Text · Report parliamentary committee draft
On the proposal for a regulation of the European Parliament and of the Council on settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements
Full title
On the proposal for a regulation of the European Parliament and of the Council on settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements
Document ECON-PR-789875 · COM(2025)0941 – C100329/2025 – 2025/0381(COD)
- Kind
- Report parliamentary committee draft ECON-PR-789875
- Date
- 11 June 2026
- Committee
- Committee on Economic and Monetary Affairs
- Rapporteur
- Giovanni Crosetto
- Dossier
- 2025-0381
More facts (3)
- Formats
- Official page PDF Word
- Subject matter
- PECO, MARI
- Reference
- COM(2025)0941 – C100329/2025 – 2025/0381(COD)
In short
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The rapporteur's draft report sets out Parliament's first-reading amendments to the proposed regulation on settlement finality, which would repeal Directive 98/26/EC and amend Directive 2002/47/EC on financial collateral arrangements. The amendments add a definition of final settlement, align the definition of securities settlement system with Regulation (EU) No 909/2014, and widen the definitions of participant, indirect participant and collateral to cover distributed ledger technology, tokenised assets, default funds and margins. They require common rules and standardised procedures to identify liability and designate a legal representative where more than one entity operates a system, and delete the rule making consortium members jointly and severally liable. They empower ESMA and EBA to draft regulatory technical standards on the moment of irrevocability and the moment of final settlement, and require interoperable systems to coordinate their rules on those moments across the Union. They let settlement agents use an insolvent entity's funds, financial instruments and credit lines to complete settlement, add notification duties for designated and registered systems, and extend collateral enforcement and conflict-of-law rules. Transitional rules keep systems designated or registered under Directive 98/26/EC protected for up to five years, with streamlined re-designation and registration, and the rapporteur calls for legal certainty, technological neutrality and continuity of protection.
Position. The rapporteur welcomes the Commission's proposal to replace Directive 98/26/EC with a directly applicable regulation and tables 33 amendments to strengthen legal certainty, technological neutrality, protection of settlement agents, collateral clarity and transitional continuity.
Key points
- The draft report adopts Parliament's first-reading position on the Commission proposal for a settlement finality regulation, which would repeal Directive 98/26/EC and amend Directive 2002/47/EC.
- Amendment 1 adds a definition of 'final settlement' as the completed discharge of obligations in an unconditional and irrevocable manner under common rules and standardised procedures.
- Amendment 2 defines 'securities settlement system' by reference to settlement as defined in Article 2(1), point (7), of Regulation (EU) No 909/2014.
- Amendments 3 and 4 widen who counts as a participant, allowing any entity permitted under the rules of a designated or registered system.
- Amendment 7 broadens 'collateral' and 'collateral security' to cover assets issued or recorded using distributed ledger technology, tokenised form, default funds held by CCPs authorised under Article 14 of Regulation (EU) No 648/2012 and margins under Article 41 of that Regulation.
- Amendment 8 allows natural or legal persons to be added as participants and indirect participants, based on experience with DLT settlement systems subject to Regulation (EU) 2022/858.
- Amendments 9 and 10 require common rules and standardised procedures to identify what liability each entity has and to designate one entity as legal representative where more than one entity operates a system; Amendment 11 deletes the joint and several liability rule for consortia.
- Amendment 14 lets a settlement agent use an insolvent entity's settlement account funds and financial instruments, and credit lines opened against an existing guarantee, to fulfil obligations arising before insolvency proceedings.
- Amendments 15 and 17 require ESMA and EBA to develop draft regulatory technical standards on the moment of irrevocability and the moment of final settlement, with the Commission empowered to adopt them by delegated act.
- Amendments 16 and 18 require each interoperable system to determine the moment of irrevocability and final settlement on the basis of standardised definitions and procedures coordinated across the Union.
- Amendments 23 and 24 require competent authorities to notify the designating or registering authority, which must notify the system operator, when a participant in a designated or registered system is subject to a decision.
- Amendments 28 to 31 keep systems designated or registered under Directive 98/26/EC protected for up to five years, or longer if an application is pending, and require streamlined re-designation and registration.
Who is affected
- Settlement systems and their operators, which face new rules on liability, legal representation and coordinated settlement moments.
