The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2015

These Regulations implement Article 70 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23rd July 2014 on improving securities settlement in the European Union and on central securities depositories (OJ No L257, 28.8.2014, p1) (“CSDR”). Article 70 amends the definition of “system” in Directive 98/26/EC of the European Parliament and of the Council on 19th May 1998 on settlement finality in payment and securities settlement systems (OJ No L166, 11.06.1998, p45)) (“the Directive”) to provide that a Member State designating a payment or securities settlement system for the purposes of the Directive must notify the European Securities and Markets Authority (rather the European Commission as previously provided).