By adopting the report by Mr Heiner LEHNE (EPP, All), the European Parliament amended the
proposal for a directive on settlement finality and collateral security with a view to offering those
concerned better protection. It calls for a change to the title of the proposal, which should deal with
the treatment of payment systems and securities settlement systems in the context of insolvency
proceedings concerning credit or securities institutions. A further important amendment deals with
the tasks of the Member States: the latter are called on to amend their insolvency laws in accordance
with the directive in order to ensure that the functioning of payment systems and securities
settlement systems is not disrupted by insolvency proceedings concerning credit or securities
institutions. Parliament also urges that the moment of opening of insolvency proceedings against an
institution participating in an EC system should be deemed to be the moment when the Community
authority officially notifies the national supervisory authority of the opening of the proceedings. The
national supervisory authority should officially notify the other participants in the system of the
opening of the proceedings.
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