Judgment_paragraph 23 · ‘Private Equity Insurance Group’ SIA v ‘Swedbank’ AS (C-156/15)

23To that end, Directive 2002/47 establishes a regime, the objective of which, as is apparent from recitals 5, 9, 10 and 17 thereof, is to limit the administrative burdens for parties using financial collateral under the scope of the directive, to improve the legal certainty of such collateral by ensuring that certain provisions of national insolvency law do not apply to financial collateral arrangements and to provide for rapid and non-formalistic enforcement procedures in order to safeguard financial stability and limit contagion effects in case of a default of a party to a financial collateral arrangement.