- Participants and indirect participants, including natural or legal persons in DLT settlement systems, whose eligibility is widened.
- Settlement agents, who may use an insolvent entity's funds, instruments and credit lines to complete settlement.
- Third-country systems and their operators, which must meet conditions and can be deregistered if remedial actions are not taken.
- Central banks and the European Central Bank, whose collateral and conflict-of-law protections are extended.
Figures and deadlines
- 12 months after the date of entry into force of this Regulation — deadline for ESMA and EBA to develop draft regulatory technical standards on irrevocability.
- 12 months after the date of entry into force of this Regulation — deadline for ESMA and EBA to develop draft regulatory technical standards on final settlement.
- 5 years after the entry into force of this Regulation — end of transitional protection for systems designated under Directive 98/26/EC.
- 5 years after the entry into force of this Regulation — end of transitional protection for third-country systems registered in a Member State.
Legal basis. Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.
Text
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Jump to an amendment (33)
- Amendment 1
- Amendment 2
- Amendment 3
- Amendment 4
- Amendment 5
- Amendment 6
- Amendment 7
- Amendment 8
- Amendment 9
- Amendment 10
- Amendment 11
- Amendment 12
- Amendment 13
- Amendment 14
- Amendment 15
- Amendment 16
- Amendment 17
- Amendment 18
- Amendment 19
- Amendment 20
- Amendment 21
- Amendment 22
- Amendment 23
- Amendment 24
- Amendment 25
- Amendment 26
- Amendment 27
- Amendment 28
- Amendment 29
- Amendment 30
- Amendment 31
- Amendment 32
- Amendment 33
Draft european parliament legislative resolution
–having regard to Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C100329/2025),
–having regard to the reasoned opinion submitted, within the framework of Protocol No 2 on the application of the principles of subsidiarity and proportionality, by the Czech Chamber of Deputies, asserting that the draft legislative act does not comply with the principle of subsidiarity,
2.Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;
3.Instructs its President to forward its position to the Council, the Commission and the national parliaments.
| Text proposed by the Commission | Amendment |
|---|---|
| (3a) ‘final settlement’ means the completed discharge of the obligations of the parties to a transaction in an unconditional and irrevocable manner as determined by common rules and standardised procedures to which each designated system shall comply, as further specified under Article 21. |
| Text proposed by the Commission | Amendment |
|---|---|
| (5) ‘securities settlement system’ means a system whose activity consists of the settlement of transfer orders; | (5) ‘securities settlement system’ means a system whose activity consists of settlement as defined in Article 2(1), point (7), of Regulation (EU) No 909/2014 of the European Parliament and of the Council; |
| Text proposed by the Commission | Amendment |
|---|---|
| (vii) an entity other than the entities listed in points (i) to (vi); | (vii) an entity other than the entities listed in points (i) to (vi) that is allowed under the rules of that designated system ; |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) for registered systems, any member allowed under the rules of that registered system; | (b) for registered systems, any entity allowed under the rules of that registered system; |
| Text proposed by the Commission | Amendment |
|---|---|
| (a) an instruction by a participant to place at the disposal of a recipient or member an amount of funds which results in the assumption or discharge of a payment obligation as laid down in the rules of the system; | (a) an instruction by a participant to place at the disposal of a recipient or member an amount of funds or an instruction which results in the assumption or discharge of a payment obligation as laid down in the rules of the system; |
| Text proposed by the Commission | Amendment |
|---|---|
| (22) book-entry’ means an electronic record, evidencing any credit or debit or other changes made to such electronic record, where the electronic record and any changes thereto may be undertaken by using distributed ledger technology; | (22) ‘book-entry’ means an electronic record, evidencing any credit or debit or other changes made to such electronic record, where the electronic record may be undertaken by using distributed ledger technology; |
| Text proposed by the Commission | Amendment |
|---|---|
| (27) ‘collateral’ means all realisable assets, including, without limitation, those financial instruments and funds, including those issued or recorded using distributed ledger technology, including in tokenised form, and financial collateral referred to in Article 1(4), point (a), of Directive 2002/47/EC, provided under a pledge, a title transfer arrangement, a repurchase or similar agreement, or otherwise, for the purpose of securing rights and obligations potentially arising in connection with or related to a system, or provided to central banks of the Member States or to the European Central Bank; | (27) ‘collateral’ and ‘collateral security’ mean all realisable assets, including, without limitation, those financial instruments and funds, including those issued or recorded using distributed ledger technology, including in tokenised form, and financial collateral referred to in Article 1(4), point (a), of Directive 2002/47/EC, provided under a pledge, a title transfer arrangement, a repurchase or similar agreement, or