Continued access to CSDs for firms in resolution

17 Feb 2017 – When a CSD participant enters into resolution, the challenge for the CSD and for financial regulators is to strike the right balance between, on the one hand, the need to preserve the safety and soundness of the CSD and to avoid any contagion to other participants in the CSD, and, on the other hand, the need to maintain access by the firm in resolution to critical CSD services to facilitate the resolution process. Continue reading

CSDs, custody and asset segregation

30 Sept 2016 – Since late 2015, there has been some uncertainty as regards the treatment of CSDs under asset management legislation (AIFMD and UCITS) due to guidance issued by ESMA alluding to “custody” services of CSDs. The call for evidence on asset segregation and custody services issued by the European Securities and Markets Authority (ESMA) on 15 July 2016 seeks to clarify the matter.

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