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Past Projects / HARMONISATION OF COLLATERAL LAWS IN THE EU The EFMLG has closely followed the implementation by EU Member States of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (the ‘Collateral Directive'). This Report presents the findings of the EFMLG survey on the implementation of Collateral Directive, following-up on the June 2000 EFMLG report ‘ Proposal for an EU Directive on collateralisation' on the creation of a harmonised framework with regard to collateralisation in Europe ." The EFMLG elaborated and circulated to the relevant European institutions in June 2000 a report proposing an EU directive to harmonise some basic legal features regarding collateralisation. It concluded that n ew legislation at a European level to simplify and harmonise the law relating to collateral is necessary and is justified by the benefits it would bring to participants in the international financial markets and to consumers in the form of enhanced stability in those markets and lower costs. The aim of any new legislation should be to create a clear, simple and effective framework for collateralisation. It should reduce the formalities and administrative procedures associated with the creation and enforcement of pledges and transfers of title and should provide appropriate protection from the application of insolvency law to collateral provided under pledges and transfers of title. It should not adversely affect consumers.STATEMENT on a Proposal for a Directive on Financial Collateral Arrangements (COM (2001) 168) [pdf, 17 Kb] The EFMLG is grateful that most of the issues raised in the EFMLG proposal were considered by the Commission when preparing a draft Directive on Financial Collateral Arrangements. The EFMLG is pleased to see that the passage of the proposal through the EU legislative process has addressed most of the concerns contained in the EFMLG report and that on 13 December the ECOFIN has given its political approval to the draft directive and on the same day the European Parliament adopted a resolution endorsing Mr Pérez Royo's report on that draft. PROPOSAL for an EU Directive on Collateral (June 2000) [pdf, 55 Kb]
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