natgillin/translations-raw huggingface dataset:
4 . ˙ ¯ ˚Ô äÝ ÷ åôÆØ ØäØÆßôåæÆ åıíïœŒÜ ÆıôÞ ôçí ðæøôïâïıº ßÆ , ôçí ïðïßÆ Łåøæåß øò ìØÆ óçìÆíôØŒÞ ðæïóðÜŁåØÆ ðæïò ôçí ŒÆôåýŁıíóç ôçò ðåæÆØôÝæø ðæïþŁçóçò ôçò Æðïôåº åóìÆôØŒÞò ŒÆØ ÆóöÆº ïýò ÷ æÞóçò ôçò ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò , ôüóï óå åóøôåæØŒü üóï ŒÆØ óå äØÆóıíïæØÆŒü åðßðåäï , óıª ŒæØôØŒÜ ìå ü , ôØ åðØôåý ÷ ŁçŒå ìÝóø ôçò ïäçª ßÆò 98/26 /¯ ˚ ôïı ¯ ıæøðÆœŒïý ˚ïØíïâïıº ßïı ŒÆØ ôïı Óıìâïıº ßïı , ôçò 19çò ÌÆÀïı 1998 , ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý óôÆ óıóôÞìÆôÆ ðº çæøìþí ŒÆØ óôÆ óıóôÞìÆôÆ äØÆŒÆíïíØóìïý ÆîØïª æÜöøí ( 1 ) ( åöåîÞò ŒÆº ïýìåíçò « ïäçª ßÆ ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý » ) ÆíÆöïæØŒÜ ìå ôç äçìØïıæª ßÆ åíüò ıª Øïýò íïìØŒïý ðº ÆØóßïı ªØÆ ôÆ óıóôÞìÆôÆ ðº çæøìþí ŒÆØ ôÆ óıóôÞìÆôÆ äØÆŒÆíïíØóìïý ÆîØïª æÜöøí , ŒÆŁþò ŒÆØ ªØÆ ôØò ðæÜîåØò ôøí ŒåíôæØŒþí ôæÆðåæþí .
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 . 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 .
Ìå ôçí åıŒÆØæßÆ ÆıôÞ , ç ¯ ˚Ô ıðåíŁıìßæåØ ôç óçìÆóßÆ ôçò ðº Þæïıò åöÆæìïª Þò ôçò ïäçª ßÆò ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý Æðü üº Æ ôÆ ŒæÜôç ìÝº ç . ( 1 ) ¯¯ L 166 ôçò 11.6.1998 , ó .
2 . The ECB 's competence to deliver an opinion is based on Article 105 ( 4 ) of the Treaty establishing the European Community .
5 . ˙ ¯ ˚Ô ôïíßæåØ üôØ óıììåæßæåôÆØ ôç óıìðåæÆóìÆôØŒÞ Üðïłç ôçò ¯ ðØôæïðÞò , üôØ ïØ ŒÆíüíåò ðïı åöÆæìüæïíôÆØ óÞìåæÆ óôØò ÆóöÜº åØåò óôçí ¯ ıæøðÆœŒÞ ‚íøóç (¯¯) åßíÆØ , åíäå ÷ ïìÝíøò , ıðÝæìåôæÆ ðåæßðº ïŒïØ ŒÆØ äıóåöÜæìïóôïØ , Øäßøò óôØò äØÆóıíïæØÆŒÝò óıíÆººÆª Ýò .
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 . 3 .
˙ ðæïþŁçóç Æðº þí ŒÆØ ÆîØüðØóôøí ìåŁüäøí óýóôÆóçò ÆóöÆº åØþí Ý ÷ åØ Łåìåº Øþäç óçìÆóßÆ ªØÆ ôçí ¯ ˚Ô ŒÆØ ªØÆ ôØò åŁíØŒÝò ŒåíôæØŒÝò ôæÜðåæåò , ŒÆŁþò ŁÆ åíØó ÷ ýóåØ ðåæÆØôÝæø ôçí ïìÆº Þ ºåØôïıæª ßÆ ôçò åíØÆßÆò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ôïı åıæøóıóôÞìÆôïò ( Æðïôåº ïýìåíïı Æðü ôçí ¯ ˚Ô ŒÆØ ôØò åŁíØŒÝò ŒåíôæØŒÝò ôæÜðåæåò ôøí ŒæÆôþí ìåº þí ðïı óıììåôÝ ÷ ïıí óôï ôæßôï óôÜäØï ôçò ïØŒïíïìØŒÞò ŒÆØ íïìØóìÆôØŒÞò Ýíøóçò ) , óıª ŒæØôØŒÜ ìå ü , ôØ åðØôåý ÷ ŁçŒå Þäç ìÝóø ôçò åöÆæìïª Þò ôçò ïäçª ßÆò ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý óå ü , ôØ ÆöïæÜ ôçí Æðïìüíøóç ôøí ÆóöÆº åØþí , ïØ ïðïßåò ðÆæÝ ÷ ïíôÆØ óå ìßÆ åŁíØŒÞ ŒåíôæØŒÞ ôæÜðåæÆ Þ óôçí ¯ ˚Ô , Æðü ôÆ Æðïôåº ÝóìÆôÆ ôçò Æöåæåªª ıüôçôÆò .
