The directive to amend the Settlement Finality Directive and the Financial Collateral Arrangements Directive has been adopted and will enter into force on 30 June 2009.
The amendments were required to amend the two directives to reflect developments in the financial markets and supervision. Settlements that take place at night and settlements between linked systems will also fall under the Settlement Finality Directive.
The scope of both directives will be extended to include credit claims that are assignable as collateral for credit transactions of central banks as of 1 January 2009. Ultimately, the Commission intends these amendments to simplify the application of the two directives. European member states have until 30 December 2010 to implement the directive.