Judgment_paragraph 25 · ‘Private Equity Insurance Group’ SIA v ‘Swedbank’ AS (C-156/15)

25Second, Article 4(1) of Directive 2002/47 provides that the taker of collateral under a security financial collateral arrangement must be able to realise the collateral in any of the manners described in the directive. Under Article 4(5) of the directive, Member States are to ensure that a financial collateral arrangement can take effect in accordance with its terms notwithstanding the commencement or continuation of winding-up proceedings or reorganisation measures in respect of the collateral provider or collateral taker.