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 . 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 .
Ôï åíäØÆöÝæïí ôïı åıæøóıóôÞìÆôïò ÆðïææÝåØ Æðü ôï ÜæŁæï 18.1 äåýôåæç ðåæßðôøóç ôïı ŒÆôÆóôÆôØŒïý ôïı ¯ ıæøðÆœŒïý ÓıóôÞìÆôïò ˚åíôæØŒþí ÔæÆðåæþí ŒÆØ ôçò ¯ ıæøðÆœŒÞò ˚åíôæØŒÞò ÔæÜðåæÆò , ôï ïðïßï ðæïâº ÝðåØ üôØ ªØÆ ôçí åðßôåıîç ôøí óôü ÷ øí ôïı ¯ ıæøðÆœŒïý ÓıóôÞìÆôïò ˚åíôæØŒþí ÔæÆðåæþí ŒÆØ ôçí åŒôÝº åóç ôøí ŒÆŁçŒüíôøí ôïı , ç ¯ ˚Ô ŒÆØ ïØ åŁíØŒÝò ŒåíôæØŒÝò ôæÜðåæåò ìðïæïýí íÆ äØåíåæª ïýí ðØóôïäïôØŒÝò ŒÆØ ðØóôïº çðôØŒÝò ðæÜîåØò ìå ðØóôøôØŒÜ ØäæýìÆôÆ ŒÆØ Üºº ïıò öïæåßò ôçò Æª ïæÜò , ðæïŒåØìÝíïı äå ªØÆ äÜíåØÆ , ìüíï ìå åðÆæŒÞ ÆóöÜº åØÆ .
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 .
6 . « í ŒÆØ ôï åıæøóýóôçìÆ Æðïº ÆýåØ Þäç ôçò åöÆæìïª Þò ôçò ïäçª ßÆò ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý óôØò ðØóôïäïôØŒÝò ŒÆØ ðØóôïº çðôØŒÝò ôïı ðæÜîåØò , ðæüŒåØôÆØ , Œıæßøò , ªØÆ ðæïóôÆóßÆ Æðü ôÆ Æðïôåº ÝóìÆôÆ åíäå ÷ üìåíçò Æöåæåªª ıüôçôÆò ŒÜðïØïı ÆíôØóıìâÆºº üìåíïı .
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 . 4 .
^ ØÆ ôï ºüª ï Æıôü , ç ¯ ˚Ô ıðïóôçæßæåØ ÝíŁåæìÆ ôçí ìÝóø ôçò ðæïôåØíüìåíçò ïäçª ßÆò ÆðüðåØæÆ åðßº ıóçò ôøí åıæýôåæøí ðæïâº çìÜôøí ðïı åðçæåÜæïıí ôç ÷ æÞóç ôøí ÆóöÆº åØþí , åØäØŒÜ óå äØÆóıíïæØÆŒü åðßðåäï . ˙ ¯ ˚Ô Łåøæåß üôØ åäþ åìðßðôåØ , Øäßøò , ï ðåæØïæØóìüò ôøí åðÆ ÷ Łþí äØÆôıðþóåøí ðïı åðØâÜºº ïíôÆØ óôç óýíÆłç ŒÆØ åŒôÝº åóç ôøí óıìöøíØþí ðåæß ðÆæï ÷ Þò ÆóöÜº åØÆò , ç äØÆìüæöøóç åíüò Æðïôåº åóìÆôØŒïý ŒÆØ Æðº ïý ŒïØíïôØŒïý ŒÆŁåóôþôïò ªØÆ ôç óýóôÆóç ÆóöÆº åØþí ŒÆØ ç ðæïóôÆóßÆ ôøí óıìöøíØþí ðåæß ðÆæï ÷ Þò ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò Æðü ôïıò ŒÆíüíåò ôïı äØŒÆßïı ðåæß Æöåæåªª ıüôçôÆò ðïı ŁÆ åìðüäØæÆí ôçí Æðïôåº åóìÆôØŒÞ åŒðïßçóç ôçò ÆóöÜº åØÆò Þ ŁÆ ÝŁåôÆí åí ÆìöØâüº ø ôçí åª ŒıæüôçôÆ ôøí ôå ÷ íØŒþí ðïı ÷ æçóØìïðïØïýíôÆØ óÞìåæÆ .
