On 7 May 2025, the Council of the EU issued a press release stating that Member States’ representatives had approved its position on a European Commission proposal to shorten the settlement period for transactions in transferable securities. Among other things the Council amended the Commission’s proposal by exempting securities financing transactions from the settlement cycle requirement.

Next steps

The Council Presidency can start interinstitutional negotiations (trilogues) with the European Parliament on this proposal in order to reach a common position.

Once agreed, the new rules will apply from 11 October 2027.