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Ordinary legislative procedure First reading

Settlement finality and repealing Directive 98/26/EC and amending Directive 2002/47/EC on financial collateral arrangements

A proposed EU law. Parliament and the Council must agree on the same text: Parliament adopts its position, then negotiates with the Council.

Where it stands: In committee: ECON (Economic and Monetary Affairs) is preparing the report (draft published 11 June 2026).

  1. ✓ Referred to committee 12 February 2026
  2. 2 Committee work ECON (Economic and Monetary Affairs) preparing the report
  3. 3 Tabled for plenary
  4. 4 Plenary vote
  5. 5 Negotiations with the Council
  6. 6 Published as law
How a file moves through Parliament

A file is referred to one lead committee (others may give an opinion). Its rapporteur writes a draft report, committee members table amendments, and the committee votes to adopt the report. The report is then tabled for all MEPs; political groups can table further amendments, which are voted on before the final vote in plenary. For a law, Parliament’s adopted text is its first-reading position; Parliament and the Council then negotiate a common text (trilogues) which both must approve before it is published as law.

Who is working on it

Lead committee
ECON — Economic and Monetary Affairs
Rapporteur
Giovanni CROSETTO ECR
Shadow rapporteurs
Markus FERBER PPEEero HEINÄLUOMA S&DJaroslav KNOT PfEBilly KELLEHER RenewDamian BOESELAGER Verts/ALEGaetano PEDULLA' The Left
For opinion
JURI — Legal Affairs

The rapporteur drafts and negotiates the text for the lead committee; each other political group names a shadow rapporteur to follow the file.

The text, version by version

Committee draft · latest Draft report (ECON) 11 June 2026 ✦ The rapporteur's draft report sets out Parliament's first-reading amendments to the proposed regulation on settlement finality, which would repeal Directive 98/26/EC and amend Directive 2002/47/EC on financial collateral arrangements.

Newest version first. Open a version to read it in full. “What changed” shows the differences paragraph by paragraph; ✦ lines are AI-written from the texts themselves.

Timeline

  1. Committee stage
  2. 20 July 2026 Amendments tabled in committee

    Members of ECON (Economic and Monetary Affairs) proposed changes to the draft.

    📄 Amendments in committee (ECON)
  3. 11 June 2026 Draft report published

    The rapporteur’s first text in ECON (Economic and Monetary Affairs). Members can table amendments before the committee votes.

    📄 Draft report (ECON)
  4. 12 February 2026 Referred to the ECON (Economic and Monetary Affairs) committee

    The lead committee prepares the report; JURI (Legal Affairs) gives an opinion.