ECSDA response to ESMA Consultation on DLT Pilot Regime application guidelines
Today, 9 September 2022, ECSDA answers the ESMA Consultation to apply for permission to operate a DLT market infrastructure.
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.
ECSDA Response to the OECD Pillar 1 Report
On 19 August, the European Central Securities Depositories Associations (ECSDA) welcomed the Progress Report. In the response to the consultation, we are however highlighting the need to calibrate further the scope of activities contained in the term ‘Investment Institution’.
Please read the full response.
ECSDA re-elects its Chairperson and Executive Committee Members
Gathering in Brussels after two years of the pandemic, the 39 members of the European Central Securities Depositories Association (ECSDA) appointed the Association’s Board of Directors. The Board re-elected Mark Gem, as its Chairperson and elected the Executive Committee for a mandate of three years.
ECSDA Board Directors also appointed the following Executive officers for a three-year mandate:
- Vice-Chair – Guillaume Eliet – CEO of Euroclear Belgium, France and Nederland,
- Vice-Chair – Indars Aščuks – CEO of Nasdaq CSD SE,
- Treasurer – Georg Zinner – Managing Director of OeKB CSD.
Commenting on his re-election Mark Gem, the Chairperson of ECSDA Board, said:
“Post-trade financial services are a source of competitive strength for Europe. Europe’s CSDs continue to provide the markets with resilient and efficient support, representing a bedrock of stability as we move towards a more integrated capital market. ECSDA has played a leading role in our journey and I am proud to be a part of it.”
Please see the full list of Executive Committee members here
A complete list of ECSDA Board Directors can be found here.
ECSDA responds to the EU Consultation on CSDR REFIT
ECSDA welcomes the review of the CSDR.
We thank the European Commission for the opportunity to provide our contribution. We look forward to working alongside stakeholders in pursuit of a more competitive and resilient Capital Markets Union!
The full document can be found here.
SKDD to join T2S in 2023
On 19 May, the ECB announced that SKDD, the Croatian CSD, will migrate to Target 2 Securities in 2023.
New Timeline for February Penalties process
After extensive evaluation and considering wide-ranging discussions of recent days, the CSDs have agreed in principle on a process for February penalties. Below we outline the timeline for the February penalties process and some of the elements that CSDs took into account.
Acknowledging the AFME proposal of last Friday (March 11), the CSDs confirmed their agreement and possibility to proceed with collection and distribution for payment date on 13 April.
The resulting timeline of the process:
*The dates decided by the CSDs are communicated by them to the participants.
Useful documents:
Dates for reporting of Monthly Net amounts. (Last updated on 31 March 2022. The overview of the CSD preferences is updated intra-day, upon reception of information; we hope to complete the document on 18 March, at the latest. Please refer to the relevant CSD communication as the ultimate source of information.)
ECSDA April calendar for March penalties (for Easter holidays). (Last updated on 30 March 2022.)
EU Commission Publishes Proposal to Review the CSDR
The European Commission has published the proposal for the review of the Central Securities Depositories Regulation – a key action in the 2020 CMU Action Plan.
We look forward to responding to the call for feedback by delving into the detail of the proposal. Together with the ECSDA Members and key stakeholders, we are keen to contribute to ensuring a competitive and resilient European financial market!”
Please see the proposal.