APPLICATION OF PART III OF THE DIPLOMATIC IMMUNITIES AND PRIVILEGES ACT (EUROPEAN STABILIYU MECHANISM) ORDER

(EUROPEAN STABILITY MECHANISM)

SUBSIDIARY LEGISLATION 191.07

APPLICATION OF PART III OF THE DIPLOMATIC

IMMUNITIES AND PRIVILEGES ACT (EUROPEAN

STABILIYU MECHANISM) ORDER

22nd July, 2014

LEGAL NOTICE 257 of 2014.

The title of this Order is the Application of Part III of the

Diplomatic Immunities and Privileges Act (European Stability

Mechanism) Order.

(Articles of the Treaty Establishing the European Stability

Mechanism)

ARTICLE 32

Legal status, privileges and immunities

1. To enable the European Stability Mechanism to fulfil its

purpose, the legal status and the privileges and immunities set out

in this paragraph shall be accorded to the ESM in the territory of

each ESM Member. The ESM shall endeavour to obtain recognition

of its legal status and of its privileges and immunities in other

territories in which it performs functions or holds assets.

2. The ESM shall have full legal personality; it shall have full

legal capacity to

(a) acquire and dispose of movable and immovable

property;

(b) contract;

(c) be a party to legal proceedings; and

(EUROPEAN STABILITY MECHANISM)

(d) enter into a headquarter agreement and/or protocols as

necessary for ensuring that its legal status and its

privileges and immunities are recognised and

enforced.

3. The ESM, its property, funding and assets, wherever

located and by whomsoever held, shall enjoy immunity from every

form of judicial process except to the extent that the ESM expressly

waives its immunity for the purpose of any proceedings or by the

terms of any contract, including the documentation of the funding

instruments.

In this Order unless the context otherwise requires

"European Stability Mechanism" and "Treaty" shall have the

same meaning assigned to them under the Participation and

Granting of Financial Stability Support under the European

Stability Act.

(1) The European Stability Mechanism shall enjoy the

immunities and privileges set out in Part I of the Second Schedule

to the Diplomatic Immunities and Privileges Act to the extent

provided in the Treaty and in the Schedule to this Order and shall

have the legal capacities of a juridical person.

(2) The Chairperson of the Board of Governors, Governors,

alternate Governors, Directors, alternate Directors, the Managing

Director and other staff members of the European Stability

Mechanism shall enjoy the immunities and privileges set out in the

Schedule to this Order.

The property, funding and assets of the ESM shall,

wherever located and by whomsoever held, be immune from

search, requisition, confiscation, expropriation or any other form of

seizure, taking or foreclosure by executive, judicial, administrative

or legislative action.

The archives of the ESM and all documents belonging to

the ESM or held by it, shall be inviolable.

The premises of the ESM shall be inviolable.

The official communications of the ESM shall be accorded

by each ESM Member and by each state which has recognised the

legal status and the privileges and immunities of the ESM, the same

treatment as it accords to the official communications of an ESM

Member.

To the extent necessary to carry out the activities provided

for in this Treaty, all property, funding and assets of the ESM shall

be free from restrictions, regulations, controls and moratoria of any

nature.

The ESM shall be exempted from any requirement to be

authorised or licensed as a credit institution, investment services

provider or other authorised licensed or regulated entity under the

laws of each ESM Member.

ARTICLE 35

Immunities of Persons

1. In the interest of the ESM, the Chairperson of the Board of

Governors, Governors, alternate Governors, Directors, alternate

Directors, as well as the Managing Director and other staff

members shall be immune from legal proceedings with respect to

acts performed by them in their official capacity and shall enjoy

inviolability in respect of their official papers and documents.

2. The Board of Governors may waive to such extent and

upon such conditions as it determines any of the immunities

conferred under this Article in respect of the Chairperson of the

Board of Governors, a Governor, an alternate Governor, a Director,

and alternate Director or the Managing Director.

3. The Managing Director may waive any such immunity in

respect of any member of the staff of the ESM other than himself or

herself.

(EUROPEAN STABILITY MECHANISM)

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(EUROPEAN STABILITY MECHANISM)