On 7 May 2021, the Financial Markets Law Committee (FMLC) published its responses to:

• European Commission review of the Financial Collateral Arrangements Directive. In its response the FMLC draws attention to its previous papers that highlight serious issues of legal uncertainty and material difficulties arising from the definitions of “possession” and “control”.
• European Commission review of the Settlement Finality Directive. In its response the FMLC draws attention to the legal uncertainties that have arisen owing to developments in the business, technological and regulatory environment since the last review of the Directive in 2008/2009.