no-privity rule

Thus the future Rome I instrument could take as a starting point the preliminary draft proposal for a Council Regulation on the law applicable to non-contractual obligations (Rome II), the exception clause in Article 3(3) of which introduces two new conditions in relation to the Rome Convention: it is required that there be "a substantially closer connection [between the tortious/delictual act and] another country" and also that "there is no significant connection between the non-contractual obligation and the country whose law would be the applicable law under paragraphs 1 and 2".

International public policy: // After having determined the law applicable to a given legal situation in accordance with its conflict rules, the court may consider that the application of this law entails a result not compatible with the values of the forum. Accordingly, it rules out the normally applicable foreign law and applies its own law.

In order to ensure that the contractual transparency requirements under the proposed regulation do not inadvertently create financial stability risks for collateral chains, it should be made clear that breaches of the transparency requirements under Article 15 will not affect the validity or enforceability of the SFT.

2. A CCP shall ensure that its rules, procedures and contractual arrangements are clear and comprehensive and they ensure compliance with this Regulation, Regulation (EU) No 648/2012 and Implementing Regulation (EU) No 1249/2012 as well as all other applicable regulatory and supervisory requirements.