Abstract
Article 12 EIR deals with payment systems and financial markets. It clarifies that the effects of insolvency proceedings on the rights and obligations of the parties to a payment system or a financial market will be governed by the law of the Member State applicable to that system or market. It thus contains an exception to the general rule on the applicable law to insolvency proceedings. The commentary explains the rationale for Article 12, which aims to enhance legal certainty and facilitate the smooth operation of payment or settlement systems and financial markets. It establishes the application of the insolvency law to all participants in a payment system or a financial market.
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