otherwise, for the purpose of securing rights and obligations potentially arising in connection with or related to a system, or provided to central banks of the Member States or to the European Central Bank and including any default fund held by a CCP authorised under Article 14 of Regulation (EU) No 648/2012 in accordance with Article 42 of that Regulation and margins as referred to in Article 41 of that Regulation and any comparable default fund held by or margins provided to a third-country CCP; |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the definition of participant laid down in paragraph 1, point (15), to add natural or legal persons, based on the experience of cases where such persons are allowed to participate in a DLT settlement system subject to Regulation (EU) 2022/858. | (b) the definition of participant laid down in paragraph 1, point (15), and the definition of indirect participant laid down in paragraph 1, point (17), to add natural or legal persons, based on the experience of cases where such persons are allowed to participate in a DLT settlement system subject to Regulation (EU) 2022/858. |
| Text proposed by the Commission | Amendment |
|---|---|
| (j) the system operator is legally accountable, responsible and liable for the operation of the system, including for any links to other systems and the relationship to third parties and to the authorities; | (j) the common rules and standardised procedures of the system clearly identify what liability the system operator or, where more than one entity is the system operator, each such entity has under those rules and procedures to participants in relation to the operation of the system; |
| Text proposed by the Commission | Amendment |
|---|---|
| (l) where the system operator consists of a network of nodes operating under a common governance and supervision framework, the common rules and standardised procedures of the system shall ensure that one undertaking is legally accountable, responsible and liable for the operation of the system; | (l) where more than one entity is the system operator, the application identifies which entity or entities are responsible for compliance with the duties under Article 8 and designates one such entity as the legal representative for receiving communications from the designating authority on behalf of all such entities in relation to the operation of the system; |
| Text proposed by the Commission | Amendment |
|---|---|
| (m) where the system operator is a consortium of entities, all entities shall be jointly and severally accountable, responsible and liable for the operation of the system. | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (d) the system identifies clearly in its common rules and standardised procedures all of the following moments: | deleted |
| (i) the moment of entry of a transfer order into the system referred to in Article 18(1); | |
| (ii) the moment of irrevocability of a transfer order entered into the system referred to in Article 20(1); | |
| (iii) the moment of final settlement of a transfer order entered into a system referred to in Article 21(1). |
| Text proposed by the Commission | Amendment |
|---|---|
| (b) the third-country system operator or the system it operates, as applicable, no longer complies with the conditions set out in Article 14; | (b) the third-country system operator or the system it operates, as applicable, no longer complies with the conditions set out in Article 14 and the system operator has not taken the remedial actions requested by the designating authority within a set timeframe; |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Following the opening of insolvency proceedings against a participant or system operator of an interoperable system, the relevant settlement agent may use, in the name and on behalf of the insolvent entity, for the purposes of fulfilling its obligations related to participation in the system or an interoperable system that arose before the opening of insolvency proceedings: | |
| a) funds and financial instruments available on the insolvent entity's settlement account; | |
| b) credit lines opened in favour of the insolvent entity against an existing guarantee and intended to satisfy that entity's obligations to the system. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. ESMA and EBA shall by [OP insert date = 12 months after the date of entry into force of this Regulation] develop draft regulatory technical standards to specify how a designated system shall determine the moment at which, in its system, a participant or a third party cannot revoke a transfer order for the purposes of paragraph 1. | |
| The Commission shall be empowered to adopt delegated acts to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. In the case of interoperable systems, each system shall determine in its own common rules and standardised procedures the moment of irrevocability, while ensuring, to the extent possible, that the common rules and standardised procedures of all interoperable systems concerned are coordinated. Unless expressly provided for by the common rules and standardised procedures of all the systems that are party to an interoperability arrangement, one system's rules on the moment of irrevocability shall not be affected by any rules of the other systems with which it is interoperable. | 2. In the case of interoperable systems, each system shall determine the moment of irrevocability on the basis of standardised definitions and procedures across the Union according to the regulatory technical standards referred to in paragraph 1a, ensuring that the common rules and standardised procedures of all interoperable systems concerned are coordinated. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1a. By [OP insert date = 12 months after the date of entry into force of this Regulation] ESMA and EBA shall develop draft regulatory technical standards on the common rules and standardised procedures for determining the moment of final settlement for the purposes of paragraph 1. | |
