These Regulations amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (“the 1999 Regulations”) so that they extend to Northern Ireland. The 1999 Regulations implemented Directive 98/26/EC of the European Parliament and of the Council on settlement finality on payment and securities settlement systems (OJ L166, 19.5.98, p45) for England and Wales and Scotland. The Directive seeks to reduce the risks associated with participation in payments and securities settlement systems by minimising the disruption caused by insolvency proceedings brought against a participant in such a system.