(2) In its communication of 11 May 1999 to the European Parliament and the Financial Services Council: implementation of the financial markets framework: action plan, the Commission has committed, after consultation with market experts and national authorities, to draw up new proposals for legislation on safeguards which, beyond Directive 98/26/EC, call for further progress in the area of security. Member States require investment firms to monitor and prove the application of securities transfer guarantee contracts as part of the relationship between the client`s obligation to the investment firm and the client`s assets that transfer securities. (h) “relevant account” for securities securities for registration under a financial guarantee contract, the register or account that may be held by the securityholder, on which are made the recordings to make these accounting guarantees available to the warranty holder; Overall, it will no longer be necessary to record cash-related costs (for example. B on blocked deposit accounts) or financial instruments such as bonds and similar items defined in the regulations. Note that the regulations do not affect the registration of other types of security or fees. It is advisable to have clear authority to water the financial guarantees in favour of the protection provider in the securities document. 1. Any question relating to any of the issues in paragraph 2 relating to the guarantees of registration materials is governed by the law of the country in which the account is held. The reference to one country`s law is a reference to its domestic law, which does not take into account any rule that one should refer to the law of another country in order to rule on the issue in question. This directive applies to financial security where this agreement can be proven in writing or in an equivalent manner. The ACF manual provides for a TTCA: “an agreement by which a client transfers full ownership of [money or secure custody] to a company to otherwise guarantee or cover current or future, actual, prospective or prospective obligations.” 1.
Member States ensure that a financial guarantee agreement on the transfer of securities can take effect in accordance with its terms. 6. This directive does not apply to the rights that a person may have with respect to assets made available as a financial guarantee and which are not the result of the financial guarantee agreement, nor on the basis of a legal provision or the rule of law resulting from the opening or continuation of liquidation proceedings or remediation measures, such as restitution. B due to errors, errors or inadequacies. (3) Includes a financial guarantee contract: “property transfer guarantee contract,” an agreement on the transfer of financial security within the meaning of Article 3. In accordance with Article 2, paragraph 1, paragraph 1), of directive 2002/47/EC, which was concluded between counterparties with a view to guaranteeing an obligation, the protection taker imposes equivalent guarantees on the due date or, to the extent that the terms of a guarantee agreement provide for it, the value of the corresponding security or applies them when it fulfils the corresponding financial obligations.
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