| The Commission shall be empowered to adopt delegated acts to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. In the case of interoperable systems, each system shall determine in its own common rules and standardised procedures the moment of final settlement. Each system operator shall ensure, to the extent possible, that the rules of all interoperable systems concerned are coordinated. Unless expressly provided for by the common rules and standardised procedures of all the systems that are party to an interoperability arrangement, one system's common rules and standardised procedures on the moment of final settlement shall not be affected by any common rules or standardised procedures of the other systems with which it is interoperable. | 2. In the case of interoperable systems, each system shall determine in its own common rules and standardised procedures established in accordance with the regulatory technical standards referred to in paragraph 1a the moment of final settlement. Each system operator shall ensure that the rules of all interoperable systems concerned are coordinated. |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the moment, referred to in Article 20(1), in which a transfer order that entered into the designated system cannot be revoked; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (e) the moment of final settlement referred to in paragraph 1; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (c) the moment, referred to in Article 20(1), in which a transfer order that entered into the designated system cannot be revoked; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| (e) the moment of final settlement referred to in paragraph 1; | deleted |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the participant subject to the decision is a participant in a designated system, the competent authority referred to in the first subparagraph shall immediately notify the designating authority, if different. The designating authority shall immediately notify the system operator of the designated system. |
| Text proposed by the Commission | Amendment |
|---|---|
| Where the participant subject to the decision is a participant in a registered system and is established in a Member State in which that system is registered, the competent authority referred to in the first subparagraph shall immediately notify the registering authority, if different. The registering authority in that Member State shall immediately notify the system operator of the registered system. |
| Text proposed by the Commission | Amendment |
|---|---|
| Such collateral security may be realised for the satisfaction of those rights. | Such collateral security may be realised for the satisfaction of those rights, including through the retention of the collateral security and the exercise of the right of sale or other enforcement measures in accordance with the applicable law. |
| Text proposed by the Commission | Amendment |
|---|---|
| For the purposes of the first subparagraph, the location of a register, account or centralised deposit held at a legal entity shall be the Member State where that entity has its registered office. | For the purposes of the first subparagraph, the location of a register, account or centralised deposit held at a branch or office in a Member State of a legal entity shall be the Member State where that branch or office is located. |
| Text proposed by the Commission | Amendment |
|---|---|
| 3. Where it is not possible to determine the location of a register, account or centralised deposit system in accordance with paragraph 2, the determination of the rights of participants, system operators, a central bank of a Member State or the European Central Bank, and the rights of any nominee, agent or third party acting on their behalf, with respect to the financial instruments provided as collateral security, shall be governed by the law governing the system or the interoperability arrangement referred to in paragraph 1. | 3. Where it is not possible to determine the location of a register, account or centralised deposit system in accordance with paragraph 2, the determination of the rights of participants, system operators, a central bank of a Member State or the European Central Bank, and the rights of any nominee, agent or third party acting on their behalf, with respect to the financial instruments provided as collateral security, shall be governed by the law governing the system or the interoperability arrangement referred to in paragraph 1 or the law governing the arrangement under which the collateral is provided to the central bank or the European Central Bank, as applicable. |
| Text proposed by the Commission | Amendment |
|---|---|
| 1. By way of derogation from Article 3, a system designated under Directive 98/26/EC prior to [OP insert date = entry into force of this Regulation] shall continue to be designated for the purposes of this Regulation until it is re-designated under that Article or until [OP insert date= 5 years after the entry into force of this Regulation], whichever is earlier. In the meantime, the Member State law on the designation of a system shall continue to apply. | 1. By way of derogation from Article 3, a system designated under Directive 98/26/EC prior to [date of entry into force of this Regulation] shall be considered as designated for the purposes of this Regulation: |
