EUR-Lex - 32001L0024 - EN Avis juridique important | 32001L0024 Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions Official Journal L 125 , 05/05/2001 P. 0015 - 0023 Directive 2001/24/EC of the European Parliament and of the Councilof 4 April 2001on the reorganisation and winding up of credit institutionsTHE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof,Having regard to the proposal from the Commission(1),Having regard to the opinion of the Economic and Social Committee(2),Having regard to the opinion of the European Monetary Institute(3),Acting in accordance with the procedure laid down in Article 251 of the Treaty(4),Whereas:(1) In accordance with the objectives of the Treaty, the harmonious and balanced development of economic activities throughout the Community should be promoted through the elimination of any obstacles to the freedom of establishment and the freedom to provide services within the Community.(2) At the same time as those obstacles are eliminated, consideration should be given to the situation which might arise if a credit institution runs into difficulties, particularly where that institution has branches in other Member States.(3) This Directive forms part of the Community legislative framework set up by Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions(5). It follows therefrom that, while they are in operation, a credit institution and its branches form a single entity subject to the supervision of the competent authorities of the State where authorisation valid throughout the Community was granted.(4) It would be particularly undesirable to relinquish such unity between an institution and its branches where it is necessary to adopt reorganisation measures or open winding-up proceedings.(5) The adoption of Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes(6), which introduced the principle of compulsory membership by credit institutions of a guarantee scheme in their home Member State, brings out even more clearly the need for mutual recognition of reorganisation measures and winding-up proceedings.(6) The administrative or judicial authorities of the home Member State must have sole power to decide upon and to implement the reorganisation measures provided for in the law and practices in force in that Member State. Owing to the difficulty of harmonising Member States' laws and practices, it is necessary to establish mutual recognition by the Member States of the measures taken by each of them to restore to viability the credit institutions which it has authorised.(7) It is essential to guarantee that the reorganisation measures adopted by the administrative or judicial authorities of the home Member State and the measures adopted by persons or bodies appointed by those authorities to administer those reorganisation measures, including measures involving the possibility of a suspension of payments, suspension of enforcement measures or reduction of claims and any other measure which could affect third parties' existing rights, are effective in all Member States.(8) Certain measures, in particular those affecting the functioning of the internal structure of credit institutions or managers' or shareholders' rights, need not be covered by this Directive to be effective in Member States insofar as, pursuant to the rules of private international law, the applicable law is that of the home State.(9) Certain measures, in particular those connected with the continued fulfilment of conditions of authorisation, are already the subject of mutual recognition pursuant to Directive 2000/12/EC insofar as they do not affect the rights of third parties existing before their adoption.(10) Persons participating in the operation of the internal structures of credit institutions as well as managers and shareholders of such institutions, considered in those capacities, are not to be regarded as third parties for the purposes of this Directive.(11) It is necessary to notify third parties of the implementation of reorganisation measures in Member States where branches are situated when such measures could hinder the exercise of some of their rights.(12) The principle of equal treatment between creditors, as regards the opportunities open to them to take action, requires the administrative or judicial authorities of the home Member State to adopt such measures as are necessary for the creditors in the host Member State to be able to exercise their rights to take action within the time limit laid down.(13) There must be some coordination of the role of the administrative or judicial authorities in reorganisation measures and winding-up proceedings for branches of credit institutions having head offices outside the Community and situated in different Member States.(14) In the absence of reorganisation measures, or in the event of such measures failing, the credit institutions in difficulty must be wound up. Provision should be made in such cases for mutual recognition of winding-up proceedings and of their effects in the Community.(15) The important role played by the competent authorities of the home Member State before winding-up proceedings are opened may continue during the process of winding up so that these proceedings can be properly carried out.(16) Equal treatment of creditors requires that the credit institution is wound up according to the principles of unity and universality, which require the administrative or judicial authorities of the home Member State to have sole jurisdiction and their decisions to be recognised and to be capable of producing in all the other Member States, without any formality, the effects ascribed to them by the law of the home Member State, except where this Directive provides otherwise.(17) The exemption concerning the effects of reorganisation measures and winding-up proceedings on certain contracts and rights is limited to those effects and does not cover other questions concerning reorganisation measures and winding-up proceedings such as the lodging, verification, admission and ranking of claims concerning those contracts and rights and the rules governing the distribution of the proceeds of the realisation of the assets, which are governed by the law of the home Member State.(18) Voluntary winding up is possible when a credit institution is solvent. The administrative or judicial authorities of the home Member State may nevertheless, where appropriate, decide on a reorganisation measure or winding-up proceedings, even after voluntary winding up has commenced.(19) Withdrawal of authorisation to pursue the business of banking is one of the consequences which winding up a credit institution necessarily entails. Withdrawal should not, however, prevent certain activities of the institution from continuing insofar as is necessary or appropriate for the purposes of winding up. Such a continuation of activity may nonetheless be made subject by the home Member State to the consent of, and supervision by, its competent authorities.(20) Provision of information to known creditors on an individual basis is as essential as publication to enable them, where necessary, to lodge their claims or submit observations relating to their claims within the prescribed time limits. This should take place without discrimination against creditors domiciled in a Member State other than the home Member State, based on their place of residence or the nature of their claims. Creditors must be kept regularly informed in an appropriate manner throughout winding-up proceedings.(21) For the sole purpose of applying the provisions of this Directive to reorganisation measures and winding-up proceedings involving branches located in the Community of a credit institution of which the head office is situated in a third country, the definitions of "home Member State", "competent authorities" and "administrative or judicial authorities" should be those of the Member State in which the branch is located.(22) Where a credit institution which has its head office outside the Community possesses branches in more than one Member State, each branch should receive individual treatment in regard to the application of this Directive. In such a case, the administrative or judicial authorities and the competent authorities as well as the administrators and liquidators should endeavour to coordinate their activities.