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 directly or indirectly in SFD designated systems (e.g. credit institutions, investment firms, public authorities, CCPs, system operators), those participating in third-country systems, system operators of non-SFD designated systems, organisations representing the interests of stakeholders participating in SFD designated systems, payment institutions, e-money institutions, organisations representing the interest of consumers (and their protection), Member States’ authorities, EU institutions and authorities as well as academics.

Objective of the consultation

The answers provided to this consultation of the Settlement Finality Directive (SFD) will feed into a Commission report to the European Parliament and Council. The current review covers a variety of issues that have come up since the last review of the SFD which took place in 2008/2009. It considers the impact of new developments in a changing business, technological and regulatory environment.The SFD regulates and protects designated securities settlement and payment systems. It guarantees that transfer orders entered into such systems are also finally settled, regardless of whether the sending participant has become insolvent.

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

DownloadZIP - 303.5 KB
DownloadZIP - 7.3 MB

Reference documents

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DownloadPDF - 319.1 KB