Legal provisions of COM(2025)38 - Amendment of Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union

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dossier COM(2025)38 - Amendment of Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union.
document COM(2025)38 EN
date February 12, 2025

Contents

Article 1 - Amendment to Regulation (EU) No 909/2014

In Article 5 of Regulation (EU) No 909/2014, paragraph 2 is replaced by the following:

‘2.    As regards transactions in transferable securities referred to in paragraph 1 which are executed on trading venues, the intended settlement date shall be no later than on the first business day after the trading takes place. That requirement shall not apply to transactions which are negotiated privately but executed on a trading venue, to transactions which are executed bilaterally but reported to a trading venue or to the first transaction where the transferable securities concerned are subject to initial recording in book-entry form pursuant to Article 3(2).’.

Article 2 - Entry into force and application

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

It shall apply from 11 October 2027.

This Regulation shall be binding in its entirety and directly applicable in all Member States.