(23) Although it is important to follow the principle that the law of the home Member State determines all the effects of reorganisation measures or winding-up proceedings, both procedural and substantive, it is also necessary to bear in mind that those effects may conflict with the rules normally applicable in the context of the economic and financial activity of the credit institution in question and its branches in other Member States. In some cases reference to the law of another Member State represents an unavoidable qualification of the principle that the law of the home Member State is to apply.(24) That qualification is especially necessary to protect employees having a contract of employment with a credit institution, ensure the security of transactions in respect of certain types of property and protect the integrity of regulated markets functioning in accordance with the law of a Member State on which financial instruments are traded.(25) Transactions carried out in the framework of a payment and settlement system are covered by Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems(7).(26) The adoption of this Directive does not call into question the provisions of Directive 98/26/EC according to which insolvency proceedings must not have any effect on the enforceability of orders validly entered into a system, or on collateral provided for a system.(27) Some reorganisation measures or winding-up proceedings involve the appointment of a person to administer them. The recognition of his appointment and his powers in all other Member States is therefore an essential factor in the implementation of decisions taken in the home Member State. However, the limits within which he may exercise his powers when he acts outside the home Member State should be specified.(28) Creditors who have entered into contracts with a credit institution before a reorganisation measure is adopted or winding-up proceedings are opened should be protected against provisions relating to voidness, voidability or unenforceability laid down in the law of the home Member State, where the beneficiary of the transaction produces evidence that in the law applicable to that transaction there is no available means of contesting the act concerned in the case in point.(29) The confidence of third-party purchasers in the content of the registers or accounts regarding certain assets entered in those registers or accounts and by extension of the purchasers of immovable property should be safeguarded, even after winding-up proceedings have been opened or a reorganisation measure adopted. The only means of safeguarding that confidence is to make the validity of the purchase subject to the law of the place where the immovable asset is situated or of the State under whose authority the register or account is kept.(30) The effects of reorganisation measures or winding-up proceedings on a lawsuit pending are governed by the law of the Member State in which the lawsuit is pending, by way of exception to the application of the lex concursus. The effects of those measures and procedures on individual enforcement actions arising from such lawsuits are governed by the legislation of the home Member State, in accordance with the general rule established by this Directive.(31) Provision should be made for the administrative or judicial authorities in the home Member State to notify immediately the competent authorities of the host Member State of the adoption of any reorganisation measure or the opening of any winding-up proceedings, if possible before the adoption of the measure or the opening of the proceedings, or, if not, immediately afterwards.(32) Professional secrecy as defined in Article 30 of Directive 2000/12/EC is an essential factor in all information or consultation procedures. For that reason it should be respected by all the administrative authorities taking part in such procedures, whereas the judicial authorities remain, in this respect, subject to the national provisions relating to them,HAVE ADOPTED THIS DIRECTIVE:TITLE ISCOPE AND DEFINITIONSArticle 1Scope1. This Directive shall apply to credit institutions and their branches set up in Member States other than those in which they have their head offices, as defined in points (1) and (3) of Article 1 of Directive 2000/12/EC, subject to the conditions and exemptions laid down in Article 2(3) of that Directive.2. The provisions of this Directive concerning the branches of a credit institution having a head office outside the Community shall apply only where that institution has branches in at least two Member States of the Community.Article 2DefinitionsFor the purposes of this Directive:- "home Member State" shall mean the Member State of origin within the meaning of Article 1, point (6) of Directive 2000/12/EC;- "host Member State" shall mean the host Member State within the meaning of Article 1, point (7) of Directive 2000/12/EC;- "branch" shall mean a branch within the meaning of Article 1, point (3) of Directive 2000/12/EC;- "competent authorities" shall mean the competent authorities within the meaning of Article 1, point (4) of Directive 2000/12/EC;- "administrator" shall mean any person or body appointed by the administrative or judicial authorities whose task is to administer reorganisation measures;- "administrative or judicial authorities" shall mean such administrative or judicial authorities of the Member States as are competent for the purposes of reorganisation measures or winding-up proceedings;- "reorganisation measures" shall mean measures which are intended to preserve or restore the financial situation of a credit institution and which could affect third parties' pre-existing rights, including measures involving the possibility of a suspension of payments, suspension of enforcement measures or reduction of claims;- "liquidator" shall mean any person or body appointed by the administrative or judicial authorities whose task is to administer winding-up proceedings;- "winding-up proceedings" shall mean collective proceedings opened and monitored by the administrative or judicial authorities of a Member State with the aim of realising assets under the supervision of those authorities, including where the proceedings are terminated by a composition or other, similar measure;- "regulated market" shall mean a regulated market within the meaning of Article 1, point (13) of Directive 93/22/EEC;- "instruments" shall mean all the instruments referred to in Section B of the Annex to Directive 93/22/EEC.TITLE IIREORGANISATION MEASURESA. Credit institutions having their head offices within the CommunityArticle 3Adoption of reorganisation measures - applicable law1. The administrative or judicial authorities of the home Member State shall alone be empowered to decide on the implementation of one or more reorganisation measures in a credit institution, including branches established in other Member States.2. The reorganisation measures shall be applied in accordance with the laws, regulations and procedures applicable in the home Member State, unless otherwise provided in this Directive.They shall be fully effective in accordance with the legislation of that Member State throughout the Community without any further formalities, including as against third parties in other Member States, even where the rules of the host Member State applicable to them do not provide for such measures or make their implementation subject to conditions which are not fulfilled.The reorganisation measures shall be effective throughout the Community once they become effective in the Member State where they have been taken.Article 4Information for the competent authorities of the host Member StateThe administrative or judicial authorities of the home Member State shall without delay inform, by any available means, the competent authorities of the host Member State of their decision to adopt any reorganisation measure, including the practical effects which such a measure may have, if possible before it is adopted or otherwise immediately thereafter. Information shall be communicated by the competent authorities of the home Member State.Article 5Information for the supervisory authorities of the home Member StateWhere the administrative or judicial authorities of the host Member State deem it necessary to implement within their territory one or more reorganisation measures, they