| (a) until the system is re-designated under that Article or until [5 years after the entry into force of this Regulation], whichever is earlier, or | |
| (b) if the system operator applies for designation of that system under Article 3 before [5 years after the entry into force of this Regulation] and the application is still pending on that date, until the system is re-designated under that Article, a decision has been made rejecting the application or the application is withdrawn. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2. By way of derogation from Article 12, a third-country system to which a Member State has extended the protections granted under Directive 98/26/EC prior to [OP insert date = entry into force of this Regulation] shall be considered as registered in that Member State for the purposes of this Regulation until it is registered in accordance with that Article in that same Member State or until [OP insert date = 5 years after the date of entry into force of this Regulation], whichever is earlier. | 2. By way of derogation from Article 12, a third-country system to which a Member State has extended one or more of the protections granted under Directive 98/26/EC or has applied similar protections prior to [entry into force of this Regulation] shall be considered as registered in that Member State for the purposes of this Regulation: |
| (a) until the system is registered in accordance with that Article in that same Member State or until [5 years after the entry into force of this Regulation], whichever is earlier, or | |
| (b) if the system operator applies for registration of the system under Article 12 in that same Member State before [5 years after the entry into force of this Regulation] and the application is still pending on that date, until the system is registered in accordance with that Article in that Member State, a decision has been made rejecting the application or the application has been withdrawn. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2a. Where the system operator of a system designated under Directive 98/26/EC prior to [date of entry into force of this Regulation] applies for re-designation of the system under Article 3, the designating authority shall ensure that the process is as streamlined as possible and that any information relating to the system or system operator already held by the designating authority is taken into account. |
| Text proposed by the Commission | Amendment |
|---|---|
| 2b. Where the system operator of a third-country system to which a Member State has extended one or more of the protections granted under Directive 98/26/EC (or applied similar protections) prior to [entry into force of this Regulation] applies for registration of the system in accordance with Article 12 in that Member State, the registering authority in that Member State shall ensure that the process is as streamlined as possible and that any information relating to the system or system operator already held by the registering authority is taken into account. |
| Text proposed by the Commission | Amendment |
|---|---|
| (2a) in Article 9(1), the following subparagraph is added: | |
| ‘For the purpose of the first subparagraph, the location of an account held at a branch or office of a legal entity shall be the country where that branch or office is located’. |
| Text proposed by the Commission | Amendment |
|---|---|
| (2b) in Article 9, the following paragraph is added: | |
| ‘2a. Where it is not possible to determine the location of an account for the purposes of paragraph 1, the matters specified in paragraph 2 arising in relation to book entry securities collateral shall be governed by the law governing the financial collateral arrangement’. |
Back matter, 1
Parts that accompany the text rather than belong to it: explanatory statement, annexes, opinions appended by other committees. Collapsed.
Explanatory statement 23 blocks
The Rapporteur welcomes the Commission’s proposal to replace Directive 98/26/EC with a directly applicable Regulation on settlement finality, as part of the Market Integration and Supervision Package (MISP).
The Rapporteur considers that the replacement of the existing Directive by a directly applicable Regulation represents a major opportunity to establish a more coherent and harmonised framework for settlement finality across the Union. Greater harmonisation should reduce legal fragmentation, improve legal certainty and support the further integration of European financial markets.
The Rapporteur recalls that the Settlement Finality Directive has successfully safeguarded payment and securities settlement systems against systemic disruptions for more than twenty-five years. The core principles underpinning that framework — enforceability of transfer orders, protection of settlement finality and mitigation of contagion risks arising from insolvency proceedings — remain essential to financial stability and should continue to form the cornerstone of the future Regulation.
The Rapporteur welcomes the Commission’s efforts to modernise the legal framework in light of technological developments, including distributed ledger technology (DLT), tokenisation and emerging forms of market infrastructure. The future Regulation should embrace innovation while preserving legal certainty, operational resilience and technological neutrality. New technologies should be accommodated without imposing unnecessary legal or operational constraints that could hinder innovation or market development.
