Banks and financial markets: settlement finality in payment and securities settlement systems
Settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements
- Stage
- Committee report adopted, reached 11 Jun 2026
- Procedure
- OLP · Ordinary legislative procedure
- Rapporteur
- Giovanni Crosetto (ECR)
- Lead DG
- DG FISMA
- Commissioner
- Maria Luís Albuquerque
- Council configuration
- Economic and Financial Affairs Council
- Last activity
- 20 Jul 2026
- Legal basis
- TFEU Art. 114; TFEU Art. 294
Where it stands
Latest: Committee amendments tabled, 20 Jul 2026. Next: Adoption of draft report, 1 Dec 2026 (provisional).
ShowHide the earlier record: 13 dates, 4 Dec 2025 to 12 Jun 2026
- 4 Dec 2025
- Adoption of legislative proposal by the Commission
- 10 Dec 2025
- Deliberations in Coreper
- 12 Dec 2025
- Deliberations in Council
- 18 Dec 2025
- Decision on procedure
- 21 Jan 2026
- Appointment of rapporteur
- 12 Feb 2026
- Referral of the legislative proposal to the EP committee responsible (announced in plenary) · Parliament
- Referred to committee
- 6 Apr 2026
- Feedback on adopted proposal closed: EU rules on settlement finality, 22 responses · Commission
- 15 Apr 2026
- Deliberations in Council working party · Council
- 8 May 2026
- Deliberations in Council working party · Council
- 8 Jun 2026
- Deliberations in Coreper
- 10 Jun 2026
- Deliberations in Coreper
- 11 Jun 2026
- Committee report tabled
- EP committee draft report
- 12 Jun 2026
- Deliberations in Council · Council
- 15 Jun 2026
- Deliberations in Council working party · Council
- 16 Jun 2026
- Deliberations in Council working party · Council
- 26 Jun 2026
- Deliberations in Coreper · Council
- 1 Jul 2026
- Deliberations in Coreper
- 8 Jul 2026
- Deliberations in Coreper
- 10 Jul 2026
- Deliberations in Council · Council
- 16 Jul 2026
- Deadline for tabling amendments
- 20 Jul 2026
- Committee amendments tabled
- Tabling of amendments in the EP committee responsible · Parliament committee
- 1 Dec 2026Scheduled
- Adoption of draft report · provisional
- Vote to enter trilogue · provisional
Who is on it
The Parliament's rapporteurs, shadow rapporteurs and opinion rapporteurs currently on this file.
| Role | Name | Group | Country | Committee |
|---|---|---|---|---|
| Rapporteur | Giovanni Crosetto | ECR | IT | ECON |
| Shadow rapporteur | Billy Kelleher | Renew | IE | ECON |
| Shadow rapporteur | Damian Boeselager | Greens/EFA | DE | ECON |
| Shadow rapporteur | Eero Heinäluoma | S&D | FI | ECON |
| Shadow rapporteur | Gaetano Pedulla' | The Left | IT | ECON |
| Shadow rapporteur | Jaroslav Knot | PfE | CZ | ECON |
| Shadow rapporteur | Markus Ferber | EPP | DE | ECON |
Amendments
Tabled on 20 Jul 2026. The texts are in the amendment documents below.
By committee
- ECON109
By author
- Markus Ferber25
- Kira Marie PETER-HANSEN · Verts/ALE21
- Fernando Navarrete Rojas19
- Isabel Benjumea Benjumea19
- Auke Zijlstra15
- Jaroslav Knot15
- Pierre Pimpie15
- Tomáš Kubín15
- Billy Kelleher11
- Gilles Boyer11
ShowHide 12 more authors
- Stéphanie YON-COURTIN11
- Ľudovít Ódor11
- Regina Doherty10
- Aurore Lalucq5
- César Luena5
- Eero Heinäluoma5
- Evelyn Regner5
- Francisco Assis5
- Jonás Fernández5
- Nikos Papandreou5
- Gaetano PEDULLA'3
- Pasquale Tridico1
Amendments each member tabled or co-signed.
By article
- Article 1 – paragraph 2 – subparagraph 15
- Article 21 – paragraph 14
- Article 1 – paragraph 2 – subparagraph 2 – introductory part3
- Article 1 – paragraph 2 – subparagraph 2 – point a3
- Article 1 – paragraph 2 – subparagraph 2 – point b3
- Article 2 – paragraph 1 – point 33
- Article 12 – paragraph 12
- Article 16 – paragraph 1 – point b2
- Article 18 – paragraph 12
- Article 2 – paragraph 1 – point 172
ShowHide 20 more provisions
- Article 21 – paragraph 22
- Article 28 – paragraph 12
- Article 28 – paragraph 22
- Article 30 – paragraph 12
- Article 4 – paragraph 12
- Article 12 – paragraph 1 a (new)1
- Article 13 – paragraph 4 – subparagraph 1 a (new)1
- Article 13 – paragraph 61
- Article 13 – paragraph 7 – subparagraph 11
- Article 14 – paragraph 1 – introductory part1
- Article 14 – paragraph 1 – point d – introductory part1
- Article 14 – paragraph 1 – point f1
- Article 15 – paragraph 4 – subparagraph 11
- Article 16 – paragraph 1 – subparagraph 1 a (new)1
- Article 19 – paragraph 11
- Article 2 – paragraph 1 – point 12 a (new)1
- Article 2 – paragraph 1 – point 12 b (new)1
- Article 2 – paragraph 1 – point 211
- Article 2 – paragraph 1 – point 271
- Article 2 – paragraph 1 – point 3 a (new)1
Covers 54 of the 109 amendments.
Documents
Newest first. Each opens at its source.
- Proposal · COM(2025)0941Commission · 4 Dec 2025
- Report · PE789.875Parliament
- Amendments · PE791.082Parliament
Consultations on it
The Commission's Have Your Say consultations linked to this file. Where we publish the positions filed, the title opens them here.
| Consultation | Feedback deadline | Feedback received |
|---|---|---|
| 6 Apr 2026 | 22 |
Summary
GeneratedThis regulation updates settlement finality rules for payment and securities settlement systems, making transactions irrevocable upon completion. It repeals Directive 98/26/EC and amends Directive 2002/47/EC on financial collateral. The rules aim to reinforce the Single Market and Capital Markets Union by reducing systemic risk in cross-border payments and third-country interactions.
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