Where the law stands, Dossier 2025/0022(COD)
Securities settlement in the EU and central securities depositories (CSDs): shorter settlement cycle in the Union
Amendment of Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union
Ordinary legislative procedure (COD): Parliament and the Council decide together as equals. · First reading
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
Published as law
Completed: published in the Official Journal on 14 October 2025 and now EU law.
- Referred to committee(done) 10 March 2025
- Committee work(done) Report adopted 20 May 2025
- Tabled for plenary(done) 20 May 2025
- Negotiations with the Council(done) Deal approved in committee 15 July 2025
- Plenary vote(done) Adopted 10 September 2025
- Published as law(done) 14 October 2025
Decided in plenary
10 September 2025 · decision 5
Economy & single market, New EU law
Securities settlement in the EU and central securities depositories (CSDs): shorter settlement cycle in the Union
Passed 612 for · 7 against · 45 abstained by an overwhelming majority
AI summary:The proposal shortens the mandatory settlement cycle for most securities transactions in the EU from two business days after trading (T+2) to one business day (T+1).
What changed
Latest Tabled for plenary → Adopted by Parliament
AI summary:The versions differ only in formal points: the document header is updated to reflect the final legislative act and the recitals are replaced by the adopted text reference.
Committee draft → Tabled for plenary
AI summary:The new version is the committee report containing the full legislative text, replacing the draft report's explanatory motion. It sets the application date to 11 October 2027 and adds exemptions for certain securities financing transactions from the T+1 requirement.
Who works on it
- Lead committee
- Economic and Monetary Affairs
- The MEP who drafts the report and negotiates it on behalf of the committee.
- Johan van Overtveldt (ECR)
- An MEP who follows a report on behalf of their own group when another group holds the rapporteur.
- Fulvio Martusciello (EPP), René Repasi (S&D), Auke Zijlstra (Patriots), Stéphanie Yon-Courtin (Renew), Kira Marie Peter-Hansen (Greens), Jussi Saramo (The Left)
The text, version by version
Newest first.
Adopted by Parliament· 10 Sept 2025
AI summary:Parliament's amended version of the proposed regulation shortens the securities settlement cycle in the EU to one business day after the trading date, with certain exceptions.
Tabled for plenary· 20 May 2025
AI summary:Parliament's amended version of the proposed regulation shortens the mandatory settlement cycle for securities transactions on trading venues from T+2 to T+1, with exemptions for certain privately negotiated or bilaterally executed transactions and for securities financing transactions documented as single transactions composed of two linked operations.
Committee draft· 10 Apr 2025
AI summary:The draft report concerns a Commission proposal to amend the Central Securities Depository Regulation to shorten the settlement cycle for EU securities transactions from two days to one (T+1). The rapporteur proposes that Parliament approve the proposal without amendments.
Timeline
Newest first.
Outcome 2 steps
14 October 2025
Published in the Official Journal
The act is now EU law.
8 October 2025
Signed by the Presidents of Parliament and the Council
The last step before the act is published in the Official Journal.
Plenary stage 2 steps
10 September 2025
Plenary vote
Sitting of 10 Sept 2025 Adopted text TA10-0179/2025Report A10-0095/2025
3 September – 5 September 2025
2 amendments tabled for the plenary vote
Groups propose changes to the tabled text; each is voted on before the final vote.
Negotiations with the Council 3 steps
15 July 2025
Committee approved the deal reached with the Council
The provisional agreement from the trilogues goes to the whole Parliament for a vote.
18 June 2025
Trilogue meeting
Negotiation between Parliament, Council and Commission on a common text.
22 May 2025
Plenary endorsed the mandate to negotiate with the Council
Parliament’s negotiators can now seek a compromise text with the Council (in “trilogues”).
Plenary stage 1 step
20 May 2025
Report tabled for plenary
This is the text all MEPs vote on. Political groups can still table amendments to it.
Committee stage 4 steps
20 May 2025
Committee vote: report adopted
ECON (Economic and Monetary Affairs) voted on the amendments and adopted the report that goes to plenary.
30 April 2025
Amendments tabled in committee
Members of ECON (Economic and Monetary Affairs) proposed changes to the draft.
10 April 2025
Draft report published
The rapporteur’s first text in ECON (Economic and Monetary Affairs). Members can table amendments before the committee votes.
10 March 2025
Referred to the ECON (Economic and Monetary Affairs) committee
The lead committee prepares Parliament’s report.
Official record: Legislative Observatory, 2025/0022(COD)