ECSDA responds to the ESMA consultation on CSDR SDR scope
On 9 September 2024, ECSDA responds to the ESMA consultation on CSDR SDR scope and provides its view on what may be considered in the scope of cash penalties application for:
a. Underlying causes of settlement fails that are considered as not attributable to the participants in the transactions
b. Circumstances in which operations are not considered as trading
ECSDA supports the ESMA proposal with some exceptions and highlights the impact that any change introduced might have on market actors, and also warns about the timeline for implementation of such changes.