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These Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (“the 1999 Regulations”) so that they extend to Northern Ireland. The 1999 Regulations implemented Directive 98/26/EC of the European Parliament and of the Council on settlement finality on payment and securities settlement systems (OJ L166, 19.5.98, p45) for England and Wales and Scotland. The Directive seeks to reduce the risks associated with participation in payments and securities settlement systems by minimising the disruption caused by insolvency proceedings brought against a participant in such a system.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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