CSDR – Page 4

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

ESMA updates the Questions and Answers on CSDR

ESMA has updated the CSDR Q&A on investment policy clarifying what liquidation of collateral on the “same business day” means in the context of the CSD prudential requirements.

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

ESMA issues updated Q&A on the CSD Regulation

In brief, the new/modified Q&A says:

Links shall be assessed in compliance with the CSDR by the time of the CSD application for authorisation under CSDR
Communication standards requirement to use international standards is limited to :
a) the machine-to-machine communication
b) communication where international, fair and open standards exists
c) where the CSD cannot/does not provide evidence that the international standards are less efficient. It is possible to use other standards if they are more efficient
CSD links should not be qualified as interoperable links only because of the participation of the two CSDs in T2S. T2S links are deemed interoperable only for T2S-related aspects.

Please see the full document

ECSDA views on the Future of European Post-Trade

Recently, the European Commission has launched a consultation on the Future of European Post-Trade, based on the conclusions of the European Post Trade Forum (EPTF). European CSDs thank the European Commission for the constructive and effective discussions at the EPTF, in which they have been deeply involved. In addition to the insight provided in the report resulting from the forum, Central Securities Depositories (CSDs) note several trends in their immediate ecosystem which are important to post-trade more widely.
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Guidelines on CSD participant defaults

30 Jun 2016 – CSDs must have effective and transparent rules in place to manage a participant’s default. To ensure that this is the case, the EU Regulation on CSDs (CSDR) foresees the adoption by ESMA of supervisory guidelines on CSD participant default rules and procedures. Draft guidelines were issued by ESMA on 31 May.
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Better regulation in post trade

29 Jan 2016 – Responding to a call for evidence on the EU regulatory framework for financial services, ECSDA has identified several areas where the quality of law-making can be improved in relation to post trade services and the activities of central securities depositories in particular.

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Account segregation at CSDs

13 Oct 2015 – Based on data collected from 41 CSDs across Europe, ECSDA’s new report describes existing account segregation practices with a view to inform the current debate on the optimal level of segregation, focusing on the perspective of central securities depositories.

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