The Rapporteur considers that legal certainty should remain the primary objective of the future framework. In particular, the rules governing transfer orders, settlement finality, collateral security and insolvency-related protections should remain clear, predictable and capable of operating effectively across different technological and organisational models.
The Rapporteur underlines the importance of ensuring that the Regulation remains proportionate and operationally workable for market participants and financial market infrastructures. Regulatory requirements should strengthen resilience and legal certainty without creating unnecessary duplication, excessive compliance burdens or barriers to market participation.
The Rapporteur further considers that the Regulation should facilitate the continued integration of European financial markets with global financial infrastructures. In this regard, the framework applicable to third-country systems should preserve a high level of protection while avoiding unnecessary obstacles to cross-border participation, interoperability and market access, provided that appropriate safeguards are maintained.
The Rapporteur welcomes the inclusion of provisions aimed at ensuring that settlement finality protections remain effective in modern market environments, including those involving DLT-based infrastructures. The legal framework should ensure that equivalent activities receive equivalent protections irrespective of the underlying technology used.
The Rapporteur underlines the important role performed by settlement agents within the post-trade ecosystem. The future Regulation should provide adequate legal certainty regarding their ability to complete settlement processes in situations involving insolvency proceedings affecting participants or operators of interoperable systems. Appropriate safeguards can contribute to preserving orderly settlement and reducing systemic risk.
The Rapporteur also considers that greater legal clarity should be provided regarding collateral security arrangements. The protection and enforceability of collateral have historically constituted one of the essential pillars of the Union settlement finality framework and should continue to benefit from robust and predictable legal protection, including in cross-border and insolvency-related situations.
The Rapporteur notes that the implementation of the new framework may require substantial operational adjustments by financial institutions, market infrastructures and other market participants. The transition towards the new regime should therefore be carefully managed, ensuring continuity of protection for existing systems and avoiding unintended cliff-edge effects during the transition period.
Particular attention should be paid to the interaction between the future Settlement Finality Regulation and other major market initiatives, including the transition towards a T+1 settlement cycle in the Union and future developments. Regulatory implementation should support market preparedness and operational certainty while avoiding unnecessary disruption.
The Rapporteur considers that transitional arrangements should ensure that systems already benefiting from settlement finality protections continue to enjoy those protections while applications for designation or registration are being assessed. Existing systems should not face a loss of legal protection solely as a result of administrative delays or the timing of regulatory implementation.
The Rapporteur underlines that further work during the legislative process should focus in particular on:
maintaining proportionate and operationally workable requirements for financial market infrastructures.
supporting market integration and efficient cross-border participation, including in relation to third-country systems.
The Rapporteur believes that a modernised and harmonised settlement finality framework can make an important contribution to the integration, efficiency and competitiveness of European financial markets while preserving the high level of legal certainty and systemic risk mitigation that has characterised the Union framework for more than two decades.
In this spirit, the Rapporteur stands ready to work constructively with other Members and groups and then later with the Council and the Commission to deliver a Settlement Finality Regulation that strengthens legal certainty, supports innovation, facilitates market integration and enhances the resilience and competitiveness of European financial markets.
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Sources & citation
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- Licensed CC BY 4.0.
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- 25 September 2026
Cite as
European Parliament (2026). “DRAFT REPORT on the proposal for a regulation of the European Parliament and of the Council on settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements”. Text, 11 June 2026. docId ECON-PR-789875. EU Parl Watch Research. https://news.eu-parl.st-solutions.dev/texts/ECON-PR-789875 (retrieved 25 September 2026). Data: EP Open Data API: document record, https://data.europarl.europa.eu/api/v2/documents/ECON-PR-789875 (CC BY 4.0).
BibTeX
@misc{epw-text-econ-pr-789875,
author = {{European Parliament}},
title = {{DRAFT REPORT on the proposal for a regulation of the European Parliament and of the Council on settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements}},
year = {2026},
date = {2026-06-11},
howpublished = {\url{https://news.eu-parl.st-solutions.dev/texts/ECON-PR-789875}},
url = {https://news.eu-parl.st-solutions.dev/texts/ECON-PR-789875},
urldate = {2026-09-25},
publisher = {EU Parl Watch Research},
note = {Text. docId ECON-PR-789875. Data: EP Open Data API: document record (CC BY 4.0)}
}