The European Securities and Markets Authority (ESMA) has published the following final reports relating to the implementation of the Regulation on improving securities settlement and regulating central securities depositories (CSDR):

  • ESMA final report on guidelines on participant default rules and procedures under the CSDR. The guidelines further specify paragraphs (1) and (3) of Article 41 of the CSDR regarding the definition by a central securities depository (CSD) of its participant default rules and procedures, including by specifying a non-exhaustive list of actions a CSD may take in order to manage the default of a participant, and set minimal requirements in respect of the testing and review of such rules and procedures. In respect of the public disclosure of such default rules and procedures, ESMA has considered that there is no need at this stage to specify further the provisions of Article 42(2) of the CSDR; and
  • ESMA final report on CSDR guidelines on access by a CSD to the transaction feeds of a central counterparty (CCP) or of a trading venue under the CSDR. The guidelines therefore provide elements on the risks to be taken into account by a CCP or a trading venue when carrying out a comprehensive risk assessment following a request for access to their trading feeds by a CSD, in which the competent authority of the CCP or the competent authority of the trading venue will base its assessment of the reasons for refusal to provide services by the CCP or by the trading venue, for the purposes of Article 53 of the CSDR.

Both guidelines will be translated into the official languages of the EU and published on ESMA’s website. They will apply two months after publication. Within these two months each Member State will have to confirm whether it complies or intends to comply with each of the guidelines.

View ESMA final reports on two sets of guidelines under CSDR, 23 March 2017