ECSDA details further the implementation of fails penalties

ECSDA details further the implementation of fails penalties


ECSDA makes public the responses to the practical questions on CSDR Cash penalties implementation. Cash penalties are required to be imposed by EU legislators and aim at increasing settlement efficiency rates.

You will see that this document will be updated regularly while some answers to the questions will continue to arrive and CSDs will advance further in their implementation. It represents a centralised view on the CSDs practices. (The advancements of CSDs’ views may be made available even quicker to their direct participants in CSD’s own communication.)

ECSDA response to practical CSDR penalties implementation questions – updated version 10/11/2020

On 17 April 2020, ECSDA updates the CSDR Settlement Fail Penalties Framework.

It can be used by Central Securities Depositories (CSDs) and their participants as a market practice on how CSDs should develop harmonised settlement fail penalties mechanisms, under the CSD Regulation (EU 909/2014) and its standards. Although the document is meant to be evolving, along with the evolution of the views of the competent authorities on the matters under their review, it can be used by the CSDs and their participants to start developing IT systems to comply with CSDR Settlement Fail penalties-related requirements.

The ECSDA Framework can be found here.


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