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Directive 98/26/EC of the European Parliament and of the CouncilShow full title
Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems
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Revised version PDFs
- Revised 27/06/20190.22 MB
- Revised 17/09/20140.17 MB
- Revised 16/08/20120.17 MB
- Revised 04/01/20110.18 MB
- Revised 30/06/20090.06 MB
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Changes over time for: Article 5
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Article 5U.K.
A transfer order may not be revoked by a participant in a system, nor by a third party, from the moment defined by the rules of that system.
[F1In the case of interoperable systems, each system determines in its own rules the moment of irrevocability, in such a way as to ensure, to the extent possible, that the rules of all interoperable systems concerned are coordinated in this regard. Unless expressly provided for by the rules of all the systems that are party to the interoperable systems, one system's rules on the moment of irrevocability shall not be affected by any rules of the other systems with which it is interoperable.]
Textual Amendments
F1 Inserted by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (Text with EEA relevance).
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