Category: Public

Keler is granted the CSDR licence

Keler is granted the CSDR licence

On 16 December 2020, KELER, the central depository of Hungary, was granted an authorisation under the Central Securities Depositories Regulation (CSDR) and can now offer its clients its services supporting an efficient and secure securities market as a central securities depository operating under unified European regulations.

Please see the full release.

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

Euroclear UK & Ireland receives the CSDR licence

Euroclear UK & Ireland receives the CSDR licence

On 4 December 2020, Euroclear UK & Ireland  announced it has obtained its Central Securities Depositories Regulation (CSDR) licence from the Bank of England. Euroclear UK & Ireland is the seventh and final CSD entity in the Euroclear Group to receive its licence.

Please see the release.

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

 

 

EC issues consultation on CSDR review and Settlement Discipline

EC issues consultation on CSDR review and Settlement Discipline

On Tuesday 8 December, the European Commission issued the public consultation on the CSDR review and Settlement Discipline Regulation.

The consultation covers the following topics:

  1. CSDs authorisation & review and evaluation process (Art. 16 & 54 CSDR)
    – Including Question 2 on the insertion of an end date for the grandfathering clause of CSDR
  2. Cross-border provision of services in the EU (Art. 23(3) to 23(7))
  3. Internalised settlement (Art. 9)
  4. CSDR and technological innovation
  5. Authorisation to provide banking ancillary services (Art. 54)
  6. Scope (Art. 2(1)(8))
  7. Settlement Discipline
  8. Framework for third country CSDs (Art. 25)
  9. Other areas to be potentially considered in the CSDR review (one open question)

The consultation runs until 2 February 2021.

Please find the full document here.

CSDs stand ready to contribute to the new Capital Markets Union action plan

CSDs stand ready to contribute to the new Capital Markets Union action plan

ECSDA welcomes the publication of the New Capital Markets Union Action plan. CSDs stand ready to contribute to the CMU discussions in the areas related to CSDs. We believe that the CMU should have a positive impact on future and existing legislation.

Over the last decades, the European CSDs have been contributing to the creation of a deeper single capital market in the EEA through cross-border connections and further harmonisation in the EU, EEA and beyond. The CMU proposal marks an important milestone in the right direction.

The announcement of the EU CMU Action Plan can be found here

Joint Associations letter on a transition period towards full compliance with SRD II

Joint Associations letter on a transition period towards full compliance with SRD II

Ahead of the compliance deadline with the reviewed Shareholder Rights Directive on 3 September 2020, ECSDA and 9 other European associations reiterated the importance for the authorities to support smooth compliance with its requirements. On 1 September,  the Associations sent a joint letter to the European Commission Directorate-General for Justice and Consumers (DG JUST) and ESMA.

In June, the European Commission dismissed a call from the European financial services sector for a twelve-month delay that was needed in view of the status of market readiness, further impacted by the COVID-19 outbreak. In the view of the DG JUST, the pandemic made it even more important for shareholders to communicate electronically and to vote remotely at annual general meetings. The Associations are fully committed to supporting the market. In this new letter to the Commission and ESMA, they shed light on the operational aspects of compliance with SRD II in further detail and kindly asked, amongst others, to enable a smooth adoption with a transition period towards full implementation.

Read the full letter

For more information on how to comply with SRD II, visit the ECSDA SRD II website.

ECSDA Response to ESMA on Outsourcing to Cloud Services Providers

ECSDA Response to ESMA on Outsourcing to Cloud Services Providers

On 31 August 2020, ECSDA responds to the ESMA Consultation Paper on Outsourcing to Cloud Services Providers.

The European Central Securities Depositories Association (ECSDA) welcomes the consultation paper on Draft Guidelines on Outsourcing to Cloud Service Providers.

ECSDA believes that some elements in this consultation would benefit from alignment with the EBA Outsourcing Guidelines, while others would benefit from clarification, given the specific context of CSDs as FMI. The association considers that a single set of guidelines that would apply to all outsourcing relationships and thus integrate both cloud and non-cloud outsourcing would be the ideal methodology to follow if it is taken into account that only some CSDs are subject to the EBA Guidelines. Careful consideration needs to be given to the interaction between the European Authorities guidelines on outsourcing to CSPs and eventual related legislative developments. Those legislative efforts of enhancing coherence would gather our support, as they would alleviate the industry from some significant concerns related to contract management.

Read the full response

 

 

ESMA suggests to postpone Settlement Discipline Standards until 1 February 2022

ESMA suggests to postpone Settlement Discipline Standards until 1 February 2022

On 26 August 2020, ESMA released its Final Report CSDR RTS on Settlement Discipline that provides explanations for the proposal to postpone the entry into force of the RTS on settlement discipline until 1 February 2022.

It is sent to the European Commission, and ESMA is submitting the draft RTS presented in Annex IV for endorsement in the form of a Commission Delegated Regulation, i.e. a legally binding instrument applicable in all Member States of the European Union. Following the endorsement of the draft RTS by the European Commission, the Commission Delegated Regulation will then be subject to the non-objection of the European Parliament and of the Council.

Read the full report.

Nasdaq CSD finalises migration of securities settlement platform to Icelandic securities market

Nasdaq CSD finalises migration of securities settlement platform to Icelandic securities market

On 24 August 2020, Nasdaq announced that the final step in the merger of Nasdaq CSD Iceland with Nasdaq CSD SE (Nasdaq CSD) took place with the successful technical migration of the Icelandic securities market to the Nasdaq CSD SE (Nasdaq CSD) securities settlement platform. The Icelandic branch is now be positioned to leverage the full potential of Nasdaq CSDs securities settlement platform and links to create new opportunities for domestic and international clients. Nasdaq CSD announced the merger with Nasdaq CSD Iceland on 25 May.

Please read the full release.