Implementation of EU Directive 2009/44/EC on settlement finality and financial collateral arrangements

This consultation document seeks views on proposals for implementation in the UK of the Amending Directive.

On 6 May 2009 the European Parliament and Council adopted Directive 2009/44/EC (the “Amending Directive”), which amends Directive 98/26/EC on settlement finality in payment and securities settlement systems (the “SFD”) and Directive 2002/47/EC on financial collateral arrangements (the “FCD”). Member states have until 30 December 2010 to adopt and publish their implementing measures, which are to apply from 30 June 2011.

This consultation is aimed at  participants in the payment and settlement industry and other interested parties such as legal in solvency specialists.