shall inform the competent authorities of the home Member State accordingly. Information shall be communicated by the host Member State's competent authorities.Article 6Publication1. Where implementation of the reorganisation measures decided on pursuant to Article 3(1) and (2) is likely to affect the rights of third parties in a host Member State and where an appeal may be brought in the home Member State against the decision ordering the measure, the administrative or judicial authorities of the home Member State, the administrator or any person empowered to do so in the home Member State shall publish an extract from the decision in the Official Journal of the European Communities and in two national newspapers in each host Member State, in order in particular to facilitate the exercise of the right of appeal in good time.2. The extract from the decision provided for in paragraph 1 shall be forwarded at the earliest opportunity, by the most appropriate route, to the Office for Official Publications of the European Communities and to the two national newspapers in each host Member State.3. The Office for Official Publications of the European Communities shall publish the extract at the latest within twelve days of its dispatch.4. The extract from the decision to be published shall specify, in the official language or languages of the Member States concerned, in particular the purpose and legal basis of the decision taken, the time limits for lodging appeals, specifically a clearly understandable indication of the date of expiry of the time limits, and the full address of the authorities or court competent to hear an appeal.5. The reorganisation measures shall apply irrespective of the measures prescribed in paragraphs 1 to 3 and shall be fully effective as against creditors, unless the administrative or judicial authorities of the home Member State or the law of that State governing such measures provide otherwise.Article 7Duty to inform known creditors and right to lodge claims1. Where the legislation of the home Member State requires lodgement of a claim with a view to its recognition or provides for compulsory notification of the measure to creditors who have their domiciles, normal places of residence or head offices in that State, the administrative or judicial authorities of the home Member State or the administrator shall also inform known creditors who have their domiciles, normal places of residence or head offices in other Member States, in accordance with the procedures laid down in Articles 14 and 17(1).2. Where the legislation of the home Member State provides for the right of creditors who have their domiciles, normal places of residence or head offices in that State to lodge claims or to submit observations concerning their claims, creditors who have their domiciles, normal places of residence or head offices in other Member States shall also have that right in accordance with the procedures laid down in Article 16 and Article 17(2).B. Credit institutions having their head offices outside the CommunityArticle 8Branches of third-country credit institutions1. The administrative or judicial authorities of the host Member State of a branch of a credit institution having its head office outside the Community shall without delay inform, by any available means, the competent authorities of the other host Member States in which the institution has set up branches which are included on the list referred to in Article 11 of Directive 2000/12/EC and published each year in the Official Journal of the European Communities, of their decision to adopt any reorganisation measure, including the practical effects which that measure may have, if possible before it is adopted or otherwise immediately thereafter. Information shall be communicated by the competent authorities of the host Member State whose administrative or judicial authorities decide to apply the measure.2. The administrative or judicial authorities referred to in paragraph 1 shall endeavour to coordinate their actions.TITLE IIIWINDING-UP PROCEEDINGSA. Credit institutions having their head offices within the CommunityArticle 9Opening of winding-up proceedings - Information to be communicated to other competent authorities1. The administrative or judicial authorities of the home Member State which are responsible for winding up shall alone be empowered to decide on the opening of winding-up proceedings concerning a credit institution, including branches established in other Member States.A decision to open winding-up proceedings taken by the administrative or judicial authority of the home Member State shall be recognised, without further formality, within the territory of all other Member States and shall be effective there when the decision is effective in the Member State in which the proceedings are opened.2. The administrative or judicial authorities of the home Member State shall without delay inform, by any available means, the competent authorities of the host Member State of their decision to open winding-up proceedings, including the practical effects which such proceedings may have, if possible before they open or otherwise immediately thereafter. Information shall be communicated by the competent authorities of the home Member State.Article 10Law applicable1. A credit institution shall be wound up in accordance with the laws, regulations and procedures applicable in its home Member State insofar as this Directive does not provide otherwise.2. The law of the home Member State shall determine in particular:(a) the goods subject to administration and the treatment of goods acquired by the credit institution after the opening of winding-up proceedings;(b) the respective powers of the credit institution and the liquidator;(c) the conditions under which set-offs may be invoked;(d) the effects of winding-up proceedings on current contracts to which the credit institution is party;(e) the effects of winding-up proceedings on proceedings brought by individual creditors, with the exception of lawsuits pending, as provided for in Article 32;(f) the claims which are to be lodged against the credit institution and the treatment of claims arising after the opening of winding-up proceedings;(g) the rules governing the lodging, verification and admission of claims;(h) the rules governing the distribution of the proceeds of the realisation of assets, the ranking of claims and the rights of creditors who have obtained partial satisfaction after the opening of insolvency proceedings by virtue of a right in re or through a set-off;(i) the conditions for, and the effects of, the closure of insolvency proceedings, in particular by composition;(j) creditors' rights after the closure of winding-up proceedings;(k) who is to bear the costs and expenses incurred in the winding-up proceedings;(l) the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to all the creditors.Article 11Consultation of competent authorities before voluntary winding up1. The competent authorities of the home Member State shall be consulted in the most appropriate form before any voluntary winding-up decision is taken by the governing bodies of a credit institution.2. The voluntary winding up of a credit institution shall not preclude the adoption of a reorganisation measure or the opening of winding-up proceedings.Article 12Withdrawal of a credit institution's authorisation1. Where the opening of winding-up proceedings is decided on in respect of a credit institution in the absence, or following the failure, of reorganisation measures, the authorisation of the institution shall be withdrawn in accordance with, in particular, the procedure laid down in Article 22(9) of Directive 2000/12/EC.2. The withdrawal of authorisation provided for in paragraph 1 shall not prevent the person or persons entrusted with the winding up from carrying on some of the credit institution's activities insofar as that is necessary or appropriate for the purposes of winding up.The home Member State may provide that such activities shall be carried on with the consent, and under the supervision, of the competent authorities of that Member State.Article 13PublicationThe liquidators or any administrative or judicial authority shall announce the decision to open winding-up proceedings through publication of an extract from the winding-up decision in the