S.I. No. 170/2025 - European Union (Settlement Finality) (Amendment) Regulations 2025
Notice of the making of this Statutory Instrument was published in | ||
“Iris Oifigiúil” of 13th May, 2025. | ||
I, PASCHAL DONOHOE, Minister for Finance, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving further effect to Directive 98/26/EC of the European Parliament and of the Council of 19 May 19981 (as last amended by Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 20242 ), hereby make the following regulations: | ||
1. These Regulations may be cited as the European Union (Settlement Finality) (Amendment) Regulations 2025. | ||
2. Regulation 2 (1) of the European Communities (Settlement Finality) Regulations 2010 ( S.I. No. 624 of 2010 ) is amended – | ||
(a) by the substitution of the following definition for the definition of “credit institution”: | ||
“ ‘credit institution’ means a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/20133 , including the entities listed in Article 2(5) of Directive 2013/36/EU4 ;”, | ||
(b) by the substitution of the following definition for the definition of “institution”: | ||
“ ‘institution’ means – | ||
(a) (i) a credit institution, | ||
(ii) an investment firm, | ||
(iii) a public authority or publicly guaranteed undertaking, or | ||
(iv) an undertaking whose head office is outside the European Union and whose functions correspond to those of a European Union credit institution or investment firm, | ||
which participates in a system and which is responsible for discharging the financial obligations arising from transfer orders within that system; | ||
(b) (i) a payment institution, or | ||
(ii) an electronic money institution, | ||
which participates in a system whose business consists of the execution of transfer orders and which is responsible for discharging the financial obligations arising from such transfer orders within that system;”, | ||
(c) by the substitution of the following definition for the definition of “investment firm”: | ||
“ ‘investment firm’ means an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU5 , but does not include the institutions set out in Article 2(1) of that Directive;”, | ||
(d) by the substitution of the following definition for the definition of “Settlement Finality Directive”: | ||
“ ‘Settlement Finality Directive’ means Directive 98/26/EC of the European Parliament and of the Council of 19 May 19986 as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 20097 , Directive 2010/78/EU of the European Parliament and of the Council of 24 November 20108 , Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 20129 , Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 201410 , Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 201911 and Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 202412 ;”, | ||
and | ||
(e) by the insertion of the following definitions: | ||
“ ‘electronic money institution’ has the same meaning as it has in the European Communities (Electronic Money) Regulations 2011 ( S.I. No. 183 of 2011 ); | ||
‘payment institution’ has the same meaning as it has in the European Union (Payment Services) Regulations 2018 ( S.I. No. 6 of 2018 );”. | ||
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GIVEN under my Official Seal, | ||
8 May, 2025. | ||
PASCHAL DONOHOE, | ||
Minister for Finance. | ||
4 O.J. L176, 27.06.2013, p.338 8 O.J. L 331, 15.12.2010, p.120 |
