Category: Public

ESMA – Bank of England MOU on no-deal Brexit for CSDs & CCPs

ESMA – Bank of England MOU on no-deal Brexit for CSDs & CCPs

On 4 February 2019, the European Securities and Markets Authority (ESMA) has agreed Memoranda of Understanding (MoUs) with the Bank of England (BoE) for the recognition of central counterparties and of the central securities depository established in the United Kingdom (UK), that would take effect should the UK leave the European Union (EU) without a withdrawal agreement, the no-deal Brexit scenario.

Read the full release.

CDCP, Slovak CSD is granted CSDR licence

CDCP, Slovak CSD is granted CSDR licence

The National Bank of Slovakia granted Centrálny depozitár cenných papierov SR, a.s. (CDCP) the authorisation for operation in compliance with valid European legal regulation effective from 28 January 2019. Granted authorisation directly relates to new European legal regulation harmonising requirements for organisation and certain aspects of operation of central securities depositories established in the European Union (EU). Therefore CDCP as the central securities depository operating in EU is subject to identical and directly applicable requirements, standards and rules and will provide harmonised scope of services.

Please see the full press release

The list of CSDs authorised under the CSDR is provided on CSD Facts page of the website.

Updated ECSDA CSDR Penalties Framework

Updated ECSDA CSDR Penalties Framework

On 29 January, ECSDA published the updated version of the ECSDA CSDR Penalties Framework.

This version of the ECSDA Framework is based on the comments received during the public consultation in the summer 2018, further deep reflection among CSD experts and includes the confirmation of some working assumptions by relevant European authorities.

The “ECSDA CSDR Penalties Framework”, is the effort of compliance with the CSD Regulation. It aims at harmonisation of settlement penalties mechanisms across CSDs subject to CSDR or (potentially) equivalent regulation. It intends to provide a clear, safe and efficient Framework for settlement penalties solutions of CSDs, both the ones that will be using T2S penalties mechanism and other CSDs.

This updated version of the document will be presented and discussed with the main stakeholders on 18 February in Frankfurt. If you have comments on the Framework and an interest to attend the event, please let us know and we will check, if the capacity allows us to invite you to join.

The ECSDA CSDR Settlement Penalties Framework can be found here.

Season’s Greetings and best wishes from ECSDA

Season’s Greetings and best wishes from ECSDA

 

Thank you for sharing great moments with us in 2018!

The European Central Securities Depositories Association wishes you and your families a merry holiday period and a wonderful 2019!

Looking forward to restarting to work with you back again in 2019.

ECSDA Secretariat

CSD Prague is granted CSDR licence

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

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

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:

  1. governance;
  2. identification;
  3. protection;
  4. detection;
  5. response & recovery.

Read the full document

Read the full response to the public consultation