Protected: ECSDA’s initial observations on the EDDI initiative
ESMA consults on settlement guidelines
On 20 December, ESMA has published two Consultation Papers dedicated to CSDR (Regulation (EU) 909/2014) Settlement Discipline requirements:
- on Guidelines on settlement fails reporting, and
- on Guidelines on standardised procedures and messaging protocols.
The consultations are open until 20 February 2019.
You can find the consultations on the linked ESMA web pages.
CSD Prague is granted CSDR licence
On 20 December, the Central Securities Depository Prague received the licence required by the new European CSD Regulation (CSDR), thus becoming yet another European depository in possession of the pan-European CSD licence.
The Central Securities Depository Prague has received the licence from the Czech National Bank to pursue the activities of a central depository under the harmonized European regulation implemented by the CSDR. The decision becomes legally effective on 21 December. In addition to the CSDR, the activities of the CSD Prague and its participants will also be subject to the provisions of the Act on Capital Market Undertakings, as amended.
Please see the full press release
The list of CSDs authorised under the CSDR is provided on CSD Facts page of the website.
Brexit: ESMA ready to recognise UK CSD
European Commission has published today a communication, allowing ESMA to recognise, on the temporary and conditional basis, the UK CSD in case of Brexit no deal. ESMA expressed its support to this decision.
In more detail:
ECSDA appreciated the publication by the European Commission of the communication for Brexit no-deal contingency plan, as issued on the Commission website.
We also note that ESMA Board of Supervisors expressed support to “continued access to the UK Central Securities Depository (CSD), in order to allow the UK CSD to serve Irish securities and to avoid any negative impact on the Irish securities market.” For more please see ESMA website.
ECB publishes FMI cyber resilience expectations
On 3 december 2018, The ECB published the Cyber Resilience Oversight Expectations (CROE) for Financial Market Infrastructures (FMIs) following the public consultation launched from April to June 2018.
The CROE aims at providing FMIs with detailed steps on how to operationalize the Guidance on cyber resilience for FMIs published by CPMI-IOSCO in June 2016, at providing the basis for a discussion between FMIs and their overseers, and it incorporates the comments received during the consultation.
Besides, the CROE presents five primary risk managements categories and components that should be addressed through an FMIs’ cyber resilience framework. These categories are:
- governance;
- identification;
- protection;
- detection;
- response & recovery.
ECSDA welcomes ID2S as a new member
ECSDA is pleased to welcome ID2S as a new member having joined the association.
On Tuesday 27 November, the ECSDA Extraordinary General Meeting has approved ID2S as a new member. ID2S Chief Executive Officer, Andrea Tranquillini, becomes ECSDA new Board member.
The French CSD, has been recently authorized under the EU CSD Regulation to provide central securities depository services for the Negotiable European Commercial Paper (NEU CP) market, and hence was eligible to become an ECSDA member. ID2S was formed by combining the expertise of a telecom company and a developer of an MTF for commercial papers Orange S.A and SETL, as a provider of transactional services based on blockchain technology.
ID2S uses IT technology based on blockchain solutions as operated by SETL. Since recently, it is also connected to T2S and provides ancillary services adapted to NEU CP.
Learn more about ID2S from the interview of Thiebald Cremers, Director Legal and Public Affairs at SETL France, on the occasion of the ECSDA Technology day on 27 November 2018 – Read the full interview
ESMA updates the Questions and Answers on CSDR
On 12 November 2018, ESMA has updated his Questions and Answers (Q&As) with regard to the implementation of the Central Securities Depository Regulation (CSDR).
The new entries cover the CSD passporting and Settlement Discipline cash penalties.
See the complete updated ESMA CSDR Q&As following this link.
