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European Communities (Financial Collateral Arrangements) Regulations, 2010 [S.I. No. 626 of 2010]Introductory TextPart 1 Preliminary provisions (regs. 1-5)Regulation 1 Citation and commencement.Regulation 2 DefinitionsRegulation 3 Application of these RegulationsRegulation 4 Formal requirements with respect to financial collateral arrangements and provision of financial collateralRegulation 5 Parts 2, 3 and 4 not to limit certain other State lawsPart 2 Enforcement of financial collateral arrangements (regs. 6-7)Regulation 6 Right of collateral taker to enforce security financial collateral arrangement.Regulation 7 Financial collateral arrangement to have effect despite winding-up proceedings or reorganisation measuresPart 3 Security financial collateral arrangements (regs. 8-10)Regulation 8 Right of collateral taker to use financial collateral if arrangement so provides.Regulation 9 Use of financial collateral by collateral taker not to render rights of collateral taker invalid or unenforceable.Regulation 10 Non-compliance with certain obligations can be subject of close-out netting provision.Part 4 Title transfer financial collateral arrangements (regs. 11-12)Regulation 11 Recognition of title transfer financial collateral arrangementsRegulation 12 Recognition of close-out netting provisionsPart 5 Disapplication of certain insolvency provisions (regs. 13-17)Regulation 13 Meaning of "commencement" in relation to winding-up proceedings, etc.Regulation 14 Financial collateral arrangements and financial collateral not to be invalidated or voided.Regulation 15 Certain financial collateral arrangements, etc., to be enforceable against third parties.Regulation 16 Provision of financial collateral not to be invalidated or declared void by certain events.Regulation 17 How these Regulations relate to general law of insolvencyPart 6 Supplementary provisions (regs. 18-19A)Regulation 18 Conflict of laws.Regulation 18A Relationship between these Regulations and Credit Institutions (Stabilisation) Act 2010 and Central Bank and Credit Institutions (Resolution) Act 2011Regulation 19 Relationship with law giving effect to Consumer Credit DirectiveRegulation 19A Relationship with law giving effect to the Bank Recovery and Resolution DirectiveRegulation 19B Relationship with law giving effect to CCP Recovery and Resolution RegulationPart 7 Revocation (reg. 20)Regulation 20 Revocation of European Communities (Financial Collateral Arrangements) Regulations 2004.Given underExplanatory Note
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Version status: | Document consolidation status: Updated to reflect all known changes
Version date: 21 December 2010 - onwards

Introductory Text

SI 626/2010

I, BRIAN LENIHAN, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972, and for the purpose of giving effect to Directive 2002/47/EC [O.J. L 168, 27.6.2002, p. 43.] of the European Parliament and of the Council (as amended by Directive 2009/44/EC [O.J. L 146, 10.6.2009, p. 37.] of the European Parliament and of the Council), hereby make the following Regulations:

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