On 9 July 2020, the Association for Financial Markets in Europe (AFME) issued a document intended to provide guidelines for its members to handle bilateral claims between trading counterparties, related to penalties applied under the CSDR on failed instructions. The document has been created collaboratively by AFME members and is subject to change. The AFME guidelines should be applied from the date of entry into force of the CSDR settlement discipline regime, which is expected to be 1st February 2021.