# 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, Article 7

Extent: E+W+S+N.I.

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.

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Source: https://www.legislation.gov.uk/eudr/1998/26/article/7 (the official version)
Page: https://openlegislation.uk/eu-directive-1998-26/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.