THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 95 thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Central Bank [OJ C 216, 23.8.2008, p. 1.],
Having regard to the opinion of the European Economic and Social Committee [Opinion of 3 December 2008 (not yet published in the Official Journal).],
Acting in accordance with the procedure laid down in Article 251 of the Treaty [Opinion of the European Parliament of 18 December 2008 (not yet published in the Official Journal) and Council Decision of 27 April 2009.],
(1) Directive 98/26/EC of the European Parliament and of the Council [OJ L 166, 11.6.1998, p. 45.] established a regime under which the finality of transfer orders and netting, as well as the enforceability of collateral security, are ensured in respect of both domestic and foreign participants in the payment and s
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