Purpose of a Lithuanian Law on Financial Collateral Arrangements and Problems of Defining its Scope
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Abstract
The adoption of the Collateral Directive 2002/47/EC represents an important progress towards the implementation of a truly harmonised single financial market. In Lithuania the Directive 2002/47/EC was implemented in time by a Financial Collateral arrangements act which entered into force on 1 April 2004. It provides for a special regulation for financial securities given in transactions between “professional market participants“, between market participants and other companies, including small and medium-sized enterprises. The new law applies to certain financial transactions and aims at stabilizing the financial markets. Essentially, the Directive on financial collateral and the national law implementing it ensures the protection of the enforceability of bilateral close- out netting and collateral top-up arrangements and provides for rapid and non-formalistic enforcement procedures in the insolvency cases.
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Articles
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Authors retain copyright of their work, with first publication rights granted to the Association for Learning Technology.
Please see Copyright and Licence Agreement for further details.