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 .
˚ÜôØ ôÝôïØï ü ÷ Ø ìüíï ŁÆ ðæïøŁÞóåØ ôçí Æðïôåº åóìÆôØŒüôçôÆ ôøí ÆíÆª ŒÆßøí ªØÆ ôç äØåîÆªøª Þ ôçò åíØÆßÆò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ðæÜîåøí , óôï ðº ÆßóØï ôøí ïðïßøí ôï åıæøóýóôçìÆ ÷ ïæçª åß æåıóôüôçôÆ óôïıò ÆíôØóıìâÆºº üìåíïýò ôïı ÝíÆíôØ ðÆæï ÷ Þò ÆóöÜº åØÆò óå åóøôåæØŒü ŒÆØ 12.7.2001
12.7.2001 EN
äØÆóıíïæØÆŒü åðßðåäï , Æºº Ü ŒÆØ ŁÆ åíØó ÷ ýóåØ ôçí ÆóöÜº åØÆ äØŒÆßïı ŒÆØ ôçí Æðïôåº åóìÆôØŒüôçôÆ , Æðü íïìØŒÞ Üðïłç , ôøí ðæÜîåøí åŒåßíøí , óôï ðº ÆßóØï ôøí ïðïßøí ïØ óıììåôÝ ÷ ïíôåò óôç ÷ æçìÆôÆª ïæÜ Øóïææïðïýí ôçí åí ºüª ø æåıóôüôçôÆ ôçò Æª ïæÜò , äØåíåæª þíôÆò ìåôÆîý ôïıò óıíÆººÆª Ýò ðïı ÆíôØóôïØ ÷ ßæïıí ôÆ åðØìÝæïıò ðº åïíÜóìÆôÆ ŒÆØ åºº åßììÆôÆ æåıóôüôçôÆò .
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 .
ÓçìåØþíåôÆØ üôØ ôï ðåäßï åöÆæìïª Þò ôçò ðæïôåØíüìåíçò ïäçª ßÆò ( ÜæŁæï 2 ðÆæÜª æÆöïò 4 ) ðåæØïæßæåôÆØ óôØò äçìüóØåò Ææ ÷ Ýò , ôØò ŒåíôæØŒÝò ôæÜðåæåò , ôÆ ıðïŒåßìåíÆ óå ðæïº çðôØŒÞ åðïðôåßÆ ÷ æçìÆôïðØóôøôØŒÜ ØäæýìÆôÆ ŒÆØ ôÆ íïìØŒÜ ðæüóøðÆ ìå ŒåöÆº ÆØÆŒÞ âÜóç Üíø ôøí 100 åŒÆôïììıæßøí åıæþ Þ ìå ÆŒÆŁÜæØóôÆ óôïØ ÷ åßÆ ôïı åíåæª çôØŒïý Üíø ôïı 1 äØóåŒÆôïììıæßïı åıæþ .
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 .
˙ ¯ ˚Ô ıðïª æÆììßæåØ üôØ ç åöÆæìïª Þ ïæØóìÝíïı ŒÆôþôÆôïı ïæßïı ìå ŒæØôÞæØï ôçí ŒåöÆº ÆØÆŒÞ âÜóç Þ ôÆ ÆŒÆŁÜæØóôÆ óôïØ ÷ åßÆ ôïı åíåæª çôØŒïý äåí ŁÆ ðæÝðåØ íÆ ïäçª åß óå ÆâåâÆØüôçôÆ øò ðæïò ôçí åöÆæìïª Þ ôçò ðæïôåØíüìåíçò ïäçª ßÆò , äåäïìÝíïı , Øäßøò , üôØ ç åí ºüª ø âÜóç åíäÝ ÷ åôÆØ íÆ ìåôÆâº çŁåß óå ó ÷ Ýóç ìå ôçí åŒÜóôïôå ðØï ðæüóöÆôç ºïª ØóôØŒÞ ŒÆôÜóôÆóç .
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 .
