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Proposal for a Council Regulation amending Regulation ( EC ) No 332/2002 , establishing a facility providing medium-term financial assistance for Member States » balances of payments , pdf 18 kB , en
Forslag til Rådets forordning om ændring af forordning ( EF ) nr. 332/2002 om indførelse af en mekanisme for mellemfristet betalingsbalancestøtte til medlemsstaterne , pdf 19 kB , da
Decision ECB / 1999/6
Beslutning ECB / 1999/6
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C 196/10
C 196/10
DEN EUROP˘ISKE CENTRALBANK DEN EUROP˘ISKE CENTRALBANKS UDTALELSE af 13 . juni 2001 efter anmodning fra Rådet for Den Europæiske Union om forslag til Europa-Parlamentets og Rådets direktiv om aftaler om finansiel sikkerhedsstillelse ( CON / 2001/13 )
EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 13 June 2001 at the request of the Council of the European Union concerning a proposal for a Directive of the European Parliament and of the Council on financial collateral arrangements ( CON / 2001/13 )
( 2001 / C 196/09 ) 1 .
( 2001 / C 196/09 ) 1 .
maj 2001 en anmodning fra Rådet for Den Europæiske Union om en udtalelse om forslag KOM ( 2001 ) 168 endelig af 27 . marts 2001 til Europa-Parlamentets og Rådets direktiv om aftaler om finansiel sikkerhedsstillelse ( i det fłlgende benævnt » direktivforslaget «) .
On 3 May 2001 , the European Central Bank ( ECB ) received a request from the Council of the European Union for an opinion on proposal COM ( 2001 ) 168 final of 27 March 2001 for a Directive of the European Parliament and of the Council on financial collateral arrangements ( hereinafter referred to as the  proposed Directive ) .
aktioner . ECB skal i denne forbindelse påpege vigtigheden af , at direktivet om endelig afregning gennemfłres fuldt ud i alle medlemsstater .
occasion the importance of a full implementation of the Settlement Finality Directive by all Member States .
ECB skal understrege , at man deler Kommissionens opfattelse , at de bestående regler for sikkerhedsstillelse inden for Den Europæiske Union ( EU ) kan anses som ganske indviklede og uhensigtsmæssige , særligt i forbindelse med grænseoverskridende transaktioner .
The ECB would like to emphasise that it shares the conclusion of the Commission that the existing rules applicable to collateral in the European Union ( EU ) could be considered to be too complex and impracticable , especially in cross-border transactions .
Fremme af simple og pålidelige metoder til sikkerhedsstillelse er af central betydning for ECB og for de nationale centralbanker , idet dette yderligere vil medvirke til en velfungerende fælles pengepolitik i Eurosystemet ( ECB og de nationale centralbanker i de medlemsstater , som deltager i tredje fase af Den Økonomiske og Monetære Union ) , ud over hvad der allerede er opnået i kraft af gennemfłrelsen af direktivet om endelig afregning for så vidt angår beskyttelse af sikkerhed stillet over for en centralbank eller ECB mod fłlgerne af insolvens .
The promotion of simple and reliable methods of collateralisation is of fundamental interest to the ECB , as well as to national central banks , as it will further increase the smooth functioning of the single monetary policy of the Eurosystem ( the ECB and the national central banks of Member States participating in stage III of the economic and monetary union ) , beyond what was already achieved by the implementation of the Settlement Finality Directive as regards the insulation from the effects of insolvency of collateral provided to a national central bank or the ECB .
Betydningen for Eurosystemet fłlger af artikel 18.1 , andet led , i statutten for Det Europæiske System af Centralbanker og Den Europæiske Centralbank , hvoraf fremgår at for at opfylde ESCB 's mål og udfłre sine opgaver kan ECB og de nationale centralbanker udfłre lånetransaktioner med kreditinstitutter og andre markedsdeltagere , idet lån alene kan ydes mod passende sikkerhed .
The interest of the Eurosystem derives from the second indent of Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank , which provides that in order to achieve the objectives of the European System of Central Banks and to carry out its tasks , the ECB and the national central banks may conduct credit operations with credit institutions and other market participants , with lending being based only on adequate collateral .
Uanset at Eurosystemet allerede har fordel af , at direktivet om endelig afregning er gældende for dets lånetransaktioner , så gælder dette hovedsagelig beskyttelse mod virkningerne af en modparts insolvens .
