Directive 1970/510 - Adoption of a common credit insurance policy for medium- and long-term transactions with private buyers - Main contents
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official title
Council Directive 70/510/EEC of 27 October 1970 on the adoption of a common credit insurance policy for medium- and long-term transactions with private buyersLegal instrument | Directive |
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Number legal act | Directive 1970/510 |
CELEX number i | 31970L0510 |
Document | 27-10-1970 |
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Publication in Official Journal | 23-11-1970; Special edition in Swedish: Chapter 11 Volume 001,Special edition in Finnish: Chapter 11 Volume 001,Special edition in Greek: Chapter 11 Volume 002,Special edition in Portuguese: Chapter 11 Volume 001,OJ L 254, 23.11.1970,Special edition in Spanish: Chapter 11 Volume 001,Special edition in Danish: Chapter I Volume 1970 |
Effect | 11-11-1970; Entry into force Date notif. |
End of validity | 07-06-1998; Repealed by 31998L0029 |
Transposition | 01-09-1971; See Art 1.1 |
Notification | 11-11-1970 |
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Council Directive 70/510/EEC of 27 October 1970 on the adoption of a common credit insurance policy for medium- and long-term transactions with private buyers
Official Journal L 254 , 23/11/1970 P. 0026 - 0051
Finnish special edition: Chapter 11 Volume 1 P. 0094
Danish special edition: Series I Chapter 1970(III) P. 0698
Swedish special edition: Chapter 11 Volume 1 P. 0094
English special edition: Series I Chapter 1970(III) P. 0782
Greek special edition: Chapter 11 Volume 2 P. 0028
Spanish special edition: Chapter 11 Volume 1 P. 0103
Portuguese special edition Chapter 11 Volume 1 P. 0103
COUNCIL DIRECTIVE of 27 October 1970 on the adoption of a common credit insurance policy for medium- and long-term transactions with private buyers (70/510/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 113 thereof;
Having regard to the proposal from the Commission;
Whereas export credit is of primary importance in international trade and an important instrument of commercial policy;
Whereas the various systems of export credit insurance in force in the Member States may give rise to distortions in competition between Community undertakings in markets in third countries;
Whereas harmonisation of the various systems of export credit insurance could facilitate co-operation between undertakings in the various Member States;
Whereas, in view of this, common policies or harmonised solutions in respect of the essential matters should be adopted by Member States in the various fields of credit insurance;
Whereas, however, guarantees for medium- and long-term risks amount in all Member States to a very high percentage of the total of guaranteed transactions;
Whereas, moreover, these medium- and long-term transactions are effected both with private buyers and with public buyers;
Whereas in view of the nature of these credits it seems appropriate to harmonise supplier credits separately from financial credits;
Whereas the adoption of a common policy for medium- and long-term transactions with private buyers under supplier credit would be an important factor in the harmonisation of credit insurance techniques;
Whereas it is important for the Commission to obtain the opinions of the Representatives of the Member States on any problem relating to the uniform application of this Directive;
HAS ADOPTED THIS DIRECTIVE:
Article 1
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1.Subject to the provisions of Annex D, Member States shall adopt such measures by law, regulation, or administrative action as may be necessary to put into force as from 1 September 1971 the "Common Medium- and Long-Term Policy relating to Private Buyers (General Conditions)" appearing in Annex A-hereinafter called the "common policy"-and the endorsement for extension of the guarantee (bond guaranteeing satisfactory performance of the contract) as in Annexes B and B/1.
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2.In interpreting the common policy and the endorsement, the Member States shall follow the attached Explanatory Notes (Annexes C and C/1).
Article 2
Member States shall ensure that credit insurance organisations guaranteeing for the account of or with the support of the State insure transactions which are covered by the common policy in accordance with the terms laid down in that policy and such specific rules as are adopted by the Council.
Article 3
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1.The common policy shall cover transactions guaranteed under specific policies and which: - include either a credit risk of twenty-four months or more, or a manufacturing risk of twelve months or more, or a combination of both these risks for a cumulative period of twenty-four months or more;
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-involve a private buyer;
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-and are on a supplier credit basis.
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2.Transactions for which the common policy is appropriate may be guaranteed solely against...
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