¯ ðØðº Ýïí , ŒÆôÜ ôçí Üðïłç ôçò ¯ ˚Ô , ðæÝðåØ íÆ äØÆóöÆº Øóôåß üôØ Æðü ôçí åöÆæìïª Þ ôçò ðæïôåØíüìåíçò ïäçª ßÆò ŁÆ åðøöåº çŁïýí åðßóçò üº Æ ôÆ óıóôÞìÆôÆ ŒÆØ ïØ óıììåôÝ ÷ ïíôåò óå ÆıôÜ , ðïı ðæïóôÆôåýïíôÆØ Æðü ôçí ïäçª ßÆ ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý , ïØ ŒåíôæØŒïß ÆíôØóıìâÆºº üìåíïØ , ç óçìÆóßÆ ôøí ïðïßøí ªØÆ ôçí Æðïôåº åóìÆôØŒÞ ºåØôïıæª ßÆ ôøí óıóôçìÜôøí ðº çæøìþí ŒÆØ äØÆŒÆíïíØóìïý åßíÆØ ÆðïöÆóØóôØŒÞ , ŒÆŁþò ŒÆØ ŒÜŁå öïæÝÆò ðïı Ý ÷ åØ ðæüóâÆóç óôØò ðæÜîåØò ÆíÆ ÷ æçìÆôïäüôçóçò ôïı åıæøóıóôÞìÆôïò .
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 .
^ åíØŒÜ , ç ¯ ˚Ô ÆíÆª íøæßæåØ ôçí ÆíÜª Œç ðæïóåŒôØŒÞò åŒôßìçóçò ôçò åìâÝº åØÆò ïðïØøíäÞðïôå ðåæØïæØóìþí ôøí ªåíØŒþí óıóôçìÜôøí Æöåæåªª ıüôçôÆò , óôÆ ðº ÆßóØÆ ôøí ïðïßøí ðæÝðåØ íÆ ºÆìâÜíåôÆØ ıðüłç ÝíÆ öÜóìÆ ðÆæÆª üíôøí : ç ÆóöÜº åØÆ äØŒÆßïı , ç Æðïôåº åóìÆôØŒüôçôÆ ôøí äØÆóıíïæØÆŒþí ðæÜîåøí ðïı ıðïóôçæßæïíôÆØ ìå ÆóöÜº åØåò , ç åıŒïº ßÆ óôç äØÆ ÷ åßæØóç ôøí ÆóöÆº åØþí , óå ïæØóìÝíåò äå ðåæØðôþóåØò ÆŒüìç ŒÆØ óŒïðïß ðïı ÜðôïíôÆØ ôçò åðïðôåßÆò , åØäØŒÜ ç äıíÆôüôçôÆ åöÆæìïª Þò ìÝôæøí åîıª ßÆíóçò .
The ECB takes note that the proposed Directive covers both  financial instruments  as defined in Article 3 ( 1 )( h ) ( including transferable securities ) and cash .
--- Üíôøò , ðæïôåßíåôÆØ íÆ åîåôÆóôåß ŒÆôÜ ðüóï åßíÆØ äıíÆôÞ ç ªåíØŒåıìÝíç åöÆæìïª Þ , ÞôïØ ÷ øæßò ôçí åØóÆªøª Þ ŒÆôþôÆôøí ïæßøí Þ Üºº øí ŒæØôçæßøí , üóøí äØÆôÜîåøí ôçò ðæïôåØíüìåíçò ïäçª ßÆò äåí ðæÆª ìÆôåýïíôÆØ ôçí ðæïóôÆóßÆ Æðü ôçí Æöåæåªª ıüôçôÆ Æºº Ü æçôÞìÆôÆ ïıóØÆóôØŒïý äØŒÆßïı Þ ôïí ŒÆíüíÆ ðåæß óýª Œæïıóçò íïìïŁåóØþí .
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 .
9 . ˙ ¯ ˚Ô ôßŁåôÆØ ıðÝæ ôïı ïæØóìïý ôçò « óıìöøíßÆò ðåæß ðÆæï ÷ Þò ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò » ðïı ðåæØÝ ÷ åôÆØ óôï ÜæŁæï 3 ðÆæÜª æÆöïò 1 óôïØ ÷ åßï Æ ) ôçò ðæïôåØíüìåíçò ïäçª ßÆò , ï ïðïßïò ŒÆº ýðôåØ ôØò óıìöøíßåò åíå ÷ ýæÆóçò ŒÆØ üº åò ôØò óıìöøíßåò ìåôÆâßâÆóçò ôßôº øí ( ð .
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 . This would further enhance the implementation of the single monetary policy of the Eurosystem .