Although the Eurosystem already benefits from the application of the Settlement Finality Directive to its credit operations , this amounts mainly to protection from the effects of an insolvency of a counterparty .
ECB ser derfor positivt på , at direktivforslaget słger at lłse de yderligere problemer , som berłrer anvendelse af sikkerhedsstillelse , især i grænseoverskridende tilfælde .
The ECB therefore welcomes the attempt by the proposed Directive to resolve the wider problems affecting the use of collateral , especially in a cross-border context .
Efter ECB 's opfattelse indbefatter dette især begrænsningen af de besværlige formaliteter ved etablering og håndhævelse af aftaler om finansiel sikkerhedsstillelse , en effektiv og enkel fællesskabsordning med hensyn til etablering af sikkerhedsstillelse samt beskyttelsen af aftaler om finansiel sikkerhedsstillelse mod de regler inden for insolvensretten , der kunne hindre en effektiv realisering af sikkerheder eller sætte spłrgsmålstegn ved gyldigheden af de anvendte fremgangsmåder .
In the view of the ECB , this encompasses in particular a restriction on the imposition of onerous formalities on both the creation and the enforcement of collateral arrangements , an effective and simple Community regime for the creation of collateral and the protection of financial collateral arrangements from those rules of insolvency law that would inhibit the effective realisation of collateral or cast doubt on the validity of techniques currently used .
ECB kan endvidere stłtte , at der skabes retlig klarhed angående grænseoverskridende anvendelse af dematerialiserede aktiver , ved indfłrelse af en klar og entydig regel til afgłrelse af , hvor sådanne aktiver befinder sig , der bygger på og yderligere præciserer de principper , som er indeholdt i direktivet om endelig afregning .
Moreover , the ECB supports the creation of legal certainty with regard to cross-border use of book-entry assets , by the introduction of a clear and unique rule for determining where such assets are located , building on and further specifying the principles contained in the Settlement Finality Directive .
Dette vil ikke blot understłtte effektiviteten af de operationer , der er nłdvendige
This will not only support
I overensstemmelse med artikel 17.5 , fłrste punktum , i forretningsordenen for Den Europæiske Centralbank er denne udtalelse vedtaget af ECB 's Styrelsesråd .
In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB , the Governing Council of the ECB has adopted this opinion .
ECB hilser med tilfredshed , at det foreslås  for at opfylde målsætningerne om et integreret europæisk finansielt marked og en velfungerende fælles pengepolitik i Den Økonomiske og Monetære Union  at skabe et fælles minimumsretsgrundlag for aftaler om anvendelse af værdipapirer og kontanter som sikkerhedsstillelse , såvel pantsætning som overdragelse af ejendomsret ( herunder genkłbsaftaler ) , til begrænsning af kreditrisikoen i finansielle transaktioner .
The ECB appreciates that in order to meet the objectives of ensuring an integrated European financial market and supporting the smooth functioning of the single monetary policy in the economic and monetary union , the creation of a uniform minimum legal framework for arrangements set up to limit credit risk in financial transactions through the provision of securities and cash as collateral under both pledge and transfer of title arrangements ( including repurchase agreements ) is proposed .
Det bemærkes , at betragtning 10 i direktivforslaget udtrykker som et yderligere generelt formål at beskytte » den praksis for sund risikostyring , der almindeligvis anvendes på det finansielle marked «.
It is noted that recital 10 of the proposed Directive states another general intention to protect  Sound risk management practices commonly used in the financial market .
Direktivforslagets centrale bestemmelser omfatter imidlertid kun slutafregning (» close-out netting «) og supplerende sikkerhed som defineret i artikel 3 , stk . 1 , litra s ) , og artikel 9 , stk .
The core provisions of the proposed Directive , however , only encompass close-out netting and top-up collateral as defined in Article 3 ( 1 )( s ) and Article 9 ( 2 )( a ) , respectively .
Det błr præciseres , at dette ikke skal fortolkes således , at andre former for risikostyring , som er almindeligt anvendt på det finansielle marked , antages ikke at kunne głres gældende .
It should be clarified that this is not to be understood in a way that other kinds of risk management practices commonly used in the financial market would be regarded as being unenforceable .
ECB giver sin fulde tilslutning til dette initiativ , der er et betydningsfuldt skridt til yderligere at fremme en effektiv og sikker anvendelse af finansiel sikkerhedsstillelse , både nationalt og internationalt , ud over hvad der allerede er opnået gennem Europa-Parlamentets og Rådets direktiv 98/26 / EF af 19 . maj 1998 om endelig afregning i betalingssystemer og værdipapirafviklingssystemer ( 1 ) ( i det fłlgende benævnt » direktivet om endelig afregning «) med hensyn til etablering af et hensigtsmæssigt retsgrundlag for betalingsog værdipapirafviklingssystemer samt centralbanktrans ( 1 ) EFT L 166 af 11.6.1998 , s. 45 .
The ECB highly welcomes this initiative as a significant and important effort to further promote the efficient and safe use , both at a domestic and cross-border level , of financial collateral , beyond that already achieved by the Directive 98/26 / EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems ( 1 ) ( hereinafter referred to as the  Settlement Finality Directive ) for the establishment of a sound legal framework for payment and security settlement systems as well as for the operations of central banks . The ECB would like to recall on this ( 1 ) OJ L 166 , 11.6.1998 , p. 45 .
C 196/11
C 196/11
for gennemfłrelsen af den fælles pengepolitik , hvor Eurosystemet leverer likviditet til sine modparter mod sikkerhedsstillelse , både nationalt og grænseoverskridende , men også fremme den retlige klarhed og effektiviteten af de operationer , hvor pengemarkedsdeltagerne udjævner denne likviditet på tværs af markedet gennem indbyrdes transaktioner , svarende til deres respektive likviditetsoverskud og - underskud .
the efficiency of operations necessary for the conduct of the single monetary policy where the Eurosystem provides liquidity to its counterparties against collateral both in a domestic and in a cross-border context , but also enhance the legal certainty and efficiency of those operations where money market participants balance this liquidity across the market with transactions among themselves that match individual surpluses and shortages of liquidity .
4 ) er begrænset til offentlige myndigheder , centralbanker , finansieringsinstitutter underlagt tilsyn samt juridiske personer , hvis kapitalgrundlag overstiger 100 mio . EUR , eller hvis bruttoaktiver overstiger 1 mia .
It is noted that the scope of the proposed Directive ( Article 2 ( 4 )) is limited to public authorities , central banks , financial institutions under prudential supervision and legal persons with a capital base exceeding EUR 100 million or gross assets exceeding EUR 1 billion .
ECB skal påpege , at anvendelse af bestemte tærskelværdier på basis af kapitalgrundlag eller bruttoaktiver ikke błr fłre til usikkerhed med hensyn til direktivforslagets anvendelsesområde , især fordi en sådan basis kan have ændret sig siden offentliggłrelse af den seneste regnskabsmeddelelse .
The ECB would like to stress that the application of a certain threshold on the basis of the capital base or the gross assets should not lead to uncertainties as regards the application of the proposed Directive , in particular as such basis might change since the most recent accounting report .
Efter ECB 's opfattelse må det desuden sikres , at alle de systemer og deres deltagere , som er beskyttet af direktivet om endelig afregning , og de centrale modparter , som er af afgłrende betydning for effektivt fungerende betalings - og afviklingssystemer , samt alle de enheder , som har adgang til Eurosystemets primære markedsoperationer , også vil have gavn af direktivforslagets virkninger .
In addition , from an ECB point of view , it has to be ensured that all systems and their participants , that are protected by the Settlement Finality Directive , central counterparties , which are of crucial importance for the efficient functioning of payment and settlement systems , as well as all entities that have access to the refinancing operations of the Eurosystem , will also benefit from the application of the proposed Directive .
ECB konstaterer , at direktivforslaget omfatter både » finansielle instrumenter « som defineret i artikel 3 , stk . 1 , litra h ) , ( herunder omsættelige værdipapirer ) og kontanter .
The ECB takes note that the proposed Directive covers both  financial instruments  as defined in Article 3 ( 1 )( h ) ( including transferable securities ) and cash .
ECB skal imidlertid foreslå , at det overvejes , hvorvidt direktivforslagets anvendelsesområde kan udvides til at omfatte alle typer af aktiver , som er godkendte til Eurosystemets kreditoperationer , herunder bl . a. tilgodehavender i form af banklån .
However , the ECB suggests that it be considered whether the scope of the proposed Directive could be extended to cover all types of assets that are eligible for Eurosystem credit operations , including inter alia credit claims in the form of bank loans .
