighet med följande standardavtal:

4. ECB-rådet får besluta att använda ett av de standardavtal som anges i punkterna 2 c eller 3 c i stället för de avtal som anges i punkterna 2 a eller 3 a för en medlemsstat när denna inför euron, om inget rättsligt utlåtande över användningen av det angivna standardavtalet i den medlemsstaten föreligger i en sådan form och med ett sådant innehåll som ECB kan godta. ECB:s direktion ska omedelbart informera ECB-rådet om alla beslut som fattas enligt denna bestämmelse.

5. Inlåning som avser ECB:s reservtillgångar hos motparter i) som är godkända för de transaktioner som framgår av i punkt 2 och/eller punkt 3 ovan, och ii) som bildats eller inregistrerats i enlighet med lagstiftningen i någon av de europeiska jurisdiktionerna utom Irland, ska dokumenteras med hjälp av FBE:s ramavtal för finansiella transaktioner (2004 års version). I situationer som inte faller under punkterna i) och ii) ovan, ska inlåning som omfattar ECB:s reservtillgångar dokumenteras med hjälp av det ramavtal om nettning som anges i punkt 7 nedan.

6. En handling som har det format som framgår av bilaga I (nedan kallad ECB-Annex) ska bifogas, och utgöra en integrerad del av, varje standardavtal enligt vilket återköpsavtal, omvända återköpsavtal, köpe- och återförsäljningsavtal, sälj- och återköpsavtal, utlåning av värdepapper, trepartsrepoarrangemang eller transaktioner med OTC-derivat som omfattar ECB:s reservtillgångar genomförs, utom om sådana transaktioner genomförs enligt FBE:s ramavtal för finansiella transaktioner (2004 års version).

7. Ett ramavtal om nettning ska slutas med alla motparter med ett av de avtalsformulär som bifogats i bilaga II, utom motparter i) med vilka ECB har slutit ett FBE-ramavtal för finansiella transaktioner (2004 års version), och ii) som bildats eller inregistrerats i enlighet med lagstiftningen i någon av de europeiska jurisdiktionerna utom Irland, enligt följande:

8. Finansiella tjänster avseende ECB:s reservtillgångar som tillhandahålls av finansiella mellanhänder, inklusive banktjänster, mäklartjänster, depå- och investeringstjänster som erhålls från korrespondentförbindelser, depåförvaltare och depositarier, avvecklingsorganisationer och centrala clearinginstitut för börshandlade derivat, ska dokumenteras enligt sådana särskilda avtal som ECB kan godkänna från gång till gång.

Artikel 4

Ikraftträdande

1. Riktlinje ECB/2006/28 ska upphöra att gälla från och med den 25 juni 2008.

2. Hänvisningar till riktlinje ECB/2006/28 ska anses som hänvisningar till den här riktlinjen.

3. Denna riktlinje träder i kraft den 25 juni 2008.

Artikel 5

Adressater

Denna riktlinje är tillämplig på alla nationella centralbanker i euroområdet.

(1) EUT C 17, 25.1.2007, s. 5. Riktlinjen senast ändrad genom riktlinje ECB/2007/6 (EUT L 196, 28.7.2007, s. 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.

BILAGA IIa

Modell för avtal om nettning i enlighet med engelsk lagstiftning

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.