# Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements, Article 7: Recognition of close-out netting provisions

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/eudr/2002/47/article/7 (the official version)
Page: https://openlegislation.uk/eu-directive-2002-47/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.