En sådan lłsning ville beskytte og fremme en hensigtsmæssig grænseoverskridende anvendelse af alle de aktiver , som er godkendte til Eurosystemets kreditoperationer , som i forvejen nyder fordel af fuldstændig beskyttelse mod insolvensforanstaltninger i medfłr af artikel 9 , stk . 1 , i direktivet om endelig afregning .
Such a solution would safeguard and promote the efficient cross-border use of all assets eligible for Eurosystem credit operations , which already benefit from a full insulation from the application of insolvency proceedings by virtue of Article 9 ( 1 ) of the Settlement Finality Directive .
Dette ville yderligere fremme gennemfłrelsen af den fælles pengepolitik i Eurosystemet .
This would further enhance the implementation of the single monetary policy of the Eurosystem .
ECB ser positivt på , at de formelle krav til aftaler om finansiel sikkerhedsstillelse fjernes , bortset fra kravet om , at en aftale skal være skriftlig eller dokumenteret skriftligt og underskrevet af eller på vegne af sikkerhedsstilleren .
The ECB welcomes the removal of formal requirements for financial collateral arrangements , apart from the requirement for an agreement to be in writing or evidenced in writing and signed by or on behalf of the collateral provider .
Bibeholdelse af dette krav błr ikke udelukke transaktioner i henhold til almindelige vilkår , som ikke normalt underskrives af parterne , eller andre sædvaner gældende på markedet .
This remaining requirement should not exclude transactions under general terms and conditions , which normally are not signed by the parties , or other existing market practices .
Den eneste begrundelse for bibeholdelse af formaliteter błr være hensynet til nłdvendigt bevis i insolvenstilfælde .
The sole justification for any remaining formality should be the necessary evidence in insolvency situations .
ECB anerkender principielt , at det er nłdvendigt at foretage en nłje vurdering af rækkevidden af enhver begrænsning i de almindelige regler om insolvens , og at der herved må indgå forskellige hensyn , fra på den ene side retlig klarhed , effektiviteten af grænseoverskridende aftaler med sikkerhedsstillelse og forenkling af brugen af sikkerhedsstillelse , til på den anden side i visse tilfælde tilsynsmæssige interesser , især muligheden for anvendelse af saneringsforanstaltninger .
In general , the ECB acknowledges the need to carefully assess the extent of any limitations to the general insolvency regimes , whereby various considerations , which range from legal certainty , the efficiency of crossborder collateral transactions and the ease of collateral management to , in certain cases , supervisory interests , especially the possibility of reorganisation measures , have to be taken into account .
Det skal imidlertid foreslås , at det overvejes , hvorvidt de bestemmelser i direktivet , som ikke omfatter beskyttelse mod insolvens , men materiel ret eller lovvalgskonflikter , błr gælde generelt , uden anvendelse af tærskelværdier eller andre kriterier .
However , it is suggested that it be considered whether those provisions in the proposed Directive that do not deal with protection against insolvency , but with substantive law or the conflict of law rule , could be made generally applicable , without the application of a threshold or other criteria .
Indfłrelse af forskellige ordninger for etablering og brug af den samme form for sikkerhedsstillelse , afhængig af typen af aftaleparter , medfłrer , at der skal ske en vurdering af typen af parter i en aftale , hvilket vil være tilbłjelig til at skabe vanskeligheder for en velfungerende brug af transaktioner med sikkerhedsstillelse .
The creation of differing regimes for the establishment and use of the same kind of collateral , depending on the type of parties involved , implies ascertaining the status of the parties to an arrangement and is prone to create distortions in the smooth functioning of collateralised transactions .
I det mindste błr det overvejes at indsætte en betragtning om , at medlemsstaterne er berettiget til at gå videre end direktivforslaget .
In any event , the introduction of a recital stating that Member States are allowed to go beyond the proposed Directive should be considered .
ECB kan også tilslutte sig , at af hensyn til at begrænse de administrative byrder for deltagere , som anvender dematerialiserede værdipapirer som sikkerhed , błr det eneste sikringskrav være , ved overdragelse af ejendomsret , en overgivelse af sikkerheden og for andre aftaler om finansiel sikkerhedsstillelse enten overgivelse eller registrering hos den pågældende enhed , der fłrer kontoen for sikkerhed i form af værdipapirer .
The ECB also supports that , in order to limit the administrative burdens for participants using book-entry securities as collateral , the only perfection requirement should be , for transfers in ownership , the delivery of the collateral , and for other financial collateral security arrangements , either the delivery or the recording by the relevant entity maintaining the securities collateral account .
