# Instrument Metadata
# Output tuned for LLM consumption -- deterministic parse of the
# EUR-Lex source, no LLM involved in generation.

instrument_id: sfd
celex: "31998L0026"
eli: "http://data.europa.eu/eli/dir/1998/26/oj"
full_title: Settlement Finality Directive 98/26/EC
short_title: SFD
instrument_type: directive
document_type: directive
normative_weight: binding
jurisdiction: EU
effective_period:
  from: "1998-08-11"
  to: null
dates:
  adopted: "1998-05-19"
  entered_into_force: "1998-08-11"
status: in_force
legal_status: in_force
structure_levels:
  - title
  - chapter
  - article
total_articles: 16
total_recitals: 0
total_annexes: 0
definitions_article: 2
chunk_strategy: by_chapter
chunks:
  - /sfd/chunks/sfd_t01_scope_and_definitions.md
  - /sfd/chunks/sfd_t02_netting_and_transfer_orders.md
  - /sfd/chunks/sfd_t03_provisions_concerning_insolvency_proceed.md
  - /sfd/chunks/sfd_t04_insulation_of_the_rights_of_holders_of_c.md
  - /sfd/chunks/sfd_t05_final_provisions.md
key_dates:
  - date: "1998-05-19"
    type: lifecycle
    context: "Adopted"
  - date: "1998-08-11"
    type: lifecycle
    context: "Entered into force"
  - date: "1999-12-11"
    type: deadline
    article: "11"
    context: "…and administrative provisions necessary to comply with this Directive before 11 December 1999. They shall forthwith inform the…"
  - date: "2002-06-06"
    type: citation
    article: "2"
    context: "…1(4)(a) of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements…"
  - date: "2009-05-06"
    type: citation
    article: "10"
    context: "…implementing Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on…"
  - date: "2015-03-18"
    type: deadline
    article: "11"
    context: "…which exist or are introduced in respect of each Article of this Directive. 3. By 18 March 2015, Member States shall adopt and…"
  - date: "2021-06-28"
    type: review
    article: "12a"
    context: "By 28 June 2021, the Commission shall review how…"

generated_at: "2026-09-14T05:42:09.418Z"

articles:
  - article_number: 1
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t01_scope_and_definitions.md
    path: "Section I > Article 1"
    applies_to_entities:
      - credit_institutions
      - member_states
      - european_central_bank
    topics:
      - payment_systems
      - settlement
      - scope
      - definitions
    keywords:
      - security
      - system
      - RTS
      - participant
      - collateral security
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 2
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t01_scope_and_definitions.md
    path: "Section I > Article 2"
    applies_to_entities:
      - payment_institutions
      - credit_institutions
      - member_states
      - european_central_bank
    topics:
      - payment_systems
      - settlement
      - scope
      - definitions
      - authorisation
      - counterparty_credit_risk
      - derivatives_clearing
    keywords:
      - transaction
      - transfer
      - electronic money
      - POS
      - security
      - agent
      - settlement
      - clearing
      - system
      - ITS
      - institution
      - central counterparty
      - ccp
      - settlement agent
      - clearing house
      - participant
      - indirect participant
      - securities
      - transfer order
      - insolvency proceedings
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references:
      - instrument_type: regulation
        reference: "575/2013"
      - instrument_type: directive
        reference: "2013/36/EU"
      - instrument_type: directive
        reference: "2014/65/EU"
      - instrument_type: directive
        reference: "2015/2366"
      - instrument_type: directive
        reference: "2009/110/EC"
      - instrument_type: regulation
        reference: "648/2012"
      - instrument_type: regulation
        reference: "648/2012"
    recitals: []

