S.I. No. 170/2025 - European Union (Settlement Finality) (Amendment) Regulations 2025

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 575/2013

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, including the entities listed in Article 2(5) of Directive 2013/36/EU

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;”,

(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/EU

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, 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 1998

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as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009

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, Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010

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, Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012

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, Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014

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, Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019

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and Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024

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;”,

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

);”.

GIVEN under my Official Seal,

8 May, 2025.

PASCHAL DONOHOE,

Minister for Finance.

1 O.J. L 166, 11.6.1998, p.45

2 OJ L, 2024/886, 19.3.2024

3 O.J. L176, 27.06.2013, p.1

4 O.J. L176, 27.06.2013, p.338

5 O.J. L 173,12.6.2014, p.349

6 O.J. L 166, 11.6.1998, p.45

7 O.J. L 146, 10.6.2009, p.37

8 O.J. L 331, 15.12.2010, p.120

9 O.J. L 201, 27.7.2012, p.1

10 O.J. L 257, 28.8.2014, p.1

11 O.J. L 150, 7.6.2019, p.296

12 OJ L, 2024/886, 19.3.2024

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

13

th 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 1998

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(as last amended by Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024

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), hereby make the following regulations