Directive 98/26/EC on Settlement Finality in Payment and Security Settlement Systems (SFD) and Directive 2002/47/EC on Financial Collateral Arrangements (CFD) have been amended by Directive 2009/44/EC. Member States must adopt legislation to implement this Directive by 30 December 2010. The SFD was designed to minimise the systemic risk associated with, and to ensure the stability of, payment and security settlement systems. It provides the transfer orders entered into systems cannot be revoked or invalidated by stipulating the irrevocability and finality of transfer orders and of the netting of transfers, even if a system participant is subject to insolvency proceedings. The aim of the FSD was to provide a uniform EU legal framework for the taking of collateral over certain financial assets such as cash and financial instruments. The new Directive extends the FCD to cover the taking of collateral over receivables arising from loans made by banks. These are called credit claims.