Key Benefits:
Law on financial security standoff. |
| Date | LO-2004-03-26-17 |
| Ministry of | Treasury |
| Last modified | LAWSUIT-2011-11-18-42 from 01.01.2012 |
| Published | In 2004 booklet 5 |
| Istrontrecation | 01.07.2004 |
| Changing | |
| Announcement | 26.03.2004 |
| Card title | Law on financial security standoff. |
Jf. EES deal Attachment XII No. 4 (dir 2002/4/7).
SECTION 1. Scope of scope and purposeLaw's purpose is to strengthen the financial market and the care of the financial stability of financial stability by contributing to secure, orderly and effective financial security stigentiation.
The law applies to agreements on financial security standoff.
The law comes to the Applicability when both security and safety gardens belong to one of the following categories :
| a) | public authorities, herunder authorities responsible for or co-appear to the management of public debt or lead accounts for customers, |
| b) | Central banks, The European Central Bank, The International Payment Bank, International Currency Foundation, The European Investment Bank, the International Bank for rebuilding and Development, the International Finance Institute, The interUS development bank, the Asian Development Bank, the African Development Bank, Eurocrop settlement fund, The Nordic Investment Bank, The Caribbean Development Bank, the European Bank for rebuilding and development, the European investment fund and the interUS investment company, |
| c) | financial institutions, pensioners, securities companies, value paper funds and management companies for value paper funds, |
| d) | regression centers and central opposing parties, settlement centers and similar legial regulatory institutions dealing with financial instruments as mentioned in the value paper Trade Act Section 2-2 first clause 4, or legal persons acting in property of formaestrustee or by warrant from one or more people, such as peer-to-bond owners in the bond market or special enterprise created in connection with value paper ization. |
The law also comes to the Applicability of agreements on financial security stipulation that has been reached between any legal person and an institution as mentioned in the third clause.
The king can decide that the law completely or partly shall apply to Svalbard and Jan Mayen.
| 0 | Modified by law 29 June 2007 # 75 (ikr. 1 nov 2007 ifg. res. 29 June 2007 # 752). |
In this law, it is meant by :
| a) | agreement on financial security standoff : agreement on the transfer of property rights to financial security, herunder the repurchase agreement, and agreement on the mortgage of financial security, with the purpose to ensure the fulfillment of financial obligations, |
| b) | financial commitment : commitment as resettlement of the agreement on financial security measures, and providing the right to cash reckoning or delivery of financial instruments, |
| c) | financial security : accounting deposits, financial instruments and debt accounts receivable, |
| d) | Indoor deposits : deposits in credit institution and similar confortants receivable in any currency, therunder money market, |
| e) | security asks : the person who overleaves or mortgage financial security to safety of financial obligations, |
| f) | security gardens : the one that is enlisting property rights to or liorts in financial security to the safety of financial obligations. |
| g) | debt relief : monetary requirements that arise as a result of a credit institution appropriation credit in the form of a loan to a debtor that is not consumer. |
Following this law, security is not considered to be established until the court of the court is established.
| 0 | Modified by law 18 nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107). |
It is admission to deal financial security measures in terms of the transfer of property rights to financial security.
It can be agreements that security gardens should be entitled to the financial security, but such usage right cannot be agreements to debt receivable. The deal can give right to the loan, mortgage, sale, or other reuse of security.
By exercising utilization, security gardens will be given an obligation to transfer equivalent security to the security officer at the time of the due time of the security officer's financial obligations. It can be agreements that the duty of the transfer of equivalent security can be met differently, herunder that the value of the corresponding security in the financial obligations counter is considered. Safety gardens preserve the original court version in relation to equivalent security transmitted in accordance with the first period.
With corresponding security, :
| a) | when security consists of cash deposits : payment of the same amount in the same currency, and |
| b) | when security consists of financial instruments : financial instruments that are part of the same issuance or class, which are issued on the same nominal amount and in the same currency and otherwise are of the same taxation as security, or other assets if the agreement gives the right to transfer such at an event that affects the appropriate financial instruments. |
| 0 | Modified by law 18 nov 2011 # 42 (ikr. 1 jan 2012 ifg. res. 18 Nov 2011 # 1107). |
Agreement on financial security measures can be made, financial security can be faced, and financial commitment can arise at the time of the opening of joint debt persecution against the security standoff. Is deal struck, security posed or financial commitment occurred on the day of the day, but after the time of opening joint debt persecution, the agreement stands, the security standoff or the claim in relation to the joint persecution of the The security officer was in the suit as good faith with respect to the fact that co-persecution was opened.
A security standoff cannot be reitted alone on the basis that it is lined up for a financial commitment that has already been incurred.
With joint debt persecution, debt mediation is following the bankruptcy law, bankruptcy and public administration.
Financial obligations that be refunded by an agreement on financial security standoff can end the terms of the terms following the written agreement between the parties. Agreement on end bill can be made current without the impediment of the decree Act Section 7-3 and 8-1 or the debt letter law Section 26.
With the closing bill, the party's obligations on the entry of one in advance agreed to monetary requirements according to agreed criteria, and be made up by the counter bill. The party that owes the largest amount of duties to pay a net of net equivalent to the difference between the party's obligations to the other party.
Style financial security can be realized in the way and on the terms that follow of the written agreement between the parties.
In fact, the non-written agreement of realisation applies to the rules of the compulmination Act, the bankruptcy law and the mortgage law.
Realisation, valuations of financial security, as well as the estimation of financial obligations should happen on commercial reasonable terms.
For financial security in terms of registered financial instruments, any question of the safety of the security of the Security and the impacts that can be derived herbication, the relationship of third-person, herunder the safety of the security officer's bankruptcy and realisation of security, of the court in the state where the relevant account is being taken. It shall not be taken into consideration of the legislof Law on redisplaying or relatable.
The law applies from the time the King decides. 1
The king can give transition rules.
| 1 | From 1 July 2004 ifg. res. 26 March 2004 # 575. |
From the time the law takes effect, the following changes are made in other laws :---
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