Directive 98/26/EC is hereby amended as follows:

(1) Recital 8 shall be deleted.

(2) The following recital shall be inserted:

'(14a) Whereas national competent authorities or supervisors should ensure that the operators of the systems establishing the interoperable systems have agreed to the extent possible on common rules on the moment of entry into the interoperable systems. National competent authorities or supervisors should ensure that the rules on the moment of entry into an interoperable system are coordinated insofar as possible and necessary in order to avoid legal uncertainty in the event of default of a participating system.'.

(3) The following recital shall be inserted:

'(22a) Whereas in the case of interoperable systems, a lack of coordination as to which rules apply on the moment of entry and irrevocability may expose participants in one system, or even the system operator itself, to the spill-over effects of a default in another system. In order to limit systemic risk, it is desirable to provide that system operators of interoperable systems coordinate the rules on the moment of entry and irrevocability in the systems they operate.'.

(4) Article 1 shall be amended as follows:

(a) in point (a), the word 'ecu' shall be replaced by the word 'euro';