On 8 March 2021, the European Commission issued a roadmap seeking views on how central securities depositories (CSDs) are working.

In particular, the Commission is seeking views on

  • How CSDs are able to operate in different countries across the EU.
  • How requests to use their services are handled.
  • Whether there are other substantive barriers to competition in this sector that need to be addressed.

The Commission 2021 Work Programme and the 2020 Capital Markets Union Action Plan announced that the Commission will consider amending existing rules to simplify the Central Securities Depositories Regulation (CSDR) and contribute to the development of a more integrated post-trading landscape in the EU (CSDR REFIT). CSDR REFIT will build on the conclusions of a Commission report to be published in the first half of 2021. That report is required under Article 75 of the CSDR and will also cover the requirement to conduct a comprehensive assessment of the potential supervision of third-country CSDs by the European Securities and Markets Authority as required by Article 81(2c) of Regulation (EU) No 1095/2010. The impact assessment underpinning the roadmap will be prepared in parallel with the evaluation of the CSDR.

The deadline for comments is 5 April 2021.