ðæÜîåØò åðÆíÆª ïæÜò Þ óıìöøíßåò åíßó ÷ ıóçò ôøí ðØóôþóåøí ) , ðæïŒåØìÝíïı íÆ óıìâÜº åØ óôç óôÆŁåæüôçôÆ ôøí ÷ æçìÆôïïØŒïíïìØŒþí Æª ïæþí óôçí ¯¯ ŒÆØ íÆ ðæïóôÆôÝłåØ ôØò ÷ æçóØìïðïØïýìåíåò Æðü ôï åıæøóýóôçìÆ ôå ÷ íØŒÝò óýóôÆóçò ÆóöÆº åØþí . 10 .
11 . 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 .
˙ ¯ ˚Ô óçìåØþíåØ üôØ ç ðæïôåØíüìåíç ïäçª ßÆ ŒÆº ýðôåØ ôüóï ôÆ «÷ æçìÆôïðØóôøôØŒÜ ìÝóÆ » , üðøò ïæßæïíôÆØ óôï ÜæŁæï 3 ðÆæÜ -
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 .
ªæÆöïò 1 óôïØ ÷ åßï ç ) ( óıìðåæØº ÆìâÆíïìÝíøí ôøí ŒØíçôþí ÆîØþí ) üóï ŒÆØ ôÆ ìåôæçôÜ .
The sole justification for any remaining formality should be the necessary evidence in insolvency situations .
ÌØÆ ôÝôïØÆ æýŁìØóç ŁÆ äØÆóöÜº Øæå ŒÆØ ŁÆ ðæïøŁïýóå ôçí Æðïôåº åóìÆôØŒÞ ÷ æÞóç , óå äØÆóıíïæØÆŒü åðßðåäï , üº øí ôøí ðåæØïıóØÆŒþí óôïØ ÷ åßøí , ðïı åßíÆØ åðØº ÝîØìÆ ªØÆ ôØò ðØóôïäïôØŒÝò ŒÆØ ðØóôïº çðôØŒÝò ðæÜîåØò ôïı åıæøóıóôÞìÆôïò , ðïı Þäç Æðïº Æýïıí ðº Þæïıò Æðïìüíøóçò Æðü ôçí åöÆæìïª Þ äØÆäØŒÆóØþí Æöåæåªª ıüôçôÆò , äıíÜìåØ ôïı ÜæŁæïı 9 ðÆæÜª æÆöïò 1 ôçò ïäçª ßÆò ó ÷ åôØŒÜ ìå ôï ÆìåôÜŒº çôï ôïı äØÆŒÆíïíØóìïý .
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 .
Ìå Æıôü ôïí ôæüðï ŁÆ óôçæØæüôÆí ðåæÆØôÝæø ç ıº ïðïßçóç ôçò åíØÆßÆò íïìØóìÆôØŒÞò ðïº ØôØŒÞò ôïı åıæøóıóôÞìÆôïò .
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 .
11 . --- æïŒåØìÝíïı ªØÆ ôØò óıìöøíßåò ðåæß ðÆæï ÷ Þò ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò , ç ¯ ˚Ô ôßŁåôÆØ ıðÝæ ôçò Üæóçò ôøí ôıðØŒþí ÆðÆØôÞóåøí , ìå åîÆßæåóç ôçí ÆðÆßôçóç ªØÆ ŒÆôÜæôØóç Þ ÆðüäåØîç ôçò ýðÆæîçò ôçò óıìöøíßÆò åªª æÜöøò ŒÆØ ªØÆ ıðïª æÆöÞ ôçò Æðü ôïí ÆóöÆº åØïäüôç Þ åî ïíüìÆôüò ôïı .
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 . In any event , the introduction of a recital stating that Member States are allowed to go beyond the proposed Directive should be considered .
˙ äØÆôçæïýìåíç ÆıôÞ ðæïßðüŁåóç äåí ŁÆ ðæÝðåØ íÆ ÆðïŒº åßåØ óıíÆººÆª Ýò ŒÆôÆæôØæüìåíåò âÜóåØ ªåíØŒþí üæøí , ïØ ïðïßåò óıíÞŁøò äåí ıðïª æÜöïíôÆØ Æðü ôÆ óıìâÆºº üìåíÆ ìÝæç , Þ Üºº åò ıöØóôÜìåíåò ðæÆŒôØŒÝò ôçò Æª ïæÜò . Ìüíç äØŒÆØïºïª çôØŒÞ âÜóç ïðïØÆóäÞðïôå äØÆôçæïýìåíçò äØÆôýðøóçò ŁÆ ðæÝðåØ íÆ åßíÆØ ç ÆíÜª Œç ðÆæï ÷ Þò ôøí ÆðÆæÆßôçôøí ÆðïäåØŒôØŒþí óôïØ ÷ åßøí óôï ðº ÆßóØï ŒÆôÆóôÜóåøí Æöåæåªª ıüôçôÆò .
