- Regulation of banks — Credit — Security interest — Security issuer
When a charge is taken over cash or securities transferred or held in a recognized clearing and settlement system, the security position of the charge is in some respects reinforced. The European Commission has been concerned with managing systemic risk in such settlement systems. This chapter examines the two key measures to support the stability of such systems: firstly, the Directive on Settlement finality in Payment and Securities Systems; and, secondly, the Directive on financial collateral arrangement.
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