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This Law lays down the conditions and manner of providing specific security for the performance of financial obligations, subject to financial collateral arrangements entered into by financial market participants.

The scope of this Law is to achieve and improve the legal certainty and efficiency relating to the performance of obligations in the financial market in order to preserve and strengthen the stability of the financial system.

The financial collateral arrangement means an arrangement whereby the collateral provider, for the purpose of securing the performance of his or another person's financial obligation, undertakes to transfer title to collateral to the collateral taker or to establish a security right on the collateral in favour of the collateral taker, and the collateral taker undertakes to return to the collateral provider the collateral received or equivalent collateral in accordance with the terms of this arrangement upon and/or concurrently with the discharge of the financial obligation.

Subject to the financial collateral arrangement under which title to collateral is transferred, the collateral provider shall transfer to the collateral taker full ownership of:

1) cash or financial instruments constituting the collateral,

2) credit claims constituting the collateral.

The arrangement referred to in paragraph 2 of this Article shall also include repurchase/reverse repurchase agreements on the purchase/sale of financial instruments.

Where title to collateral is transferred to the collateral taker under the terms of the financial collateral arrangement, the collateral taker shall, unless otherwise provided, have the right of use and disposal of the cash and the financial instruments constituting the collateral, including the right of alienation of such cash and instruments.

Where the collateral taker acquires the security right on the collateral under the financial collateral arrangement, the collateral provider shall retain the title to such collateral.

The financial collateral arrangement may lay down the procedures for the valuation of the collateral and/or of the financial obligation.

The financial collateral arrangement may be in the form of a separate agreement or may form part of a master or another agreement and/or general terms of business.

The financial collateral arrangement shall be made out in writing or in electronic form and/or on a durable data carrier which enables the storing and reproduction of source data in unchanged form (hereinafter: written form).