12 . 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 .
˙ ¯ ˚Ô ıðïóôçæßæåØ ÆŒüìç üôØ , ðæïŒåØìÝíïı íÆ ðåæØïæØóôïýí ïØ äØïØŒçôØŒÝò åðØâÆæýíóåØò ªØÆ üóïıò óıììåôÝ ÷ ïíôåò ÷ æçóØìïðïØïýí øò ÆóöÜº åØåò ôßôº ïıò óå ºïª ØóôØŒÞ ìïæöÞ , ç ìüíç ðæïßðüŁåóç äØÆóöÜº Øóçò ªØÆ ôØò óıìöøíßåò ðïı óıíåðÜª ïíôÆØ ìåôÆâßâÆóç ŒıæØüôçôÆò ŁÆ ðæÝðåØ íÆ åßíÆØ ç ðÆæÜäïóç ôïı ÆíôØŒåØìÝíïı ôçò ÆóöÜº åØÆò , ªØÆ Üºº åò äå óıìöøíßåò åªª ıïäïóßÆò ìå ôçí ðÆæï ÷ Þ ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò , åßôå ç ðÆæÜäïóç åßôå ç ó ÷ åôØŒÞ ŒÆôÆ ÷ þæçóç Æðü ôïí ïØŒåßï öïæÝÆ ðïı äØÆôçæåß ôï ºïª ÆæØÆóìü ÆóöÜº åØÆò åðß ôßôº øí .
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 .
˙ ¯ ˚Ô óçìåØþíåØ üôØ ç ðæïôåØíüìåíç ïäçª ßÆ ðæïâº ÝðåØ ôçí åŒôÝº åóç ôçò óıìöøíßÆò ðåæß ðÆæï ÷ Þò ÆóöÜº åØÆò ìå åº Ü ÷ Øóôåò äØÆôıðþóåØò ŒÆØ ÷ øæßò ôçí üðïØÆ óıíäæïìÞ Þ ðÆæÝìâÆóç äØŒÆóôçæßïı Þ äçìüóØÆò Ææ ÷ Þò ( ÜæŁæï 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 ) .
Óå Æıôü ôï ðº ÆßóØï , óå ŒÜŁå ôæïðïðïßçóç ôøí ıöØóôÜìåíøí åŁíØŒþí äØÆäØŒÆóØþí Æöåæåªª ıüôçôÆò ŁÆ ðæÝðåØ íÆ ºÆìâÜíïíôÆØ ıðüłç ïØ óŒïðïß ôçò ðæïôåØíüìåíçò ïäçª ßÆò ( ÆóöÜº åØÆ äØŒÆßïı , Æðïôåº åóìÆôØŒüôçôÆ ôøí äØÆóıíïæØÆŒþí ðæÜîåøí ðïı ıðïóôçæßæïíôÆØ ìå ÆóöÜº åØåò ŒÆØ åıŒïº ßÆ óôç äØÆ ÷ åßæØóç ôøí ÆóöÆº åØþí ) , ŒÆŁþò ŒÆØ ôï óıìöÝæïí ôøí öïæÝøí ÜóŒçóçò ðæïº çðôØŒÞò åðïðôåßÆò óå ü , ôØ ÆöïæÜ ôç ºÞłç Æðïôåº åóìÆôØŒþí ìÝôæøí åîıª ßÆíóçò ŒÆØ ôç óôÆŁåæüôçôÆ ôïı ÷ æçìÆôïðØóôøôØŒïý óıóôÞìÆôïò , ðåäßï ðïı ðÆæïıóØÜæåØ åíäØÆöÝæïí ªØÆ ôçí ¯ ˚Ô , üðøò ŒÆôÆäåØŒíýåôÆØ óôï ÜæŁæï 3.3 ôïı ŒÆôÆóôÆôØŒïý ôïı ¯ Ó˚Ô ŒÆØ ôçò ¯ ˚Ô .
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 .
« Œüìç , ç ¯ ˚Ô ôïíßæåØ ôç óðïıäÆØüôçôÆ ôçò ðåæØå ÷ üìåíçò óôï ÜæŁæï 5 ðÆæÜª æÆöïò 4 Ææ ÷ Þò , óýìöøíÆ ìå ôçí ïðïßÆ ïðïØÆäÞðïôå åŒðïßçóç ôçò ÆóöÜº åØÆò ðæÝðåØ íÆ äØåíåæª åßôÆØ ìå åýºïª Æ åìðïæØŒü ôæüðï .
