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description and grounds need for community intervention17 objectives pursued the present proposal for a regulation aims to transpose special recommendation vii ( sr vii ) of the financial action task force ( the international body established by the paris g7 summit in 1989 which objective is to fight against financial crime ) into community law in a way that is fully compatible with internal market principles .
description and grounds need for community intervention17 objectives pursued the present proposal for a regulation aims to transpose special recommendation vii ( sr vii ) of the financial action task force ( the international body established by the paris g7 summit in 1989 which objective is to fight against financial crime ) into community law in a way that is fully compatible with internal market principles .

or ( b ) an event that is defined as an event of default or other analogous event under any netting agreement occur , which event would , assuming there were outstanding transactions under any such netting agreement , result in , or entitle the ecb to take steps which would result in , a default termination under such netting agreement , ( any such event under ( a ) or ( b ) above is referred to in this appendix as an « event of default ') , then all transactions to which this appendix applies ( but not less than all , unless any such transaction may not be so closed out under applicable law ) under which obligations have or would otherwise have fallen due by or after the date of such event of default ( the close-out date ) shall be liquidated and closed out as described under paragraphs 3 and 4 of this appendix , and the ecb shall , without prejudice to paragraphs 3 and 4 of this appendix , not be obliged to make any further payments or deliveries under any such transactions .
or ( b ) an event that is defined as an event of default or other analogous event under any netting agreement occur , which event would , assuming there were outstanding transactions under any such netting agreement , result in , or entitle the ecb to take steps which would result in , a default termination under such netting agreement , ( any such event under ( a ) or ( b ) above is referred to in this appendix as an « event of default ') , then all transactions to which this appendix applies ( but not less than all , unless any such transaction may not be so closed out under applicable law ) under which obligations have or would otherwise have fallen due by or after the date of such event of default ( the close-out date ) shall be liquidated and closed out as described under paragraphs 3 and 4 of this appendix , and the ecb shall , without prejudice to paragraphs 3 and 4 of this appendix , not be obliged to make any further payments or deliveries under any such transactions .