This paper deals with the phenomenon of the financial collateral arrangements, under which parties transfer book-entry securities. It focuses on the legal questions link to the international element. Financial collateral arrangements typically occur in securities repurchase and securities lending. These transactions play important role in order to guarantee liquidity cash and proper functioning of capital markets in the European Union. Simultaneously, securities are no longer only of a tangible goods nature; instead they exists as electronic records in securities accounts. This is why conflicts of law issues have become so paramount. This study analyses the approach of Czech law to financial collateral arrangements. In particular, if the collateral is represented by a book-entry share, bond or fund unit. It pays attention to such a matter from the national as well as the harmonised EU perspective. On an EU level, such arrangements are primarily regulated by the Collateral Directive (FCAD). The Hague Convection on the Law Applicable to Certain Rights in Respect of Securities held with Intermediaries, which has had a profound impact on the notion of book-entry securities conflicts of law rules, is specifically discussed too. Both methods to provide financial collateral, i.e. the outright transfer and...

La construction des garanties réelles dans le Code monétaire et financier s’est faite sans approche coordonnée. Le législateur s’est limité à produire des réponses pragmatiques aux besoins des praticiens, dotant ces garanties d'une souplesse et d'une sécurité renforcées. Or, seul le caractère dérogatoire des mesures qui visent à renforcer la sécurité, face aux procédures collectives notamment, caractérise ce que nous identifions comme des garanties réelles dérogatoires tant des garanties réelles de droit commun que des autres garanties sur actifs financiers. Il convient alors d’en tirer les conséquences pour proposer une construction rationnelle d’une garantie réelle financière unique mais protéiforme. C’est l’entrée en vigueur de la directive 2002/47/CE et sa transposition en droit français qui invitent à envisager un remodelage des garanties sur actifs financiers. Une approche commune et unitaire inspirée par cette directive paraît inévitable pour la cohérence de la matière. / France has introduced in the Financial and Monetary Code various types of financial collateral arrangements without organising nor recognising such category. Acting on a case by case basis, the legislator has provided pragmatic tools which offer to the security taker a better flexibility together with an improved security through timely and bankruptcy-remote enforcement. The derogatory regimes appear to be the focal point that characterizes all financial collateral arrangements. The intention of this work is to put forward a unified approach which trades the various types of arrangements in the current heterogeneous set up, often overlapping in their scope of application, for a unique multi-fold financial collateral agreement. In doing so, we assess how such a unified approach, close to the method of the EU Collateral directive can, not only be compatible with our legal concepts, but even offer better clarity to the collateral arrangements, and a strengthened legal certainty.