Following up to the conclusions of the European Council of 24/25 March 2011, a standardized and identical collective action clause (CAC) 
[66 KB] , including supplemental provisions [52 KB] , has been developed and agreed by the Economic and Financial Committee (EFC) on 18November 2011.
[66 KB] , including supplemental provisions [52 KB] , has been developed and agreed by the Economic and Financial Committee (EFC) on 18November 2011.In accordance with Paragraph 3 of Article 12 of the ESM Treaty, the model CAC will become mandatory in all new euro area government securities with maturity above one year issued on or after 1 January 2013, and not 1 July 2013, as previously contemplated.
Its introduction will not affect any euro area government securities issued prior to that date unless those securities include a collective action clause that allows for their modification on a cross-series basis on the terms contemplated in the model CAC. As a result and except as just noted, euro area government securities issued prior to 1 January 2013 will not be subject to modification as part of a cross-series modification pursuant to the model CAC.
The Economic and Financial Committee has agreed on a schedule for the ESDM to monitor Member States' progress in implementing the model CAC, with a view to its timely introduction in all euro area government securities issued after 31 December 2012.
The ESDM expects to publish a report on the implementation of the model CAC prior to January 2013.
Explanatory notes
dank an D.O.
http://europa.eu/efc/sub_committee/cac/cac_2012/index_en.htm
ältere CACerei:
Documents on Collective Action Clauses
The EFC report on Implementation of the EU commitment on Collective Action Clauses in documentation of International Debt Issuance [253 KB]
In April 2003 the EU Member States decided to include collective action clauses (CACs) in their international debt issuance to promote international efforts for orderly restructurings in the event of sovereign debt crises. Following this, in September 2003, the EFC agreed on a set of core clauses to be included in the loan documentation. In November 2004, the EFC assessed developments with respect to the implementation of the commitment on the basis of a report by the EFC Sub-Committee on EU Government Bonds and Bills Markets. The EFC confirmed positive development in the implementation and recognized that after EU enlargement in May 2004, the commitment now covers 25 Member States.)
Common understanding on implementing the EU commitment regarding the use of Collective Action Clauses (CACs) [115 KB]
In his statement to the International Monetary and Financial Committee (IMFC) meeting on 12 April 2003, Mr. Christodoulakis, Minister of Economy and Finance of Greece, in his capacity as Chairman of the EU Council of Economic and Finance Ministers, announced that:
“The EU welcomes the work done with respect to the drafting of model collective action clauses (CACs) by the G10, and the contribution of the private sector to this work.
It also welcomes Mexico’s inclusion of CACs in a recent bond issue, and its intention to continue to do so in the future. It encourages other Emerging Market Economies to follow suit. EU countries note the benefits of a harmonised approach to the inclusion of CACs in bond contracts, and remain committed to leading by example.
Therefore the EU will use contractual provisions based on the framework developed by the G10, and where necessary in accordance with applicable law and adjusted to local legal practice, in their central government bonds issued under a foreign jurisdiction and/or governed by a foreign law by the end of this year.
Thereafter, EU Member States will no longer issue such bonds without any CACs.”
At their meeting in Stresa, Italy, on 13th September 2003, EU Finance Ministers and Central Bank Governors endorsed a ‘common understanding’ on the implementation of this EU commitment, originally prepared in the EFC Working Group on Government Bond and Bill Markets.
Collective action clauses (CACs): implementing the EU commitment [74 KB]
The framework developed by the G10 and presented in the report of the G-10 Working Group on Contractual Clauses can also be found at the website of the Bank for International Settlements (BIS)
[253 KB] In April 2003 the EU Member States decided to include collective action clauses (CACs) in their international debt issuance to promote international efforts for orderly restructurings in the event of sovereign debt crises. Following this, in September 2003, the EFC agreed on a set of core clauses to be included in the loan documentation. In November 2004, the EFC assessed developments with respect to the implementation of the commitment on the basis of a report by the EFC Sub-Committee on EU Government Bonds and Bills Markets. The EFC confirmed positive development in the implementation and recognized that after EU enlargement in May 2004, the commitment now covers 25 Member States.)
Common understanding on implementing the EU commitment regarding the use of Collective Action Clauses (CACs)
[115 KB] In his statement to the International Monetary and Financial Committee (IMFC) meeting on 12 April 2003, Mr. Christodoulakis, Minister of Economy and Finance of Greece, in his capacity as Chairman of the EU Council of Economic and Finance Ministers, announced that:
“The EU welcomes the work done with respect to the drafting of model collective action clauses (CACs) by the G10, and the contribution of the private sector to this work.
It also welcomes Mexico’s inclusion of CACs in a recent bond issue, and its intention to continue to do so in the future. It encourages other Emerging Market Economies to follow suit. EU countries note the benefits of a harmonised approach to the inclusion of CACs in bond contracts, and remain committed to leading by example.
Therefore the EU will use contractual provisions based on the framework developed by the G10, and where necessary in accordance with applicable law and adjusted to local legal practice, in their central government bonds issued under a foreign jurisdiction and/or governed by a foreign law by the end of this year.
Thereafter, EU Member States will no longer issue such bonds without any CACs.”
At their meeting in Stresa, Italy, on 13th September 2003, EU Finance Ministers and Central Bank Governors endorsed a ‘common understanding’ on the implementation of this EU commitment, originally prepared in the EFC Working Group on Government Bond and Bill Markets.
Collective action clauses (CACs): implementing the EU commitment
[74 KB] The framework developed by the G10 and presented in the report of the G-10 Working Group on Contractual Clauses can also be found at the website of the Bank for International Settlements (BIS)
http://europa.eu/efc/sub_committee/cac/old/index_en.htm
das alle ist must read für euch, falls ihr in €-Staatsanleihen investieren wollt.....
Das rechtlich angreifbare beim Law 4050 in GR mag sein, dass die die Cacs rückwirkend eingeführt haben, ab sofort nicht mehr (1.1.2012) und bis zum 31.12.12 müssen sie sie wieder einführen. Ein Jahr Pause kann man nur damit begründen, unfair bestimmte Gläubiger (ECB , NCBs) zu übervorteilen und es kann bei Entscheidungen von solcher Tragweite doch auch im Sinne eines ordre public nicht statthaft sein, das gültige Recht ohne Kontinuität ständig zu ändern. Der EU Konsens ist beweisbar ab 1.1.13 Cacs und vorher eigentlich nicht , weil ein gemeinsamer Startpunkt aus Sicht der EU quasi notwendig ist, um Ungleichgewichte durch unterschiedliche Einführung zu vermeiden. Explizit sind die maximalen Aufstockungen genannt, die man noch als "Altfall" machen kann.
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