  - article_number: 3
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t02_netting_and_transfer_orders.md
    path: "Section II > Article 3"
    applies_to_entities: []
    topics:
      - payment_systems
      - settlement
    keywords:
      - transaction
      - transfer
      - POS
      - system
      - ITS
      - participant
      - transfer order
      - insolvency proceedings
      - netting
      - business day
      - interoperable systems
      - system operator
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 6
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 4
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t02_netting_and_transfer_orders.md
    path: "Section II > Article 4"
    applies_to_entities:
      - member_states
    topics:
      - payment_systems
      - settlement
    keywords:
      - security
      - settlement
      - system
      - participant
      - securities
      - insolvency proceedings
      - settlement account
      - collateral security
      - business day
      - system operator
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 5
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t02_netting_and_transfer_orders.md
    path: "Section II > Article 5"
    applies_to_entities: []
    topics:
      - payment_systems
      - settlement
    keywords:
      - transfer
      - POS
      - third party
      - system
      - ITS
      - participant
      - transfer order
      - interoperable systems
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 6
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t03_provisions_concerning_insolvency_proceed.md
    path: "Section III > Article 6"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - payment_systems
      - settlement
      - solvency_capital
      - insurance
    keywords:
      - POS
      - system
      - ITS
      - securities
      - insolvency proceedings
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 7
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t03_provisions_concerning_insolvency_proceed.md
    path: "Section III > Article 7"
    applies_to_entities: []
    topics:
      - payment_systems
      - settlement
      - solvency_capital
      - insurance
    keywords:
      - system
      - ITS
      - participant
      - insolvency proceedings
      - system operator
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 6
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 8
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t03_provisions_concerning_insolvency_proceed.md
    path: "Section III > Article 8"
    applies_to_entities: []
    topics:
      - payment_systems
      - settlement
      - solvency_capital
      - insurance
    keywords:
      - system
      - participant
      - insolvency proceedings
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 9
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t04_insulation_of_the_rights_of_holders_of_c.md
    path: "Section IV > Article 9"
    applies_to_entities:
      - credit_institutions
      - member_states
      - european_central_bank
    topics:
      - payment_systems
      - settlement
      - security
      - solvency_capital
      - insurance
    keywords:
      - POS
      - security
      - third party
      - agent
      - system
      - participant
      - securities
      - insolvency proceedings
      - collateral security
      - system operator
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 10
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 10"
    applies_to_entities:
      - member_states
    topics:
      - payment_systems
      - settlement
      - final_provisions
      - authorisation
    keywords:
      - authorisation
      - supervision
      - transfer
      - POS
      - settlement
      - system
      - ITS
      - institution
      - participant
      - indirect participant
      - securities
      - transfer order
      - system operator
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references:
      - target: Article 6
        paragraph: "2"
    external_references:
      - instrument_type: directive
        reference: "98/26/EC"
    recitals: []

  - article_number: 10a
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 10a"
    applies_to_entities:
      - competent_authorities
    topics:
      - payment_systems
      - settlement
      - final_provisions
      - competent_authorities
    keywords:
      - POS
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references:
      - instrument_type: regulation
        reference: "1095/2010"
    recitals: []

  - article_number: 11
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 11"
    applies_to_entities:
      - member_states
      - european_commission
    topics:
      - payment_systems
      - settlement
      - final_provisions
    keywords: []
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 2
    external_references: []
    recitals: []

  - article_number: 12
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 12"
    applies_to_entities:
      - european_commission
    topics:
      - payment_systems
      - settlement
      - final_provisions
    keywords:
      - POS
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 11
        paragraph: "1"
    external_references: []
    recitals: []

  - article_number: 12a
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 12a"
    applies_to_entities:
      - member_states
      - european_commission
    topics:
      - payment_systems
      - settlement
      - final_provisions
    keywords:
      - POS
      - security
      - system
      - institution
      - collateral security
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 13
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 13"
    applies_to_entities: []
    topics:
      - payment_systems
      - settlement
      - final_provisions
    keywords:
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 14
    article_title: ""
    chunk_file: /sfd/chunks/sfd_t05_final_provisions.md
    path: "Section V > Article 14"
    applies_to_entities:
      - member_states
    topics:
      - payment_systems
      - settlement
      - final_provisions
    keywords: []
    contains:
      obligations: false
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []