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European Commission - Press release

Financial services: Commission requests Poland and Slovenia to implement rules for settlement systems and collateral arrangements

Brussels, 27 October 2011 – The European Commission has requested Poland and Slovenia to notify within the next two months the measures they are taking to implement EU rules that strengthen the protection of settlement systems and financial collateral arrangements in financial markets. These rules, set out in Directive 2009/44/EC, were due to be implemented by Member States by 1 January 2011.

The requests to Poland and Slovenia take the form of reasoned opinions, the second step of EU infringement procedures. If the two Member States do not notify measures to fully implement the Directive within two months, the Commission may refer the matter to the Court of Justice of the European Union and could request the Court to impose financial penalties.

What is the aim of the Directive?

The Directive introduces a number of simplifications and clarifications to facilitate the application of the Financial Collateral and the Settlement Finality Directives (98/26/EC and 2002/47/EC). The Directive broadens the scope of the protection provided by both Directives by including credit claims eligible for the collateralisation of central bank credit operations in order to facilitate their use throughout the EU. Particularly in times of market turmoil, this is indispensable for the stability of financial markets. The Directive also promotes cross-border business and competitiveness.


A Settlement is the completion of a transaction or of processing with the aim of discharging participants’ obligations through the transfer of money and/or securities.

Collateral is a guarantee that is used by the collateral provider to secure an obligation to the collateral taker. Collateral usually takes the form of cash or securities.

More information

Settlement Finality


For more information on infringement procedures, see MEMO/11/739

Contacts :

Chantal Hughes (+32 2 296 44 50)

Catherine Bunyan (+32 2 299 65 12)

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