Official Journal of the European Communities and at least two national newspapers in each of the host Member States.Article 14Provision of information to known creditors1. When winding-up proceedings are opened, the administrative or judicial authority of the home Member State or the liquidator shall without delay individually inform known creditors who have their domiciles, normal places of residence or head offices in other Member States, except in cases where the legislation of the home State does not require lodgement of the claim with a view to its recognition.2. That information, provided by the dispatch of a notice, shall in particular deal with time limits, the penalties laid down in regard to those time limits, the body or authority empowered to accept the lodgement of claims or observations relating to claims and the other measures laid down. Such a notice shall also indicate whether creditors whose claims are preferential or secured in re need lodge their claims.Article 15Honouring of obligationsWhere an obligation has been honoured for the benefit of a credit institution which is not a legal person and which is the subject of winding-up proceedings opened in another Member State, when it should have been honoured for the benefit of the liquidator in those proceedings, the person honouring the obligation shall be deemed to have discharged it if he was unaware of the opening of proceedings. Where such an obligation is honoured before the publication provided for in Article 13 has been effected, the person honouring the obligation shall be presumed, in the absence of proof to the contrary, to have been unaware of the opening of winding-up proceedings; where the obligation is honoured after the publication provided for in Article 13 has been effected, the person honouring the obligation shall be presumed, in the absence of proof to the contrary, to have been aware of the opening of proceedings.Article 16Right to lodge claims1. Any creditor who has his domicile, normal place of residence or head office in a Member State other than the home Member State, including Member States' public authorities, shall have the right to lodge claims or to submit written observations relating to claims.2. The claims of all creditors whose domiciles, normal places of residence or head offices are in Member States other than the home Member State shall be treated in the same way and accorded the same ranking as claims of an equivalent nature which may be lodged by creditors having their domiciles, normal places of residence, or head offices in the home Member State3. Except in cases where the law of the home Member State provides for the submission of observations relating to claims, a creditor shall send copies of supporting documents, if any, and shall indicate the nature of the claim, the date on which it arose and its amount, as well as whether he alleges preference, security in re or reservation of title in respect of the claim and what assets are covered by his security.Article 17Languages1. The information provided for in Articles 13 and 14 shall be provided in the official language or one of the official languages of the home Member State. For that purpose a form shall be used bearing, in all the official languages of the European Union, the heading "Invitation to lodge a claim. Time limits to be observed" or, where the law of the home Member State provides for the submission of observations relating to claims, the heading "Invitation to submit observations relating to a claim. Time limits to be observed".2. Any creditor who has his domicile, normal place of residence or head office in a Member State other than the home Member State may lodge his claim or submit observations relating to his claim in the official language or one of the official languages of that other Member State. In that event, however, the lodgement of his claim or the submission of observations on his claim shall bear the heading "Lodgement of claim" or "Submission of observations relating to claims" in the official language or one of the official languages of the home Member State. In addition, he may be required to provide a translation into that language of the lodgement of claim or submission of observations relating to claims.Article 18Regular provision of information to creditorsLiquidators shall keep creditors regularly informed, in an appropriate manner, particularly with regard to progress in the winding up.B. Credit institutions the head offices of which are outside the CommunityArticle 19Branches of third-country credit institutions1. The administrative or judicial authorities of the host Member State of the branch of a credit institution the head office of which is outside the Community shall without delay inform, by any available means, the competent authorities of the other host Member States in which the credit institution has set up branches on the list referred to in Article 11 of Directive 2000/12/EC and published each year in the Official Journal of the European Communities, of their decision to open winding-up proceedings, including the practical effects which these proceedings may have, if possible before they open or otherwise immediately thereafter. Information shall be communicated by the competent authorities of the first abovementioned host Member State.2. Administrative or judicial authorities which decide to open proceedings to wind up a branch of a credit institution the head office of which is outside the Community shall inform the competent authorities of the other host Member States that winding-up proceedings have been opened and authorisation withdrawn.Information shall be communicated by the competent authorities in the host Member State which has decided to open the proceedings.3. The administrative or judicial authorities referred to in paragraph 1 shall endeavour to coordinate their actions.Any liquidators shall likewise endeavour to coordinate their actions.TITLE IVPROVISIONS COMMON TO REORGANISATION MEASURES AND WINDING-UP PROCEEDINGSArticle 20Effects on certain contracts and rightsThe effects of a reorganisation measure or the opening of winding-up proceedings on:(a) employment contracts and relationships shall be governed solely by the law of the Member State applicable to the employment contract;(b) a contract conferring the right to make use of or acquire immovable property shall be governed solely by the law of the Member State within the territory of which the immovable property is situated. That law shall determine whether property is movable or immovable;(c) rights in respect of immovable property, a ship or an aircraft subject to registration in a public register shall be governed solely by the law of the Member State under the authority of which the register is kept.Article 21Third parties' rights in re1. The adoption of reorganisation measures or the opening of winding-up proceedings shall not affect the rights in re of creditors or third parties in respect of tangible or intangible, movable or immovable assets - both specific assets and collections of indefinite assets as a whole which change from time to time - belonging to the credit institution which are situated within the territory of another Member State at the time of the adoption of such measures or the opening of such proceedings.2. The rights referred to in paragraph 1 shall in particular mean:(a) the right to dispose of assets or have them disposed of and to obtain satisfaction from the proceeds of or income from those assets, in particular by virtue of a lien or a mortgage;(b) the exclusive right to have a claim met, in particular a right guaranteed by a lien in respect of the claim or by assignment of the claim by way of a guarantee;(c) the right to demand the assets from, and/or to require restitution by, anyone having possession or use of them contrary to the wishes of the party so entitled;(d) a right in re to the beneficial use of assets.3. The right, recorded in a public register and enforceable against third parties, under which a right in re within the meaning of paragraph 1 may be obtained, shall be considered a right in re.4. Paragraph 1 shall not preclude the actions for voidness, voidability or unenforceability laid down in Article 10(2)(l).Article 22Reservation of title1. The adoption of reorganisation measures or the opening of winding-up proceedings concerning