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 .
ÔÝº ïò , ôï ÜæŁæï 5 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ðæÆª ìÆôåýåôÆØ ôçí åŒôÝº åóç ìå ðþº çóç Þ ìå óıìłçöØóìü óå ðåæßðôøóç ºýóçò ôçò ó ÷ Ýóçò .
Finally , Article 5 of the proposed Directive deals with enforcement by sale or by close-out netting .
Ìå ôçí åðØöýº Æîç ôøí äØÆôÜîåøí ðåæß ÆäØŒÆØïºüª çôïı ðº ïıôØóìïý ôïı äÆíåØóôÞ , ŁÆ ìðïæïýóå ÆŒüìç íÆ åîåôÆóŁåß ôï åðØôæåðôü ôçò ðåæØÝº åıóçò ôçò ÆóöÜº åØÆò óôïí ÆóöÆºåØïº Þðôç , óå ðåæßðôøóç åðÝº åıóçò ªåª ïíüôïò ðïı óıíåðÜª åôÆØ åŒôÝº åóç .
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 .
˙ ¯ ˚Ô óçìåØþíåØ ÆŒüìç üôØ åíäå ÷ ïìÝíøò íÆ ıðÜæ ÷ åØ ÆíÆíôØóôïØ ÷ ßÆ ìåôÆîý ôïı ÜæŁæïı 2 ðÆæÜª æÆöïò 6 óôïØ ÷ åßï â ) ŒÆØ ôïı ÜæŁæïı 5 ðÆæÜª æÆöïò 3 ôçò ðæïôåØíüìåíçò ïäçª ßÆò ( ªåª ïíüôÆ ðïı óıíåðÜª ïíôÆØ åŒôÝº åóç ) , ç ïðïßÆ ìÜºº ïí ŁÆ ðæÝðåØ íÆ ÆæŁåß .
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 .
Ôï ÜæŁæï 2 ðÆæÜª æÆöïò 6 óôïØ ÷ åßï â ) ÆíÆöÝæåôÆØ óôØò « ıðï ÷ æåþóåØò ðïı Ý ÷ åØ ðæïò ôïí ÆóöÆºåØïº Þðôç ŒÜðïØï ðæüóøðï åŒôüò ôïı ÆóöÆº åØïäüôç » , åíþ , ôÆıôü ÷ æïíÆ , ôÆ ÆíÆöåæüìåíÆ óôï ÜæŁæï 5 ðÆæÜª æÆöïò 3 ªåª ïíüôÆ ðïı óıíåðÜª ïíôÆØ åŒôÝº åóç Æöïæïýí ìüíï ôïí ÆóöÆº åØïäüôç ŒÆØ ôïí ÆóöÆºåØïº Þðôç , ü ÷ Ø üìøò ŒÆØ ôæßôïıò ïöåØº Ýôåò ( ð .
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 ) .
ìçôæØŒÞ åôÆØæåßÆ ðïı ðÆæÝ ÷ åØ ÆóöÜº åØÆ , ðæïò åîÆóöÜº Øóç ôøí ıðï ÷ æåþóåøí Łıª ÆôæØŒÞò ôçò ÝíÆíôØ ðØóôøôØŒïý ØäæýìÆôïò ) . 15 .
17 . The ECB is generally in favour of the insulation of top-up collateral from the effects of insolvency .
˙ ¯ ˚Ô ÷ ÆØæåôßæåØ ôçí ðæïâº åðüìåíç óôçí ðæïôåØíüìåíç ïäçª ßÆ ðæüŁåóç åíåæª ïðïßçóçò ôøí æçôæþí óıìłçöØóìïý óå ðåæßðôøóç ºýóçò ôçò ó ÷ Ýóçò , ìå ôçí Œßíçóç äØÆäØŒÆóØþí Æöåæåªª ıüôçôÆò Þ åîıª ßÆíóçò . Ìå ôçí åðÝº åıóç ªåª ïíüôïò ðïı óıíØóôÜ ÆŁÝôçóç ıðï ÷ æÝøóçò , åßôå ïöåßº åôÆØ óå Æöåæåªª ıüôçôÆ åßôå óå Üºº Æ ªåª ïíüôÆ , ŁÆ ðæÝðåØ íÆ Øó ÷ ýåØ ŒÆØ , ªåíØŒüôåæÆ , íÆ ðæïóôÆôåýåôÆØ ç åŒôåº åóôüôçôÆ ôïı óıìłçöØóìïý óå ðåæßðôøóç ºýóçò ôçò ó ÷ Ýóçò , øò ìç ÷ ÆíØóìïý åŒôÝº åóçò .
