Financial Collateral Directive: Difference between revisions

{{anat|security|}}The [[Financial Collateral Directive]]  ({{eudirective|2002|47|EC}}) (see also the UK legislation [https://www.legislation.gov.uk/uksi/2003/3226/regulation/ here]) is a well-intended piece of [[EU Regulation]] that, by common consent, didn’t ''quite'' achieve what it set out to, which was to introduce “...a Community framework to reduce credit exposure in financial collateral arrangements” thereby contributing to “the effectiveness and integration of European financial markets, reducing credit losses and thereby stimulating cross-border transactions and competitiveness.”

 

 

Now we ''say'' the CRD “didn’t quite achieve what it set out to” — but we note quietly that those who make this sort of claim — [[private practice]] [[legal eagles]] — and the way they make it — in a sort of shoe-shuffly, shoulder shruggy sort of way— we feel is [[calculated]] to tweak the spleens of their inhouse-legal clients, knowing how [[buttoctractic]]  they tend to be. No-one among them has any real interest in the CRD achieving what it set out to achieve, and indeed all have quite a bit of interest, if it ''did'' achieve what it set out to achieve, in persuading their internal clients that it might not have. Because that gives them licence to busily ''do'' something, thereby ostensibly “adding value” whilst taking zero risk, because in reality it didn’t need to be done, and didn’t add any value.