On 15 November 2018, the Bank of England (BoE) published a letter to compliance officers to make firms aware of the upcoming obligation on report settlement internalisation, which will come into effect in July 2019 under Article 9 of the EU Central Securities Depositories Regulation (CSDR).
The reporting requirement covers data, which is to be aggregated by four categories – type of financial instrument, type of securities transaction, type of client (professional or retail), and cash transfers.
The BoE requests recipients of the letter to confirm by 31 December 2018 whether or not they will be captured by this reporting obligation. The first reports to the Bank are due by 12 July 2019, covering the period from April 2019 until the end of June 2019. Further information on what is to be reported is included in the annex to the letter.