{
  "url": "https://openlegislation.uk/eu-directive-1998-26/article-7",
  "json_url": "https://openlegislation.uk/eu-directive-1998-26/article-7.json",
  "legislation": "eudr/1998/26",
  "legislation_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",
  "legislation_url": "https://openlegislation.uk/eu-directive-1998-26",
  "path": "article/7",
  "kind": "article",
  "number": "7",
  "heading": null,
  "text": "Insolvency proceedings shall not have retroactive effects on the rights and obligations of a participant arising from, or in connection with, its participation in a system before the moment of opening of such proceedings as defined in Article 6(1). This shall apply, inter alia , as regards the rights and obligations of a participant in an interoperable system, or of a system operator of an interoperable system which is not a participant.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Substituted 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)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudr/1998/26/article/7",
    "retrieved_at": "2026-11-01T15:23:07.730666+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}