Financial Markets Infrastructure, Settlement Finality, Settlement Finality Directive


Status of implementation
Settlement Finality Directive 98/26/EC

European Union:
Belgium - Croatia - Denmark - Germany - Spain - France - Greece - Italy - Ireland - Luxembourg - Netherlands - Austria - Portugal - Sweden - Finland - United Kingdom

EFTA countries:
Liechtenstein - Norway - Iceland

Member State State of play of legislative procedure
Belgium Law adopted as amended on 28.04.99, entry into force: 11.6.1999 Law of 28/4/99 (amended by Royal Decree of 18/8/99) Official Journal 8.9.1999.
Croatia Act on Settlement Finality in Payment and Financial Instruments Settlement Systems (Official Gazette No. 59/2012, 28 May 2012).
Denmark Law 117 of 11 April 2000. Official Journal (Lovtidende A) Numero 283 of 26.04.2000.
Germany Transposition is split into two legislative projects:

The contractual aspects of Art. 3-5 of Dir. 98/26/EC are transposed with the credit transfer law (entry into force: 14/8/99) by creating the new §676, §676a Abs3 and 4, §676d Abs2 and §676g Abs1 BGB.

The remaining provisions of Dir. 98/26/EC are transposed by Gesetz zur Änderung insolvenzrechtlicher und kreditwesenrechtlicher Vorschriften" of 8/12/1999, BGBl. 1999 Teil 1 Nr. 54 of 10/12/1999, p.2384

Spain Law 41/1999 of 12/11/1999 and published on 13/11/1999 in the OJ (BOE núm. 272; p. 39646 ff). Entry into force on the day after publication in the Offiicial Journal.
France Transposition in Art. 93 of the Banking Law and in Art. 30 of Law 01/420 of 15 May 2001
Greece Law 2548/1997 transposes the principles of the Directive into Greek legislation. Law 2789/2000 "Harmonisation of Greek law to the Directive 98/26/EC concerning Settlement Finality and other provisions" (Official Journal of 11/2/2000, entry into force on 11/2/2000) completes the transposition.
Italy Transposition by Decreto legislativo n. 210 of 12 April 2001; published in gazzetta ufficiale No. 130 of 7 June 2001
Ireland Implementation by Statutory Instrument No 539 of 1998, European Communities (Finality of Settlement in Payment and Securities Settlement Systems) Regulations, 1998; entry into force: 4/1/1999
Luxembourg Law of 12.1.2001. It is amending the law of 5.4.1993 on the financial sector. Publication in the Mémorial on 6.2.2001. Entry into force on 10.2.2001.
Netherlands Law of 17.12.1998; in force since 01.01.1999. (Staatsblad n° 714)
Austria Adoption by Parliament on 22 July 1999: Bundesgesetz 123 - Überweisungsgesetz (BGBl of 22.7.1999,Part I, page 159); same law transposes Dir. 97/5/EC), Entry into force:10/12/1999
Portugal Decreto-Lei No. 486/99 of 13/11/1999; Publication in Official Journal Numero 265 of 13/11/1999, pp. 7968, and Decreto-Lei No. 221/2000 of 9/9/2000; publication in Official Journal Numero 209 of 9/9/2000, pp.4783.
Sweden Legislative measures [Law (1999:1309), Law (1999:1310), Law (1999:1311), Regulation (1999:1312), Regulation (1999:1313), Regulation (1999:1314) in force since 1/1/2000.
Finland Implementing Law has been adopted on 9/11/1999; entry into force on 11.12.1999

Act on Certain Conditions on Securities and Currency Dealing and Settlement Systems (1084/1999); Statutes of Finland, 2.12.1999;

Act on the amendment of Article 5a of the Act on Book-entry Accounts (1085/1999); Statutes of Finland 2.12.1999;

Account Transfer Act (821/1999), Article 18, paragraph 2; - Bankruptcy Act (110/1995), Article 76

United Kingdom The Financial Markets and Insolvency (Settlement Finality) Regulations 1999 Numero 2979 of 2.11.1999 Entry into force: 11/12/1999
Liechtenstein Team of government experts are presently clarifying which points of the directive would be of relevance for an implementation
Norway Act on Payment Systems entered into force on 14/4/2000
Iceland Parliament adopted the Transposition Act in November 1999; Act became effective on 10 December 1999. Notification to ESA has taken place

Last update: 23.07.2013