As the Commission's Action Plan on Building a Capital Markets Union of 30 September 2015 correctly points out despite progress made under EU legislation such as EMIR, CSDR and MiFID II in fostering efficient and safe post-trade infrastructures, barriers in the form of legal uncertainty remain in the field of cross-border clearing and settlement based on divergent national property and insolvency laws in the field of securities laws, but also close-out netting. AFME has put forward a step-by-step approach on the future evolution of the legal framework for securities transactions and close-out netting.