Article 7

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements · European Union

Recognition of close-out netting provisions 1. Member States shall ensure that a close-out netting provision can take effect in accordance with its terms: notwithstanding the commencement or continuation of winding-up proceedings or reorganisation measures in respect of the collateral provider and/or the collateral taker; and/or notwithstanding any purported assignment, judicial or other attachment or other disposition of or in respect of such rights. 2. Member States shall ensure that the operation of a close-out netting provision may not be subject to any of the requirements that are mentioned in Article 4(4), unless otherwise agreed by the parties.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-12 · Text as adopted (Official Journal); later amendments are not incorporated in this text.