a credit institution purchasing an asset shall not affect the seller's rights based on a reservation of title where at the time of the adoption of such measures or opening of such proceedings the asset is situated within the territory of a Member State other than the State in which the said measures were adopted or the said proceedings were opened.2. The adoption of reorganisation measures or the opening of winding-up proceedings concerning a credit institution selling an asset, after delivery of the asset, shall not constitute grounds for rescinding or terminating the sale and shall not prevent the purchaser from acquiring title where at the time of the adoption of such measures or the opening of such proceedings the asset sold is situated within the territory of a Member State other than the State in which such measures were adopted or such proceedings were opened.3. Paragraphs 1 and 2 shall not preclude the actions for voidness, voidability or unenforceability laid down in Article 10(2)(l).Article 23Set-off1. The adoption of reorganisation measures or the opening of winding-up proceedings shall not affect the right of creditors to demand the set-off of their claims against the claims of the credit institution, where such a set-off is permitted by the law applicable to the credit institution's claim.2. Paragraph 1 shall not preclude the actions for voidness, voidability or unenforceability laid down in Article 10(2)(l).Article 24Lex rei sitaeThe enforcement of proprietary rights in instruments or other rights in such instruments the existence or transfer of which presupposes their recording in a register, an account or a centralised deposit system held or located in a Member State shall be governed by the law of the Member State where the register, account, or centralised deposit system in which those rights are recorded is held or located.Article 25Netting agreementsNetting agreements shall be governed solely by the law of the contract which governs such agreements.Article 26Repurchase agreementsWithout prejudice to Article 24, repurchase agreements shall be governed solely by the law of the contract which governs such agreements.Article 27Regulated marketsWithout prejudice to Article 24, transactions carried out in the context of a regulated market shall be governed solely by the law of the contract which governs such transactions.Article 28Proof of liquidators' appointment1. The administrator or liquidator's appointment shall be evidenced by a certified copy of the original decision appointing him or by any other certificate issued by the administrative or judicial authority of the home Member State.A translation into the official language or one of the official languages of the Member State within the territory of which the administrator or liquidator wishes to act may be required. No legalisation or other similar formality shall be required.2. Administrators and liquidators shall be entitled to exercise within the territory of all the Member States all the powers which they are entitled to exercise within the territory of the home Member State. They may also appoint persons to assist or, where appropriate, represent them in the course of the reorganisation measure or winding-up proceedings, in particular in host Member States and, specifically, in order to help overcome any difficulties encountered by creditors in the host Member State.3. In exercising his powers, an administrator or liquidator shall comply with the law of the Member States within the territory of which he wishes to take action, in particular with regard to procedures for the realisation of assets and the provision of information to employees. Those powers may not include the use of force or the right to rule on legal proceedings or disputes.Article 29Registration in a public register1. The administrator, liquidator or any administrative or judicial authority of the home Member State may request that a reorganisation measure or the decision to open winding-up proceedings be registered in the land register, the trade register and any other public register kept in the other Member States.A Member State may, however, prescribe mandatory registration. In that event, the person or authority referred to in the preceding subparagraph shall take all the measures necessary to ensure such registration.2. The costs of registration shall be regarded as costs and expenses incurred in the proceedings.Article 30Detrimental acts1. Article 10 shall not apply as regards the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to the creditors as a whole, where the beneficiary of these acts provides proof that:- the act detrimental to the creditors as a whole is subject to the law of a Member State other than the home Member State, and- that law does not allow any means of challenging that act in the case in point.2. Where a reorganisation measure decided on by a judicial authority provides for rules relating to the voidness, voidability or unenforceability of legal acts detrimental to the creditors as a whole performed before adoption of the measure, Article 3(2) shall not apply in the cases provided for in paragraph 1 of this Article.Article 31Protection of third partiesWhere, by an act concluded after the adoption of a reorganisation measure or the opening of winding-up proceedings, a credit institution disposes, for consideration, of:- an immovable asset,- a ship or an aircraft subject to registration in a public register, or- instruments or rights in such instruments the existence or transfer of which presupposes their being recorded in a register, an account or a centralised deposit system held or located in a Member State,the validity of that act shall be governed by the law of the Member State within the territory of which the immovable asset is situated or under the authority of which that register, account or deposit system is kept.Article 32Lawsuits pendingThe effects of reorganisation measures or winding-up proceedings on a pending lawsuit concerning an asset or a right of which the credit institution has been divested shall be governed solely by the law of the Member State in which the lawsuit is pending.Article 33Professional secrecyAll persons required to receive or divulge information in connection with the information or consultation procedures laid down in Articles 4, 5, 8, 9, 11 and 19 shall be bound by professional secrecy, in accordance with the rules and conditions laid down in Article 30 of Directive 2000/12/EC, with the exception of any judicial authorities to which existing national provisions apply.TITLE VFINAL PROVISIONSArticle 34Implementation1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive on 5 May 2004. They shall forthwith inform the Commission thereof.National provisions adopted in application of this Directive shall apply only to reorganisation measures or winding-up proceedings adopted or opened after the date referred to in the first subparagraph. Measures adopted or proceedings opened before that date shall continue to be governed by the law that was applicable to them at the time of adoption or opening.2. When Member States adopt these measures, they shall contain a reference to this Directive or shall be accompanied by such reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.3. Member States shall communicate to the Commission the texts of the main provisions of national law which they adopt in the field governed by this Directive.Article 35Entry into forceThis Directive shall enter into force on the date of its publication.Article 36AddresseesThis Directive is addressed to the Member States.Done at Luxembourg, 4 April 2001.For the European ParliamentThe PresidentN. FontaineFor the CouncilThe PresidentB. Rosengren(1) OJ C 356, 31.12.1985, p. 55 andOJ C 36, 8.2.1988, p. 1.(2) OJ C 263, 20.10.1986, p. 13.(3) OJ C 332, 30.10.1998, p. 13.(4) Opinion of the European Parliament of 13 March 1987 (OJ C 99, 13.4.1987, p. 211), confirmed on 2 December 1993 (OJ C 342, 20.12.1993, p. 30), Council Common Position of 17 July 2000 (OJ C 300, 20.10.2000, p. 13) and Decision of the European Parliament of 16 January 2001 (not yet published in the Official Journal). Council Decision of 12 March 2001.(5) OJ L 126, 26.5.2000, p. 1. Directive as amended by Directive 2000/28/EC (OJ L 275, 27.10.2000, p. 37).(6) OJ L 135, 31.5.1994, p. 5.(7) OJ L 166, 11.6.1998, p. 45.

