ECSDA response to ESMA consultation on the amendment on Article 19

ECSDA response to ESMA consultation on the amendment on Article 19

ECSDA welcomes the ESMA initiative of consulting the relevant stakeholders on the change of the dedicated penalties collection and distribution process for cleared transactions, as currently foreseen under Article 19 of Commission Delegated Regulation (EU) 2018/1229 (CDR).
ECSDA is generally supportive of the ESMA proposal. In addition, the following elements are essential for CSDs:

  • that further light is shed on the interaction between CSDR Article 7(11) and the changed Article 19 (and eventually, recital 22),
  • receiving the information on the timeline for the entry into force of the regime as soon as possible, and
  • that the date of activation of the regime is foreseen on the first business day of the month.

In the interest of clarity, we suggest structurally clarifying the treatment of CCP transactions and penalties in CSDR itself, ideally as part of the CSDR Refit exercise.

Read the full response.

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