Following up to the conclusions of the European Council of 24/25 March 2011, a standardised and identical collective action clause (CAC), including supplemental provisions, has been developed and agreed by the Economic and Financial Committee (EFC) on 18 November 2011.The Economic and Financial Committee has agreed on a schedule for the ESDM to monitor Member States' progress in implementing the model CAC, with a view to its timely introduction in all euro area government securities issued after 31 December 2012. 17 FEBRUARY 2012collective action clause (CAC) 19 APRIL 2021CAC Supplemental Provisions Explanatory notes 26 MARCH 2012Supplemental Explanatory Note 26 JULY 2011Explanatory note draft on the model CAC Implementation Report on the implementation of euro area model Collective Action Clauses