Summary: Reorganisation and winding-up of credit institutions Reorganisation and winding-up of credit institutions SUMMARY OF: Directive 2001/24/EC — a single bankruptcy procedure for banks with branches in more than one EU country SUMMARY WHAT DOES THE DIRECTIVE DO? It aims to ensure that, where a credit institution (generally a bank) with branches in other EU countries fails, a single bankruptcy procedure is applied to all creditors and investors. KEY POINTS The directive: — applies the principle of home country control. This means that the law of the EU country where the failed credit institution has its registered office applies to the entire bankruptcy proceedings; — requires all relevant parties, including known creditors to be informed of the bankruptcy proceedings and re-organisation measures. This includes publication in the Official Journal of the European Union and at least 2 national newspapers in each host country (i.e. those in which the bank has its headquarters and its branches); — provides that, as regards the winding-up proceedings, the applicable law is that of the home country. It should in particular cover such matters as: — the respective powers of credit institutions and liquidators, — the effects of the bankruptcy proceedings on any lawsuits brought by individual creditors, and — the allocation of costs and expenses. — clarifies the impact of the bankruptcy proceedings and applicable law in relation to certain contracts and other legal rights that may be affected by the proceedings such as employment contracts and property rights; — requires all persons required to receive or divulge information in connection with the bankruptcy proceedings to guarantee professional secrecy. FROM WHEN DOES THE DIRECTIVE APPLY? It entered into force on 5 May 2001. EU countries had to incorporate it in national law by 5 May 2004. BACKGROUND Winding-up of credit institutions ACT Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions (OJ L 125, 5.5.2001, pp. 15–23) The successive amendments and corrections to Directive 2001/24/EC have been incorporated in to the original document. This consolidated version is of documentary value only. last update 05.01.2016


EUR-Lex - 32001D0528 - EN Avis juridique important | 32001D0528 2001/528/EC: Commission Decision of 6 June 2001 establishing the European Securities Committee (Text with EEA relevance) (notified under document number C(2001) 1493) Official Journal L 191 , 13/07/2001 P. 0045 - 0046 Commission Decisionof 6 June 2001establishing the European Securities Committee(notified under document number C(2001) 1493)(Text with EEA relevance)(2001/528/EC)THE COMMISSION OF THE EUROPEAN COMMUNITIES,Having regard to the Treaty establishing the European Community,Whereas:(1) The freedom to provide services and the free movement of capital constitute priority objectives of the Community, as referred to in Articles 49 and 56 of the EC Treaty.(2) Building a genuine internal market for financial services in accordance with the principle of an open market economy with free competition is crucial for increasing economic growth and job creation in the Community,(3) The Commission action plan for financial services(1) identifies a series of actions that are required in order to complete the single market for financial services and stresses the necessity to set up a securities committee in order to contribute to the elaboration of Community legislation in the securities field.(4) At its meeting in Lisbon in March 2000, the European Council called for the implementation of this action plan by 2005.(5) On 17 July 2000, the Council set up the Committee of Wise Men on the regulation of European securities markets.(6) In its final report, the Committee of Wise Men called for the establishment of two advisory committees, the European Securities Committee, comprising high-level representatives of Member States, and the Committee of European Securities Regulators, comprising senior representatives from the national public authorities competent in the field of securities in order, inter alia, to advise the Commission.(7) In its resolution on more effective securities market regulation in the European Union, the Stockholm European Council welcomed the intention of the Commission immediately to establish a securities committee of high-level officials from Member States, chaired by the Commission.(8) The final report of the Committee of Wise Men emphasised the fact that implementing measures will be necessary for the application of directives or regulations in order to take account of new developments on financial markets.(9) The European Securities Committee should serve as a body for reflection, debate and advice for the Commission in the field of securities.(10) The European Securities Committee should adopt its own rules of procedure.(11) This Decision establishes the European Securities Committee in its advisory capacity. Subject to specific legislative acts proposed by the Commission and adopted by the European Parliament and the Council, the Securities Committee should also function as a regulatory committee in accordance with the 1999 Decision on comitology to assist the Commission when it takes decisions on implementing measures under Article 202 of the EC Treaty,HAS DECIDED AS FOLLOWS:Article 1A committee on securities in the Community, called the "European Securities Committee" (hereinafter referred to as the "Committee"), is hereby established.Article 2The role of the Committee shall be to advise the Commission on policy issues as well as on draft legislative proposals the Commission might adopt in the field of securitiesArticle 3The Committee shall be composed of high level representatives of Member States and be chaired by a representative of the Commission.The chairperson of the Committee of European Securities Regulators established by Commission Decision 2001/527/EC(2) shall participate at the meetings of the Committee as an observer.The Committee may invite experts and observers to attend meetings.Article 4The Committee may set up working groups.Article 5The Committee shall adopt its own rules of procedure.The secretariat of the Committee shall be provided by the Commission.Article 6The Committee shall take up its duties on 7 June 2001.Done at Brussels, 6 June 2001.For the CommissionFrederik BolkesteinMember of the Commission(1) COM (1999) 232 final.(2) See page 43 of this Official Journal.

Summary: Securities markets: Advisory, regulatory and supervisory committee Securities markets: Advisory, regulatory and supervisory committee The need to establish a single market in financial services required the establishment of an advisory committee that can support and advise the European Commission in regulating those services. As regards the securities markets, the European Securities Committee (ESC) is attached directly to the Commission. ACTS Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (Text with EEA relevance) [See amending acts]. SUMMARY The establishment of the supervisory and regulatory committees is designed to give practical impetus to the achievement of a single market in financial services in accordance with the framework spelt out in the Financial Services Action Plan (FSAP). Creation of the ESC The ESC was set up in 2001 to help improve the regulation and supervision of securities markets. Its creation meets the needs of the four-level regulatory framework advocated in the report by the Committee of Wise Men, the Lamfalussy report in 2001. As an advisory body, it participates in preparing and applying the measures for implementing the framework principles laid down in the relevant directives and regulations. The Lamfalussy process was re-examined in 2007. As part of the re-examination of this process, it seemed necessary to enhance the action of these committees and to establish a strengthened legal framework. As it oversees developments on securities markets, this advisory committee participates in drawing up the implementing measures for the framework principles. It is also responsible for assessing risks which represent a major factor in financial stability. Role of the ESC The ESC is, first and foremost, a body for consultation and reflection. The committee is principally responsible for advising the Commission on policy issues and draft proposals which it could adopt in the field of securities. Composition of the ESC The ESC is composed of high-level representatives of Member States and is chaired by a representative of the Commission. The committee may invite experts and observers to attend its meetings. Context The interdependency of European Union financial systems and the disappearance of a distinction between bank-related activities, those related to securities and to insurance complicates monitoring both at national and European level. It is therefore essential to introduce a system to detect any cross-border and cross-sectoral risks rapidly so as to preserve financial stability. Decision 2009/77/EC repeals Decision 2001/527/EC. References Act Entry into force Deadline for transposition in the Member States Official Journal Decision 2001/528/EC 7.6.2001 - OJ L 191, 13.7.2001 Amending act(s) Entry into force Deadline for transposition in the Member States Official Journal Decision 2004/8/EC 13.4.2005 - OJ L 3, 7.1.2004 See also Further information can be obtained on the website of the Internal Market and Services Directorate-General: ESC Last updated: 08.04.2011


