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 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!”
Today, 10 February, The Central Depository and Clearing Company, Inc. (SKDD) informs capital market participants and the interested public that on 10 February 2022, the Croatian Financial Services Supervisory Agency (HANFA) announced on its website that HANFA had issued a Decision granting approval to SKDD as a central securities depository under Regulation (EU) no. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving the settlement of securities in the European Union and on central securities depositories and amending Directives 98/26 / EC and 2014/65 / EU and Regulation (EU) no. 236/2012 (CSDR).
SKDD will start providing services in accordance with the CSDR on 14 February 2022, when the amended SKDD acts come into force: Rules and Instructions as well as Fee Schedule. The amended acts are also complied with the provisions of the Regulatory Technical Standards (RTS) on the settlement discipline regime, except for the rules on buy-in, the application of which has been postponed.
From today, 12/04/2021, ATHEXCSD will be providing the CSD services as stipulated in the ATHEXCSD Rulebook and the implementing Resolutions of the ATHEXCSD’s Board of Directors.
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.
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:
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
Cross-border provision of services in the EU (Art. 23(3) to 23(7))
Internalised settlement (Art. 9)
CSDR and technological innovation
Authorisation to provide banking ancillary services (Art. 54)
Scope (Art. 2(1)(8))
Settlement Discipline
Framework for third country CSDs (Art. 25)
Other areas to be potentially considered in the CSDR review (one open question)
On 21 January 2020, BaFin granted Clearstream Banking AG, as German Central Securities Depository, the licence according to Article 16 Central Securities Depository Regulation (Regulation (EU) No 909/2014) – CSDR. The licence authorises the company to provide core services and non-banking-type ancillary services under the CSDR.
On 19 December, Depozitarul Central, the Romanian CSD member of ECSDA obtained a licence to operate under the Central Securities Depositories Regulation (CSDR).