Implications of implementation of the EU Collateral Directive: Legal certainty through harmonization?
PhD student: Mrs J. Diamant
Promotors: R.M. Wibier, Mrs Prof V. Mak
Duration: 15/8/2011 - 14/8/2015
PhD defence: Tilburg, 21/1/2015
This PhD-research focuses on the implementation of the EU Financial Collateral Directive in different European jurisdictions (Belgium, Germany, France, the Netherlands, United Kingdom). The Collateral Directive aims to create a pan-European regime for the provision of cash, securities and credit claims as collateral, which will contribute to the integration and cost-efficiency of the financial market as well as to the stability of the financial system in the European Community. Even though the legal framework for collateralized transactions (in the form of transposition of the Collateral Directive in the legal system of the respective Member States) will be significantly assimilated, differences in this field of law will remain to exist. This raises the question whether (after implementation of the Collateral Directive) a harmonized legal European regime has actually been established. Firstly, it will be necessary to examine what financial collateral arrangements are and to give an overview of the Collateral Directive itself. The second part of this research focuses on the implementation of the Collateral Directive in five European jurisdictions. The domestic legal structures with regard to cash, securities and credit claims as collateral will be analyzed. This analysis will cast light on the similarities and differences between the legal frameworks of the Member States. Moreover, this comparison will show if this measure of harmonization brought about the intended legal certainty with regard to the validity and enforceability of financial collateral arrangements. Furthermore, the implementation of the Collateral Directive triggered EU Member States to revise (aspects of) their respective national property laws. These measures will be examined and can function as catalyst for further harmonization on the field of collateral law.