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 . The protection of top-up collateral will foster the effectiveness of risk control management systems , including the risk control framework of the Eurosystem .
¯ ðØðº Ýïí , ç ¯ ˚Ô ÆíôØº ÆìâÜíåôÆØ üôØ ç åŒôåº åóôüôçôÆ ôïı óıìłçöØóìïý óå ðåæßðôøóç ºýóçò ôçò ó ÷ Ýóçò äåí ðåæØïæßæåôÆØ óå ïæØóìÝíåò óıìöøíßåò ðåæß ðÆæï ÷ Þò ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò , ð .
In addition , the ECB would like to mention that the second sentence of recital 11 should not be read in a way that would invalidate top-up collateral arrangements other than those referred to in Article 9 ( 2 )( a ) , in so far as they are currently recognised and valid in certain Member States . 15 .
óôØò óıìöøíßåò åðÆíÆª ïæÜò , Æºº Ü üôØ ŁÆ ôıª ÷ ÜíåØ åıæýôåæçò åöÆæìïª Þò óå ŒÜŁå åßäïıò óıìöøíßÆ Æðïâº ÝðïıóÆ óôç ìåßøóç ôïı ðØóôøôØŒïý ŒØíäýíïı ŒÆØ ôøí ðØóôøôØŒþí ÆíïØª ìÜôøí , óıìðåæØº ÆìâÆíïìÝíøí , åíäåØŒôØŒÜ , ôøí äØÆôÜîåøí ðåæß óıìłçöØóìïý åðß ðåæØóóïôÝæøí ðæïœüíôøí ŒÆØ ôøí óıìöøíØþí óıìłçöØóìïý ðïı Æöïæïýí ðº åßïíåò óıìöøíßåò ðåæß ðÆæï ÷ Þò ÷ æçìÆôïïØŒïíïìØŒÞò ÆóöÜº åØÆò .
The ECB welcomes the intention of the proposed Directive to render effective close-out netting provisions in case of opening of insolvency or reorganisation proceedings . The enforceability of close-out netting as an enforcement mechanism should be effective and protected in general in the event of default , whether due to insolvency or other events .
--- æïò ôï óŒïðü Æıôü , óıíØóôÜôÆØ ç ðåæÆØôÝæø åîåØäßŒåıóç ŒÆØ äØÆóÜöçóç ôïı ïæØóìïý ôçò æÞôæÆò óıìłçöØóìïý óôï ÜæŁæï 3 ðÆæÜª æÆöïò 1 óôïØ ÷ åßï ó ) ŒÆØ ôïı ÜæŁæïı 8 . ˙ äØÆäØŒÆóßÆ óıìłçöØóìïý óå ðåæßðôøóç ºýóçò ôçò ó ÷ Ýóçò ŁÆ ðæÝðåØ íÆ åöÆæìüæåôÆØ óôï óýíïº ï ôïı ÆíôØŒåØìÝíïı ôçò ÆóöÜº åØÆò ŒÆØ ôïı ÆóöÆº Øæüìåíïı ÷ æÝïıò .
Moreover , the ECB understands that the enforceability of close-out netting is not restricted to certain financial collateral arrangements , e.g. repurchase agreements , but will be applied more widely , for all kinds of arrangements aiming to reduce risk and credit exposure , including , but not limited to , cross-product netting provisions and netting arrangements involving more than one financial collateral arrangement . To this end , both the definition of close-out netting in Article 3 ( 1 )( s ) and Article 8 could be specified and clarified further .
ˇ ÆóöÆºåØïº Þðôçò äåí ŁÆ ðæÝðåØ íÆ åŒôßŁåôÆØ óôïí Œßíäıíï åöÆæìïª Þò ôçò ðæÆŒôØŒÞò ôïı « cherry picking » Æðü ôï äØÆ ÷ åØæØóôÞ Þ åŒŒÆŁÆæØóôÞ ôïı ÆóöÆº åØïäüôç , ÞôïØ ôçò åðØº åŒôØŒÞò Ýª ŒæØóçò ôøí åıíïœŒþí ŒÆØ ÆðüææØłçò ôøí Æóýìöïæøí óıìâÜóåøí ðïı äåí Ý ÷ ïıí ÆŒüìç åŒôåº åóôåß .
The close-out procedure should apply to the entire collateral and liabilities against which the collateral has been provided .