Collateral
The aim of the Collateral Directive (2002/47/EC)
is to create a uniform EU legal framework
to limit credit risk in financial transactions through the provision of
securities and cash as collateral. Collateral is the property (such as
securities) provided by a borrower to a lender to minimise the risk of financial
loss to the lender in the event of the borrower failing to meet comprehensively
their financial obligations to the lender. The Directive reduces the formal
collateral requirements and harmonise and clarify the collateral process at
minimum level.
Creation of a clear, uniform pan-EU legal framework for the use of
collateral contributes to the greater integration and cost-efficiency of
European financial markets. Harmonised collateral rules will lower credit
losses, encourage cross-border business and competitiveness.
European Commission Presentation on Financial
Collateral Arrangements  
In December 2006, the Commission presented an Evaluation Report
on the application of the Financial Collateral Arrangements Directive to the European
Parliament and the Council. The report concludes that, overall, Member States
have adequately implemented the Directive.
Directive 2009/44/EC amending the Settlement Finality
Directive and the Financial Collateral Arrangements Directive
|
10.06.2009 |
Publication of
Directive 2009/44/EC of the European Parliament and
of the Council of 6 May 2009 amending Directive 98/26/EC on
settlement finality in payment and securities settlement systems and
Directive 2002/47/EC on financial collateral arrangements as regards
linked systems and credit claims |
|
24.04.2008 |
The Commission has adopted a proposal to amend the Settlement
Finality Directive and the Financial Collateral Arrangements Directive
in order to bring both Directives in line with market and regulatory
developments in the post-trading area.
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Press release
- Text of the proposed Directive COM(2008)213
                    
- Impact assessment
|
Commission evaluation of the Financial
Collateral Arrangements Directive
|
20.12.2006 |
Commission publishes evaluation report of the Financial Collateral
Arrangements Directive (2002/47/EC)
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Press release
-
Evaluation report
- Annex 1
|
|
|
26.01.2006 |
The Commission invites Member States and industry to evaluate the
implementation of the Financial Collateral Arrangements Directive (2002/47/EC)
(consultation closed)
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Information note
-
Questionnaire for Member States
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Questionnaire for Industry
-
Comments received
|
|
Directive 2002/47/EC
|
27.06.2002 |
Publication of the Collateral Directive (2002/47/EC) |
|
|
06.06.2002 |
The Collateral Directive is adopted by the Parliament and the
Council |
|
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15.05.2002
|
Commission welcomes
European Parliament's approval of Collateral Directive
|
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05.03.2002
|
Commission welcomes
Council’s Common Position on Collateral Directive
|
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30.03.2001
|
Commission proposes simplified EU legal framework
for Collateral
|
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