CSDR - ESMA Final Technical Standards


CSDR - ESMA Final Technical Standards

September 2015

The CSD Regulation harmonises the authorisation and supervision of central securities depositories (CSDs) within the EU. It provides organisational, conduct of business and prudential requirements to ensure CSDs are safe, efficient and sound. It also introduces a settlement discipline regime, including measures to prevent and address settlement fails, such as a mandatory buy-in and cash penalties as well as reporting requirements for internalised settlement. ESMA’s Technical Standards, which translate CSDR provisions into applicable rules, cover:

Harmonised CSD requirements

  • cooperation requirements among authorities;
  • requirements for the recognition of third-country CSDs, ensuring a level playing field;
  • requirements for EU CSDs covering risk monitoring tools, record keeping, investment policy, reconciliation measures;
  • requirements regarding non-discriminatory access to CSDs by participants, issuers, CCPs and trading venues, or between CSDs, as well as access by CSDs to CCPs and trading venues; and

Internalised settlement reporting

  •  requirements on how to report internalised settlements to national regulators to allow proper risk monitoring.
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