{
  "url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-amendment-regulations-2015/note",
  "json_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-amendment-regulations-2015/note.json",
  "legislation": "uksi/2015/347",
  "legislation_title": "The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2015",
  "legislation_url": "https://openlegislation.uk/financial-markets-and-insolvency-settlement-finality-amendment-regulations-2015",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations implement Article 70 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23rd July 2014 on improving securities settlement in the European Union and on central securities depositories (OJ No L257, 28.8.2014, p1) (“CSDR”). Article 70 amends the definition of “system” in Directive 98/26/EC of the European Parliament and of the Council on 19th May 1998 on settlement finality in payment and securities settlement systems (OJ No L166, 11.06.1998, p45)) (“the Directive”) to provide that a Member State designating a payment or securities settlement system for the purposes of the Directive must notify the European Securities and Markets Authority (rather the European Commission as previously provided).\nThe Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979) (“the 1999 Regulations”) to include such a notification requirement for the United Kingdom designating authorities, which are the Financial Conduct Authority and the Bank of England. They also amend the definition of “Settlement Finality Directive” in the 1999 Regulations to make it clear that references in the 1999 Regulations to the Directive are to the Directive as last amended by CSDR.\nAn impact assessment has not been produced for this instrument as no significant impact on the costs of business or the voluntary sector is foreseen. A transposition note setting out how Article 70 of CSDR is transposed into UK law is available from Her Majesty’s Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside these Regulations on www.legislation.gov.uk.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2015/347/note",
    "retrieved_at": "2026-10-28T23:46:41.017667+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."
}