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.
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:
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 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.
On 19 May, the ECB announced that SKDD, the Croatian CSD, will migrate to Target 2 Securities in 2023.
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.)
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.
Today, on 9 March 2022, the ECSDA General Meeting has resolved to terminate the Associate Membership of its Russian Member, National Settlement Depository. The decision is effective immediately.
The European Central Securities Depository Association (ECSDA) has closely monitored the situation in Ukraine and the global response to it. The Association acknowledges the strong measures that are taken by the European Union and its allies following the invasion of Ukraine led by the Russian and Belarus regimes.
On that basis, the ECSDA Board feels obliged to react to the situation in line with the EU and international stance on the topic. Due to the circumstances, the Board decided that the ECSDA General Meeting on 9 March 2022 will vote on the termination of membership of its Russian Member, the National Settlement Depositary. Ahead of the vote, ECSDA suspends the participation of the representatives of its Russian member in all working groups.
ECSDA will be carefully watching the evolution of the situation. We hope for the quickest reestablishment of peace in the region! Our thoughts are with all the civilians affected by the military invasion in Ukraine and those suffering from the regimes in Russia and Belarus.