Examples of using Settlement finality in English and their translations into Danish
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Settlement finality and collateral security.
Occasion the importance of a full implementation of the Settlement Finality Directive by all Member States.
Settlement finality and collateral security does not mean anything to anyone.
The Commission is proposing a European Parliament andCouncil Directive on settlement finality and collateral security.
Opinion on the Settlement Finality and Collateral Security Directive CON/ 1996/9.
Additional information Proposal for a European Parliament andCouncil directive on settlement finality and collateral security( COM( 96) 193), pdf 533 kB, en.
The Settlement Finality Directive has already demonstrated the importance of limiting the systemic risk inherent in such systems through common rules.
Proposal for a European Parliament andCouncil directive on settlement finality and collateral security(CES 1254/96) Rapporteur: Roy Donovan.
TARGET2-[ insert CB/ country reference] is designated as a« system»under insert the relevant legal provision implementing the Settlement Finality Directive.
Although the Eurosystem already benefits from the application of the Settlement Finality Directive to its credit operations, this amounts mainly to protection from the effects of an insolvency of a counterparty.
TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems, which are designated as« systems»under the national laws implementing the Settlement Finality Directive.
The Settlement Finality Directive has reduced these risks by providing clear rules on the law used to govern the system and the law used to govern the rights and obligations of a participant in an insolvency situation.
Consistency with other policies andobjectives of the Union The two Directives on Settlement Finality and Financial Collateral Arrangements are the main Community instruments in the area of financial collateral, clearing and settlement. .
Apart from that, I would also like to thank the rapporteur on behalf of the Legal Affairs Committee for his very balanced report, which one can also call a proposal by the Commission anda consequence of the directive on settlement finality that was adopted in 1998.
LEGAL ELEMENTS OF THE PROPOSAL Legal basis The legal basis of the proposal to amend Directive 1998/26/ EC on Settlement Finality and Directive 2002/47/ EC on Financial Collateral Arrangements is the same as for the two directives that are being amended, namely Article 95 of the Treaty.
The next item on the agenda is the report drawn up by Mr Lehne, on behalf of the Committee on Legal Affairs and Citizens' Rights, on the proposal for a European Parliament andCouncil Directive on settlement finality and collateral security(COM(96)0193- C4-0306/96-96/0126(COD)) A4-0097/97.
If these laws are not harmonised, the effects of such diversity on settlement finality, in particular where the law( s)chosen in the account agreement does not offer protection comparable to the protection under the Settlement Finality Directive, might potentially endanger the soundness of the entire system and entail systemic risks.
CONSULTATION OF INTERESTED PARTIES Consultation of interested parties Based on the responses to a questionnaire addressed to Member States,the Commission adopted its Evaluation Report on the application and transposition of the Settlement Finality Directive on 15 December 20058.
Considering this possibility,the ECB is of the opinion that the Convention 's implications within the Community on settlement finality and related settlement and custody aspects are sufficiently serious and have the potential to raise systemic risk issues.
Such a solution would safeguard and promote the efficient cross-border use of all assets eligible for Eurosystem credit operations,which already benefit from a full insulation from the application of insolvency proceedings by virtue of Article 9( 1) of the Settlement Finality Directive.
In addition, from an ECB point of view, it has to be ensured that all systems and their participants,that are protected by the Settlement Finality Directive, central counterparties, which are of crucial importance for the efficient functioning of payment and settlement systems, as well as all entities that have access to the refinancing operations of the Eurosystem, will also benefit from the application of the proposed Directive.
Whereas the issues covered by this Directive must be dealt with separately from the systemic issues which remain under consideration within the Commission; whereas it may become necessary to make a further proposal to cover these systemic issues,particularly the problem of settlement finality;
As far as settlement risk is concerned, do you agree that the definition andtiming of finality( including the need for intraday settlement finality), delivery versus payment, access to central bank money as settlement assets for systemically important systems and conditions of use of central bank money versus commercial bank money are the most crucial issues to be addressed with regard to clearing and settlement of domestic transactions?
Moreover, the ECB supports the creation of legal certainty with regard to cross-border use of book-entry assets, by the introduction of a clear and unique rule for determining where such assets are located, building on andfurther specifying the principles contained in the Settlement Finality Directive.
The ECB noted when consulted by the Council on the Collateral Directive( 1):« the ECB supports the creation of legal certainty with regard to cross-border use of book-entry assets, by the introduction of a clear and unique rule for determining where such assets are located, building on andfurther specifying the principles contained in the Settlement Finality Directive.
In this context, the ECB urges the entities concerned, in particular the Member States, to try to achieve, in the context of the on-going discussions on a draft convention on« the law applicable to dispositions of securities held through indirect holding systems» at the level of the Hague Conference on private international law, a solution which is consistent with the principles contained both in Article 10 of the proposed Directive andin Article 9( 2) of the Settlement Finality Directive» 2.