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Article (60/418)
CSD Regulation
CSD Regulation
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CSD Regulation

02/03/2017

Our regulatory memo explaining the CSD regulation: what it is, its scope, key dates and how it will impact you

The CSD Regulation applies to European central securities depositaries (CSDs) and any entities being participants in those CSDs. The objective is to introduce a European regime governing CSDs, whilst EMIR governs CCPs and MiFID governs trading venues and investment firms.

CSDR contains:

  • Minimal harmonised rules governing securities settlement and settlement discipline
  • Rules on the authorisation, supervision and passporting of CSDs as well as minimum requirements for CSDs
  • Conditions under which CSDs may provide banking services

Although CSDR was published in July 2014, it is coming into force gradually. The EU Commission published in November 2016 Regulatory Standards on:

  • Authorisation and supervision of CSDs
  • Prudential requirements for CSDs
  • Reporting of internalised settlement
  • Cash penalties

The technical standard on settlement discipline has not yet been published.

 

Download the regulatory memo:

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