Recital 17

(17)The settlement of securities transactions is closely linked to securities trading. As such, Regulation (EU) No 909/2014 of the European Parliament and of the Council ¹⁰ contains references to the date of application of the new legal framework. Before that date, the references to Regulation (EU) No 600/2014 and Directive 2014/65/EU should be read as references to Directive 2004/39/EC. Regulation (EU) No 909/2014 further creates a transitional regime for the application of the rules on settlement discipline to multilateral trading facilities (‘MTFs’) applying for registration as SME growth markets in accordance with Directive 2014/65/EU.