About this consultation

Consultation period
12 February 2021 - 7 May 2021
Banking and financial services, Economy, finance and the euro

Target group

In this targeted consultation, the Commission is interested in the views of a wide range of stakeholders, in particular those participating in financial collateral arrangements, organisations representing the interests of stakeholders participating in financial collateral arrangements, payment institutions, e-money institutions, CSDs, organisations representing the interest of consumers (and their protection), Member States’ authorities, EU institutions and authorities as well as academics.

Objective of the consultation

In parallel to the Settlement Finality Directive (SFD), the Financial Collateral Directive (FCD) is reviewed as it is closely related. For the FCD to continue to serve its purpose, it is important to consider developments that could affect its functioning and to ensure coherence across legislative frameworks. Relevant issues can arise from market developments (economic, financial or technological) and/or regulatory changes. Two issues that are dealt with in this consultation are also important for the SFD: recognition of ‘close-out netting provision’ and ‘financial collateral’ (‘cash’ and ‘financial instruments’ the two most commonly used forms of ‘collateral security’ under the SFD).

How to submit your response

Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaire.

Consultation outcome

Contributions to the consultation

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Reference documents

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