Regulation (EU) 2025/2075 of the European Parliament and of the Council of 8 October 2025 amending Regulation (EU) No 909/2014 as regards a shorter settlement cycle in the Union (Text with EEA relevance)

‘2 As regards transactions in transferable securities referred to in paragraph 1 which are executed on trading venues, the intended settlement date shall be no later than on the first business day after the trading takes place. The requirement laid down in the first subparagraph shall not apply to any of the following: (a) transactions which are negotiated privately but executed on a trading venue; (b) transactions which are executed bilaterally but reported to a trading venue; (c) the first transaction where the transferable securities concerned are subject to initial recording in book-entry form pursuant to Article 3(2); (d) the following securities financing transactions, provided that they are documented as single transactions composed of two linked operations: (i) securities lending or securities borrowing as defined in Article 3, point (7), of Regulation (EU) 2015/2365 of the European Parliament and of the Council ; (ii) buy-sell back transactions or sell-buy back transactions as defined in Article 3, point (8), of Regulation (EU) 2015/2365; (iii) repurchase transactions as defined in Article 3, point (9), of Regulation (EU) 2015/2365.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from 11 October 2027.