Database on German and European Economic Law

 Directive 2009/44/EC

I. Description

The main purpose of the proposal is to bring the Directive on settlement finality in payment and securities settlement systems (SFD) and the Directive on financial collateral arrangements (FCD) into line with the latest market and regulatory developments. Firstly, this is done by extending the protection of the SFD to nighttime settlement and to settlement between linked systems, since pursuant to Directive 2004/39/EC on markets in financial instruments1 (hereinafter referred to as   MiFID) and the European Code of conduct for clearing and settlement (hereinafter referred to as "the Code") systems are expected to become increasingly linked and interoperable. Secondly, this is done by broadening the scope of the  protection provided by both directives to include new types of assets (i.e. credit claims eligible for the collateralisation of central bank credit  operations) in order to facilitate their use throughout the Community. Lastly, this proposal seeks to introduce a number of simplifications and clarifications to facilitate the application of the FCD and SFD. The recent, and still ongoing, financial turmoil provided an additional argument in favour of the proposal, since the solutions that it puts forward would make an important contribution to strengthening the tools for managing instability and turmoil in financial markets. For example, the establishment of a harmonised legal framework for the use of credit claims as collateral in cross-border transactions would help enhancing market liquidity, which has been severely hit in recent months. Furthermore,  ensuring the proper functioning of settlement systems in rapidly evolving markets is indispensable for the stability of financial markets, even more so in times of market turmoil.

II. General Information

Title

Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims

Status
Existing
Directive
2009/44/EC
Source
O.J. EC No L (Legislation), Edition 146, Year 2009, p.37
Adoption
05/06/2009
Promulgation
06/10/2009
Character
Regular Act
Legal Basis
Art. 95 EC
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims

  2009/44/EC

Beschluss:
05/06/2009 (A)
Verkuendung:
06/10/2009 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
12/18/2008
Report of the European Parliament - 1st reading
O.J. EC No. C, Ausgabe 45 E, Jahr 2010, p. 185
12/03/2008
Opinion of the European Economic and Social Committee
O.J. EC No. C, Ausgabe 175, Jahr 2009, p. 78
08/07/2008
Opinion of the European Central Bank
ABL. 2008 C 216 p.1
04/23/2008
Proposal
COM/2008/0213 final

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2002/47/EC
Amendment
  Directive 98/26/EC

IV. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany