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Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements article 7 CELEX: 02002L0047-20220812 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: (a) 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 (b) 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. |