European Collateral Directive - Implementation information as of December 29, 2005
Austria Flag
Implementing law published on December 16, 2003
Belgium Flag
Implementing law (including clarifications on netting regime) adopted on Nov 25, 2004 (House of Representatives Document No 51 1407/005). Publication in Official Gazette ("Moniteur Belge") on February 1, 2005.
Denmark Flag
Implementing law adopted in December 2003
Directive implemented by Law No 43(I)/2004. Winding-up directive on credit institutions also implemented. But no modifications of Bankruptcy Law in spite of the implications of theses directives.
Collateral directive implemented.
France Flag
Adoption by legislative decree (Ordonnance no 2005-171 dated 24 February) published in the Journal Officiel on 25 February 2005. ISDA has commented previously.
Finland Flag
Government bill accepted by Finnish parliament in December 2003 and ratified by President on January 20, 2004. New legislation comes into force in February 2004.
Germany Flag
The Ministry of Justice has published the second draft bill now proposing not to use the opt out regarding the scope of the directive. ISDA has responded to the first draft (ISDA comments). Draft bill adopted by both houses of parliament. Official publication of the implementing act on April 8, 2004.
Greece Flag
Implementing law No 3301/2004 has entered into force on December 23, 2004.
Austria Flag
Draft bill adopted by Parliament on May 31 to become effective as of June 10.
Ireland Flag
Irish regulations implementing the directive published in early January 2004.
Italy Flag
Implemented by Legislative Decree No.170 of 21 May 2004, published in the Official Gazette No.164 of 15 July 2004.
Lithuania Flag
The implementing law came into force on May 1, 2004 (Lithuanian Law No IX-2127). Opt-out re eligible persons not used. Amendments to laws on bankruptcy and restructuring said to be enacted to ensure effective close-out netting provisions in these proceedings.
Luxembourg Flag
Implementing Law No 5251 effective as of July 2005.

Maltese legislation implementing the Financial Collateral Directive has been amended in March 2005 to now include within its scope also persons other than a natural person, including unincorporated firms and partnerships, provided that the other party is an entity as defined in the Directive.
Netherlands Flag
Second chamber adopted implementing bill on December 23, 2005. Official publication scheduled for early 2006.

Implementing act adopted by parliament in mid-April. Implementing act in force since May 1.
Portugal Flag
Implementing Decree Law No 108/2004 in effect as of June 7, 2004.
No ministry charged with responsibility for implementation yet.

Implementing law published April 30. Effective as of May 1.
Spain Flag
Directive implemented by Royal Decree Law 5/2205 of March 15, 2005.
Sweden Flag
Implementing legislation in force since May 1,2005 by amendments to Bankruptcy Act (1987:692), Financial Instruments Trading Act (1991:980), Company Reorganisation Act (1996:764) and Banking and Financing Business Act (2004:297).
United Kingdom
British Flag
Financial Collateral Arrangements (No 2) Regulations 2003 in effect since December 26, 2003. Prior to implementation, UK Treasury in July 2003 issued an initial paper on some issues arising in the implementation. ISDA has commented.

This grid is updated regularly and is intended to reflect information gathered from various sources. ISDA staff contact: Peter Werner (

Non-EU countries implementing collateral directive.

Directive implemented on November 24, 2004 by Financial Collateral Arrangements Ordonance No 2004-32.
Parliament has adopted a bill implementing the directive by way of stand-alone legislation.

Parliament adopted the act implementing the EU Collateral Directive in Norway in March. Effective date scheduled for July 1.
Draft ordinance submitted for official finalization in February.


Last Updated: December 29, 2005