EUR-Lex - 32002R1221 - EN Avis juridique important | 32002R1221 Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government Official Journal L 179 , 09/07/2002 P. 0001 - 0005 Regulation (EC) No 1221/2002 of the European Parliament and of the Councilof 10 June 2002on quarterly non-financial accounts for general governmentTHE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,Having regard to the Treaty establishing the European Community, and in particular Article 285 thereof,Having regard to the proposal from the Commission(1),Having regard to the opinion of the European Central Bank(2),Acting in accordance with the procedure laid down in Article 251 of the Treaty(3),Whereas:(1) Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community(4), (ESA 95), contains the reference framework of common standards, definitions, classifications and accounting rules for drawing up the accounts of the Member States for the statistical requirements of the Community, in order to obtain comparable results between Member States.(2) The report by the Monetary Committee on information requirements, endorsed by the Ecofin Council on 18 January 1999, underlined that, for the proper functioning of economic and monetary union and the single market, effective surveillance and coordination of economic policies are of major importance and that this requires a comprehensive statistical information system providing policy-makers with the necessary data on which to base their decisions. That report also stated that a high priority should be given to short-term public finance statistics for Member States, in particular those participating in economic and monetary union, and that the objective was the compilation of simplified quarterly non-financial accounts for the general government sector resulting from a step-by-step approach.(3) It is appropriate to define simplified quarterly non-financial accounts for general government by reference to the list of ESA 95 categories of government expenditure and revenue defined in Commission Regulation (EC) No 1500/2000 of 10 July 2000 implementing Council Regulation (EC) No 2223/96 with respect to general government expenditure and revenue(5).(4) Priority in the step-by-step approach was given to taxes, actual social contributions and social benefits other than social transfers in kind, as categories representing reliable indicators of trends in public finances that are already available on time (first step).(5) The transmission of this first set of categories on a quarterly basis, from June 2000, in all Member States is covered by Commission Regulation (EC) No 264/2000 of 3 February 2000 on the implementation of Council Regulation (EC) No 2223/96 with respect to short-term public finance statistics(6).(6) It is necessary to supplement the first step with another set of categories in order to obtain the full list of categories constituting general government expenditure and revenue.(7) The reliability of quarterly data provided under this Regulation with regard to annual data should be assessed. A report on the quality of the quarterly data should therefore be made before the end of 2005.(8) Articles 2 and 3 of Regulation (EC) No 2223/96 lay down the conditions under which the Commission may adopt amendments to the ESA 95 methodology in order to clarify and improve its content. The compilation of quarterly non-financial accounts for general government will require additional resources in Member States. Their transmission to the Commission cannot therefore be dealt with in a Commission Decision.(9) The Statistical Programme Committee (SPC), set up by Council Decision 89/382/EEC, Euratom(7), and the Committee on Monetary, Financial and Balance of Payments Statistics (CMFB), set up by Council Decision 91/115/EEC(8), have each been consulted in accordance with Article 3 of those Decisions,HAVE ADOPTED THIS REGULATION:Article 1PurposeThe purpose of this Regulation is to define the content of quarterly non-financial accounts for general government, to lay down the list of the ESA 95 categories to be transmitted by Member States from 30 June 2002 and to specify the main characteristics of these categories.Article 2Content of the quarterly non-financial accounts for general governmentThe content of the quarterly non-financial accounts for general government is defined in the Annex by reference to a list of ESA 95 categories constituting general government expenditure and revenue.Article 3Categories concerned by the transmission of quarterly data1. Member States shall transmit to the Commission (Eurostat) quarterly data for the categories or groups of categories included in the list provided in the Annex, with the exception of those categories for which data must be transmitted pursuant to Regulation (EC) No 264/2000.2. Quarterly data shall be transmitted for the following categories (or groups of categories) of general government expenditure and revenue:(a) expenditure:- intermediate consumption (P.2)- gross capital formation + Acquisitions less disposals of non-financial non-produced assets (P.5 + K.2)- gross fixed capital formation (P.51)- compensation of employees (D.1)- other taxes on production (D.29)- subsidies, payable (D.3)- property income (D.4)- interest (D.41)- current taxes on income, wealth etc. (D.5)- social transfers in kind related to expenditure on products supplied to households via market producers (D.6311 + D.63121 + D.63131)- other current transfers (D.7)- adjustment for the change in net equity of households in pension funds reserves (D.8)- capital taxes + Investment grants + Other capital transfers, payable (D.91 + D.92 + D.99).(b) revenue:- market output + Output for own final use + Payments for the other non-market output (P.11 + P.12 + P.131)- other subsidies on production, receivable (D.39)- property income (D.4)- imputed social contributions (D.612)- other current transfers (D.7)- investments grants + Other capital transfers, receivable (D.92 + D.99).3. Transactions D.41, D.7, D.92 and D.99 are consolidated within the general government sector. The other transactions are not consolidated.Article 4Compilation of quarterly data: sources and methods1. Quarterly data relating to the first quarter of 2001 onwards shall be compiled according to the following rules:(a) quarterly data shall be based as much as possible on direct information from basic sources, with the objective of minimising, for each quarter, differences between the first estimates and the final figures;(b) direct information shall be completed by coverage adjustments, if needed, and by conceptual adjustments in order to bring quarterly data in line with ESA 95 concepts;(c) the quarterly data and the corresponding annual data shall be consistent.2. Quarterly data relating to the first quarter of 1999 until the fourth quarter of 2000 shall be compiled according to sources and methods ensuring consistency between the quarterly data and the corresponding annual data.Article 5Timetable for the transmission of quarterly data1. Quarterly data referred to in Article 3 shall be delivered to the Commission (Eurostat) at the latest by three months after the end of the quarter to which the data relate.Any revision of quarterly data for previous quarters shall be transmitted at the same time.2. The first transmission of quarterly data shall relate to data for the first quarter of 2002. Member States shall deliver these data no later than 30 June 2002.However, the Commission may grant a derogation, not exceeding one year, concerning the date of the first transmission of quarterly data for the first quarter of 2002 onwards, in so far as the national statistical systems require major adaptations.Article 6Transmission of backdata1. Member States shall