Examples of Settlement Finality Directive in a sentence
TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems, which are designated as ‘systems’ under the national laws implementing the Settlement Finality Directive.
Therefore, it neither constitutes a CSD or a securities settlement system5 in the meaning of Article 2 of Directive 98/26/EC (Settlement Finality Directive) in itself, nor is it6 intended to become one in the future.
The entirety of these System Agreements constitutes a formal agreement within the meaning of article 2 a) of the Settlement Finality Directive which forms a system within the meaning of the Settlement Finality Directive.
The proprietary aspects, including the completion of the legal7 transfers of securities, are determined in accordance with the laws of the country that has notified8 the CSD that has opened the securities account to the European Commission in accordance with9 the procedures foreseen under Directive 98/26/EC (Settlement Finality Directive), as amended, or,10 in the case of a non-EEA country, thus where no notification to the European Commission is11 provided, the law of the country where the CSD is located.
A.2. Securities Settlement System Article 1.3.1.4LCH SA has been notified to the European Commission as a system pursuant to the Settlement Finality Directive.
As a securities settlement system within the meaning of the Settlement Finality Directive, LCH SA has only direct participants, being the Clearing Members.
The objective is to ensure that those financial instruments can be settled in a securities settlement system, as those described by the Settlement Finality Directive (SFD).
On securities, three directives address the conflict of laws issues on securities: the Financial Collateral Directive, the Settlement Finality Directive and the Winding-up Directive.
Governing law Pursuant to Article 9(2) of the Settlement Finality Directive, the validity and enforceability of a guarantee on book entry securities is assessed according to the law of the Member State where the account, in which the rights with respect to the relevant securities are recorded, is located.
In accordance with Article 3 of the Settlement Finality Directive, upon registration in the Clearing System, Trade Legs and netting shall be legally enforceable and shall be binding on third parties.