BETA

Activities of Mady DELVAUX related to 2018/0044(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council on the law applicable to the third party effects of assignments of claims PDF (202 KB) DOC (92 KB)
2016/11/22
Committee: JURI
Dossiers: 2018/0044(COD)
Documents: PDF(202 KB) DOC(92 KB)

Amendments (7)

Amendment 30 #
Proposal for a regulation
Recital 17
(17) This Regulation concerns the third- party effects of the assignment of claims. It does not cover the transfer of the contracts (such as derivative contracts), in which both rights (or claims) and obligations are included, or the novation of contracts including such rights and obligations. As this Regulation does not cover the transfer or the novation of contracts, trading in financial instruments, as well as the clearing and the settlement of these instruments, will continue to be governed by the law applicable to contractual obligations as laid down in the Rome I Regulation. This law is normally chosen by the parties to the contract or is designated by non-discretionary rules applicable to financial markets.
2018/06/04
Committee: JURI
Amendment 33 #
Proposal for a regulation
Recital 28
(28) Flexibility should be provided in the determination of the law applicable to the third-party effects of assignments of claims in the context of a securitisation in order to cater for the needs of all securitisers and facilitate the expansion of the cross-border securitisation market to smaller operators. Whilst the law of the assignor’s habitual residence should apply as the default rule to the third-party effects of assignments of claims in the context of a securitisation, the assignor (originator) and the assignee (special purpose vehicle) should be able to choose that the law of the assigned claim should apply to the third-party effects of the assignment of claims. The assignor and the assignee should be able to decide that the third-party effects of the assignment of claims in the context of a securitisation should remain subject to the general rule of the assignor’s habitual residence or to choose the law of the assigned claim in function of the structure and characteristics of the transaction, for example the number and location of the originators and the number of laws which govern the assigned claims.deleted
2018/06/04
Committee: JURI
Amendment 40 #
1a. This regulation is without prejudice to EU and national law on consumer protection.
2018/06/04
Committee: JURI
Amendment 41 #
Proposal for a regulation
Article 1 – paragraph 2 – point b
(b) assignment of claims arising from matrimonial property regimes, property regimes of relationships deemed by the law applicable to such relationships to have comparable effects to marriage, and including registered partnerships, wills and succession;
2018/06/04
Committee: JURI
Amendment 53 #
Proposal for a regulation
Article 4 – paragraph 1 – subparagraph 2 a (new)
Third-party effects of an assignment of claims where the assignee is acting as a natural person for a purpose which can be regarded as being outside his trade or profession (consumer) and where the assignor is acting in the exercise of his trade or profession shall be governed by the law of the country where the assignee has his habitual residence, provided that the assignor: (a) pursues his commercial or professional activities in the country where the assignee has his habitual residence, or b) by any means, directs such activities to that country or to several countries including that country. Assignor and assignee may choose the law applicable which fulfils the requirements, in accordance with this Article. Such a choice may not, however, have the result of depriving the assignee of the protection afforded to him by provisions that cannot be derogated from by agreement by virtue of the law which, in the absence of choice, would have been applicable on the basis of this paragraph.
2018/06/04
Committee: JURI
Amendment 57 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 1
The assignor and the assignee may choose the law applicable to the assigned claim as the law applicable to the third- party effects of an assignment of claims in view of a securitisation.deleted
2018/06/04
Committee: JURI
Amendment 60 #
Proposal for a regulation
Article 4 – paragraph 3 – subparagraph 2
The choice of law shall be made expressly in the assignment contract or by a separate agreement. The substantive and formal validity of the act whereby the choice of law was made shall be governed by the chosen law.deleted
2018/06/04
Committee: JURI