Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | JURI | LEHNE Klaus-Heiner ( PPE) | |
Former Responsible Committee | JURI | LEHNE Klaus-Heiner ( PPE) | |
Former Committee Opinion | ECON | KATIFORIS Giorgos ( PES) |
Lead committee dossier:
Legal Basis:
EC before Amsterdam E 100A
Legal Basis:
EC before Amsterdam E 100AEvents
This is an evaluation report on the Settlement Finality Directive 1998/26/EC (SFD) which entered into force in 1999. At the time of its adoption the SFD applied to the fifteen EU Member States. Later, it was extended to the ten new Member States. It also applies to the EEA States, Norway, Iceland and Liechtenstein. The main objectives of the evaluation report are firstly, to analyse the process by which the SFD has been implemented and secondly, to identify a list of potentially problematic issues that could become the subject of future revision. It is not the purposes of this report to present any amendments to the existing Directive. This may follow at a later date, in which case any amendments may be based on this report’s conclusions. In addition any proposed amendments would be subject to an impact assessment report. The report’s findings are based on information provided to the Commission by the Member States and the European Central Bank. Having analysed and assessed the information received the Commission draws three conclusions.
Firstly, the SFD is functioning well and the Member States show a high level of satisfaction vis-à-vis its application.
Secondly, there is some need for clarifications, improvements, better definitions and, in certain cases, simplification.
Thirdly, the Commission will begin a dialogue with both the Member States and the ECB in the course of 2006 and within the framework of the “European Securities Committee” the purpose of which will be to identify which issues should become the subject of future amendments to the Directive. The dialogue will take account of payment and securities settlements systems. The Commission suggests that it may propose legal instruments to increase the efficiency and safety of clearing and settlement services during 2006. Lastly, the Commission notes that the proposal for the Community’s signature to the Hague Securities Convention may need to be taken into account.
Welcoming the fact that the Council’s common position represented an improvement on the initial proposal, the rapporteur highlighted the problems still to be resolved: identification of the point in time when transfer orders and settlements would cease to apply and become void, and removal of the option for countries to protect their national systems by adopting stricter rules. Commissioner Monti expressed his approval of the solutions envisaged by Parliament’s new amendments on the two points in question. He was also in favour of establishing a higher level of transparency in favour of the sender of a payment or transaction concerning securities (Amendment No 2, third paragraph).
Documents
- Follow-up document: COM(2005)0657
- Follow-up document: EUR-Lex
- Final act published in Official Journal: Directive 1998/26
- Final act published in Official Journal: OJ L 166 11.06.1998, p. 0045
- Commission opinion on Parliament's position at 2nd reading: EUR-Lex
- Commission opinion on Parliament's position at 2nd reading: COM(1998)0151
- Text adopted by Parliament, 2nd reading: OJ C 056 23.02.1998, p. 0012-0027
- Text adopted by Parliament, 2nd reading: T4-0052/1998
- Decision by Parliament, 2nd reading: T4-0052/1998
- Debate in Parliament: Debate in Parliament
- Committee recommendation tabled for plenary, 2nd reading: A4-0005/1998
- Committee recommendation tabled for plenary, 2nd reading: OJ C 034 02.02.1998, p. 0004
- Committee recommendation tabled for plenary, 2nd reading: A4-0005/1998
- Commission communication on Council's position: EUR-Lex
- Commission communication on Council's position: SEC(1997)1844
- Council position: 09962/1/1997
- Council position: OJ C 375 10.12.1997, p. 0034
- Council position published: 09962/1/1997
- Modified legislative proposal: EUR-Lex
- Modified legislative proposal: OJ C 259 26.08.1997, p. 0006
- Modified legislative proposal: COM(1997)0345
- Modified legislative proposal published: EUR-Lex
- Modified legislative proposal published: COM(1997)0345
- Text adopted by Parliament, 1st reading/single reading: OJ C 132 28.04.1997, p. 0067-0074
- Text adopted by Parliament, 1st reading/single reading: T4-0142/1997
- Decision by Parliament, 1st reading: T4-0142/1997
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary, 1st reading/single reading: A4-0097/1997
- Committee report tabled for plenary, 1st reading/single reading: OJ C 132 28.04.1997, p. 0005
- Committee report tabled for plenary, 1st reading: A4-0097/1997
- Economic and Social Committee: opinion, report: CES1254/1996
- Economic and Social Committee: opinion, report: OJ C 056 24.02.1997, p. 0001
- Legislative proposal: EUR-Lex
- Legislative proposal: OJ C 207 18.07.1996, p. 0013
- Legislative proposal: COM(1996)0193
- Legislative proposal published: EUR-Lex
- Legislative proposal published: COM(1996)0193
- Legislative proposal: EUR-Lex OJ C 207 18.07.1996, p. 0013 COM(1996)0193
- Economic and Social Committee: opinion, report: CES1254/1996 OJ C 056 24.02.1997, p. 0001
- Committee report tabled for plenary, 1st reading/single reading: A4-0097/1997 OJ C 132 28.04.1997, p. 0005
- Text adopted by Parliament, 1st reading/single reading: OJ C 132 28.04.1997, p. 0067-0074 T4-0142/1997
- Modified legislative proposal: EUR-Lex OJ C 259 26.08.1997, p. 0006 COM(1997)0345
- Council position: 09962/1/1997 OJ C 375 10.12.1997, p. 0034
- Commission communication on Council's position: EUR-Lex SEC(1997)1844
- Committee recommendation tabled for plenary, 2nd reading: A4-0005/1998 OJ C 034 02.02.1998, p. 0004
- Text adopted by Parliament, 2nd reading: OJ C 056 23.02.1998, p. 0012-0027 T4-0052/1998
- Commission opinion on Parliament's position at 2nd reading: EUR-Lex COM(1998)0151
- Follow-up document: COM(2005)0657 EUR-Lex
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