deliver to the Commission (Eurostat) quarterly backdata for the categories referred to in Article 3, starting from the first quarter of 1999.2. Quarterly data relating to the first quarter of 1999 until the fourth quarter of 2001 shall be transmitted to the Commission (Eurostat) no later than 30 June 2002.However, the Commission may grant a derogation, not exceeding one year, concerning the date of the first transmission of quarterly data from the first quarter of 1999 onwards, in so far as national statistical systems require major adaptations.Article 7Implementation1. Member States shall provide the Commission (Eurostat) with a description of the sources and methods used to compile the quarterly data referred to in Article 3 (initial description), at the same time as they start to transmit quarterly data according to the timetable referred to in Article 5(2).2. Any revision of the initial description of the sources and methods used to compile the quarterly data shall be provided to the Commission (Eurostat) when the revised data are communicated.3. The Commission (Eurostat) shall keep the SPC and the CMFB informed of the sources and methods used by each Member State.Article 8ReportOn the basis of the data transmitted for the categories specified in Article 3, and after consulting the SPC, the Commission (Eurostat) shall, by 31 December 2005 at the latest, submit to the European Parliament and the Council a report containing an assessment of the reliability of quarterly data delivered by Member States.Article 9Transitional provisions1. Member States which are not in a position to transmit, during the transitional period provided for in paragraph 4, quarterly data from the first quarter of 2001 onwards according to the sources and methods provided for in Article 4(1) and to the timetable referred to in Article 5(1) shall apply paragraph 2.2. The Member States referred to in paragraph 1 shall transmit to the Commission (Eurostat) their "best quarterly estimates" (that is, incorporating all new information that becomes available during the process of compiling an improved system of quarterly non-financial accounts for general government) according to the timetable referred to in Article 5(1).They shall indicate at the same time which steps still need to be accomplished in order to comply with the sources and methods provided for in Article 4(1).3. During the transitional period provided for in paragraph 4, the Commission (Eurostat) shall examine the progress made by Member States towards full compliance with Article 4(1).4. The transitional period shall start from the date of the first transmission referred to in Article 5(2) and shall end on 31 March 2005 at the latest.Article 10Entry into forceThis Regulation shall enter into force on the 20th day following that of its publication in the Official Journal of the European Communities.This Regulation shall be binding in its entirety and directly applicable in all Member States.Done at Luxembourg, 10 June 2002.For the European ParliamentThe PresidentP. CoxFor the CouncilThe PresidentJ. Piqué I Camps(1) OJ C 154 E, 29.5.2001, p. 300.(2) OJ C 131, 3.5.2001, p. 6.(3) Opinion of the European Parliament of 3 July 2001 (OJ C 65 E, 14.3.2002, p. 33) and Council Decision of 7 May 2002.(4) OJ L 310, 30.11.1996, p. 1. Regulation as last amended by Regulation (EC) No 359/2002 (OJ L 58, 28.2.2002, p. 1).(5) OJ L 172, 12.7.2000, p. 3.(6) OJ L 29, 4.2.2000, p. 4.(7) OJ L 181, 28.6.1989, p. 47.(8) OJ L 59, 6.3.1991, p. 19. Decision as last amended by Decision 96/174/EC (OJ L 51, 1.3.1996, p. 48).ANNEXContent of the quarterly non-financial accounts for general governmentQuarterly non-financial accounts for general government are defined by reference to the list of government expenditure and revenue included in Commission Regulation No 1500/2000.General government expenditure comprises ESA 95 categories recorded under the use side, or the changes in assets side or the changes in liabilities and net worth side of the sequence of accounts for general government, with the exception of D.3 which is recorded under the resource side of general government accounts.General government revenue comprises ESA 95 categories recorded under the resource or changes in liabilities in net worth side of the sequence of non-financial accounts for general government, with the exception of D.39 which is recorded under the use side of general government accounts.By definition, the difference between general government revenue and general government expenditure, as defined above, is net lending (+)/net borrowing (-) of the general government sector.Transactions D.41, D.7, D.92 and D.99 are consolidated within the general government sector. The other transactions are not consolidated.The table below shows ESA 95 categories constituting general government expenditure and revenue. Categories shown in italics are already subject to transmission on a quarterly basis in the context of the Commission Regulation (EC) No 264/2000.>TABLE>>TABLE>

Summary: Collection of quarterly non-financial statistics for government by EU countries Collection of quarterly non-financial statistics for government by EU countries SUMMARY OF: Regulation (EC) No 1221/2002 on quarterly non-financial accounts for general government WHAT IS THE AIM OF THE REGULATION? It defines the main categories of public non-financial accounts, as set out in ESA 95, whose details European Union (EU) countries’ statistical offices must communicate to the European Commission (Eurostat) every 3 months. KEY POINTS The quarterly data cover both general government expenditure and revenue. According to Eurostat, general government consists of 4 sub-sectors: central government; state government; local government; and social security funds. Expenditure: intermediate consumption*; gross capital formation*; gross fixed capital formation*; compensation of employees*; other taxes on production; subsidies; property income; interest; taxes on income and wealth; social* and other transfers supplied to households; investment grants and other capital transfers. Revenue: market output (all products disposed of on the market or intended for disposal on the market) and other payments for government output); taxes: on production and imports, on income and wealth, capital taxes; other subsidies on production; property income; actual and imputed social contributions (where ‘imputed’ contributions are social contributions paid by employers on behalf of their employees); other current transfers; investment grants and other capital transfers. The first quarterly data transmitted under the legislation covered the first quarter of 2002. Transition rules had previously applied from the start of 1999. EU countries must: deliver the data at the latest 3 months after the end of the quarter concerned; inform Eurostat of the sources and methods used to compile the data. The Commission must: inform the European Statistical System Committee and the Committee on Monetary, Financial and Balance of Payments Statistics of the national sources and methods; produce a report by 31 December 2005 at the latest assessing the reliability of the national quarterly data. FROM WHEN DOES THE REGULATION APPLY? It has applied since 29 July 2002. BACKGROUND The European system of national and regional accounts, known as ESA 95 (now replaced by ESA 2010), collects comparable, up-to-date and reliable information on the structure and developments of national and regional economies in the EU. * KEY TERMS Intermediate consumption: a concept which measures the value of the goods and services consumed as inputs into production processes. Gross capital formation: the total value of the gross fixed capital formation, changes in inventories and acquisitions minus disposals of valuables. Gross fixed capital formation: acquisitions of new and existing fixed assets such as property, plant or equipment, spending on land improvements and construction of buildings. Compensation of employees: the total gross (pre-tax) wages and employers' social contributions paid by employers to employees for work done. Social transfers: social assistance from public and civic bodies to people living in, or in danger of falling into, poverty. MAIN DOCUMENT Regulation (EC) No 1221/2002 of the European Parliament and of the Council of 10 June 2002 on quarterly non-financial accounts for general government (OJ L 179, 9.7.2002, pp. 1-5) Successive amendments to Regulation (EC) No 1221/2002 have been incorporated in the original text. This consolidated version is of documentary value only. last update 27.02.2017