Report on CSDR Review consultation

On 1 July 2021, the European Commission issued its Report on the outcome of the consultation on the CSDR Review. This Report summarises the main areas to be made subject to the future EC proposal and speaks about the areas where actions are not needed.

Areas that the EC  may include in the CSDR REFIT:

• Settlement discipline: possible amendments to the settlement discipline framework, in particular the mandatory buy-in rules, to make it more proportionate – subject to an impact assessment. The EC recognises that clarifications to settlement penalties regime are long-awaited;

• Supervision;

• Domestic and cross-border provision of services;

• Banking-type ancillary services;

• Third country CSDs;

• Technological innovation.

The EC Proposal of CSDR REFIT is planned for Q4 2021/Q1 2022.

We invite you to consult the full Report here.