Changes between two versions
What changed between the plenary report and the adopted text
From · plenary report· 17 Jul 2018
on the proposal for a regulation of the European Parliament and of the Council on the law applicable to the third party effects of assignments of claims
To · adopted text· 13 Feb 2019
Law applicable to the third-party effects of assignments of claims ***I
These two texts have too little in common to compare paragraph by paragraph: they are different documents rather than versions of one (for example one group’s motion and the joint text that was adopted).
+138 added · −45 removed · 0 changed paragraphs, packaging included.
Part 3 of 5: Paragraphs 71–74
Removed:Article 6 – paragraph 2 a (new): 2a. Effect shall be given to the overriding mandatory provisions of the law of the Member State where the assignment has to be or has been performed, insofar as those overriding mandatory provisions render the performance of the assignment contract unlawful.
Added:(12a) This legal risk can also act as a deterrent. Assignees and assignors may choose to avoid it, thereby allowing business opportunities to pass. This lack of clarity does not therefore appear to be in line with the objective of market integration and the principle of free movement of capital enshrined in Articles 63 to 66 Treaty on the Functioning of the European Union. [Am. 4]
Removed:Article 14 – paragraph 2: 2. The law applicable pursuant to this Regulation shall determine whether the rights of a third party in respect of a claim assigned after the date of application of this Regulation have priority over the rights of another third person acquired before this Regulation becomes applicable. In the case of competing claims based on assignments, the law applicable pursuant to this Regulation shall determine the rights of the respective assignees, solely in respect of assignments concluded after ... [the date of application of this Regulation].
Added:(13) The objective of this Regulation is to provide legal certainty by laying down common conflict of laws rules designating which national law applies to the third-party effects of assignments of claims, increasing cross-border claims transactions, so as to encourage cross-border investment in the Union and facilitate access to finance for firms - including small and medium-sized enterprises (SMEs) - and consumers. [Am. 5]