Public – Page 19

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.

Settlement in DKK is now possible on T2S

On 27 October, Danmarks Nationalbank has connected its real-time gross settlement and collateral management system to the ECB T2S platform. The same week-end, VP Securities, the Danish Central Securities Depository and ECSDA member, has facilitated the first settlement in Danish Krone. DKK is the first, other than euro, currency available for settlement on T2S.

Congratulations to our Danish colleagues for having contributed to making settlement in DKK on T2S possible!

Please read the full VP Securities press release

ESMA updates the Questions and Answers on CSDR

On 27 September 2018, ESMA has updated his Q&As regarding the implementation of CSDR.

It clarifies practical issues on the implementation of the new CSDR regime, giving more information about settlement discipline, book entry form requirements and organisational requirements.

See the complete updated ESMA CSDR Q&As following this link.

EU Settlement Discipline Standards published

On 13 September 2018, the Final Regulatory Technical Standards (RTS) on Settlement Discipline have been published in the Official Journal of the European Union. The standards are mandated by the CSD Regulation and constitute part of a binding package providing the regulatory framework for all Central Securities Depositories of the European Economic Area.

The standards have been released by the European Commission on 25 May 2018 and published following the absence of any objection from the Council and the Parliament.

The date of publication in the Official Journal is essential for the calculation of the date of applicability of the standards. The compliance with the standards is required after a phase-in period of 24 months.

Please see the link to the full Regulatory Technical Standards as published in the Journal.

More CSDs get authorised under CSDR

Updated 19 September 2018

We are truly happy to see that the list of European Central Securities Depositories Association (ECSDA) members that have been authorised under the new pan-European Union regulation is increasing. The CSDs that have received the authorisation to function under the CSD regulation are:

1. Austian CSD – OeKB CSD. Press release.

2. Danish CSD – VP Securities. Press release.

3. Latvian CSD covering Baltic states – Nasdaq CSD. Press release.

4. Portugese CSD – Interbolsa. Press release.

5. Bulgarian CSD – CDAD. Press release

ECSDA response to the EC on the use of digital tools and processes in company law

The recent proposal by the Commission for a Directive regarding the digital tools and processes in company law gives rise to the importance of taking into account the already existing identification for financial institutions.
European CSDs call upon policymakers to consider reusing the identification for the purposes of the proposed Directive and to use it as an opportunity to streamline the process of
(a) obtaining, maintaining and collecting the identifier for financial institutions and issuance as well as
(b) facilitating the acceptance of securities in an EU CSD.

Please read the full response.

ECSDA consults on the draft Settlement Fail Penalties Framework

9 July 2018

Today, ECSDA makes available the draft version of its future ECSDA Settlement Fail Penalties Framework (the Framework). The document aims at creating a harmonised and coherent set of rules and considerations for creation and operation of the Settlement Discipline Cash Penalties mechanisms by all European CSDs subject to the CSD Regulation (Regulation (EU) 909/2014) or equivalent provisions. It intends to provide a clear, safe and efficient Framework for settlement penalties mechanisms of the CSDs that have joined and that have not yet joined T2S platform.
The draft version of the Framework is based on numerous assumptions which need to be confirmed by the authorities and other relevant stakeholders. It is intended to evolve pursuant to clarification of assumptions, dialogue with relevant stakeholders and further ECSDA work.
Preliminary or partial views will be appreciated as soon as possible.

The open consultation on the early draft framework is running until 17 August at the latest.
Please send us your views, comments and proposals to info@ecsda.eu.

We thank you in advance for your attention and possible contribution to improving the ECSDA Settlement Fail Penalties Framework further.

Updated version 17 April 2020