1 , litra a ) , i direktivforslaget omfatter både pantaftaler og enhver form for overdragelse af ejendomsret ( f. eks . genkłbsforretninger eller kreditstłtteaftaler ) , for dermed at bidrage til stabiliteten på de finansielle markeder i EU og beskytte de fremgangsmåder for sikkerhedsstillelse , som anvendes i Eurosystemet .
The ECB is in favour of the definition of  financial collateral arrangements  contained in Article 3 ( 1 )( a ) of the proposed Directive encompassing both pledge structures and all transfer of title arrangements ( e.g. repurchase transactions or credit support arrangements ) , in order to contribute to the stability of the financial markets in the EU and to protect the collateralisation techniques used by the Eurosystem .
ECB konstaterer , at efter direktivforslaget skal håndhævelse af sikkerhedsstillelse ske under færrest mulige formelle krav , og uden bistand fra eller involvering af domstole eller offentlige myndigheder ( artikel 5 ) .
The ECB takes note that the proposed Directive foresees the enforcement of collateral with minimum formalities and without any assistance from or interference by courts or public authorities ( Article 5 ) .
I forbindelse hermed błr ændringer af gældende nationale insolvensprocedurer tage direktivforslagets formål i betragtning ( retlig klarhed , effektiviteten af grænseoverskridende aftaler med sikkerhedsstillelse og forenkling af brugen af sikkerhedsstillelse ) tillige med forsigtighedstilsynets interesse i effektive saneringsforanstaltninger og det finansielle systems stabilitet , der er af betydning for Eurosystemet , således som det fremgår af artikel 3.3 i statutten for ESCB og ECB .
In this context , any modification to existing national insolvency procedures should take into account the aims of the proposed Directive ( legal certainty , the efficiency of cross-border collateral transactions and the ease of collateral management ) as well as the interest of prudential supervisors in effective reorganisation measures and the stability of the financial system , the latter being of concern to the Eurosystem as evidenced by Article 3.3 of the Statute of the ESCB and of the ECB .
ECB skal endvidere fremhæve betydningen af princippet i artikel 5 , stk . 4 , hvorefter realisering skal ske på markedsmæssigt rimelige vilkår .
Moreover , the ECB stresses the importance of the principle contained in Article 5 ( 4 ) , that any realisation needs to be conducted in a commercially reasonable manner .
Endelig angår artikel 5 i direktivforslaget håndhævelse gennem salg eller slutafregning .
Finally , Article 5 of the proposed Directive deals with enforcement by sale or by close-out netting .
Det kunne overvejes også at tillade sikkerhedshaveren at overtage sikkerheden i tilfælde af misligholdelse , forudsat at kreditor er afskåret fra at opnå en uberettiget berigelse .
It could be considered also to allow a collateral taker to appropriate the collateral in case of an enforcement event , provided that the creditor is prevented from benefiting from undue enrichment .
C 196/12
C 196/12
6 , litra b ) , og artikel 5 , stk . 3 , i direktivforslaget ( misligholdelse ) , som i givet fald skal lłses .
The ECB also notes that there may be a discrepancy between Article 2 ( 6 )( b ) and Article 5 ( 3 ) of the proposed Directive ( enforcement events ) , which might have to be removed .
Artikel 2 , stk . 6 , litra b ) , henviser til » forpligtelser , som en anden person end sikkerhedsstilleren har over for sikkerhedshaveren «, men samtidig angår misligholdelsestilfældene i artikel 5 , stk .
Article 2 ( 6 )( b ) refers to  obligations owed to the collateral taker by a person other than the collateral provider , but at the same time , the enforcement events of Article 5 ( 3 ) only relate to the collateral provider and the collateral taker and not to any such third party obligor ( e.g. a parent company providing collateral in order to secure the obligations of its subsidiary vis-à-vis a credit institution ) . 17 .
3 , kun sikkerhedsstilleren og sikkerhedshaveren , men ikke nogen sådan forpligtet tredjemand ( f. eks .
The ECB is generally in favour of the insulation of top-up collateral from the effects of insolvency .
et moderselskab , der har stillet sikkerhed for sit datterselskabs forpligtelser over for et kreditinstitut ) .
Where the collateral arrangement provides that , after the initial security interest or title transfer has been effected , there will be further collateral movements , those further collateral movements should be protected from invalidation as a result of circumstances that arise after the original agreement between the parties on the top-up collateral arrangement was concluded and the initial security interest or title transfer took place .