# Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (Text with EEA relevance), Article 118: Amendment to Directive 2002/47/EC

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

Directive 2002/47/EC is amended as follows:
(1) In Article 1, the following paragraph is added:
‘6. Articles 4 to 7 of this Directive shall not apply to any restriction on the enforcement of financial collateral arrangements or any restriction on the effect of a security financial collateral arrangement, any close out netting or set-off provision that is imposed by virtue of Title IV, Chapter V or VI of Directive 2014/59/EU of the European Parliament and of the Council, or to any such restriction that is imposed by virtue of similar powers in the law of a Member State to facilitate the orderly resolution of any entity referred to in points (c)(iv) and (d) of paragraph 2 which is subject to safeguards at least equivalent to those set out in Title IV, Chapter VII of Directive 2014/59/EU.’;
(2) Article 9a is replaced by the following:
‘Directives 2008/48/EC and 2014/59/EU
Article 9a This Directive shall be without prejudice to Directives 2008/48/EC and 2014/59/EU.’.

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Source: https://www.legislation.gov.uk/eudr/2014/59/article/118 (the official version)
Page: https://openlegislation.uk/eu-directive-2014-59/article-118
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.