On 17 April 2020, the European Central Securities Depositories Association (ECSDA) updated its CSDR Settlement Fail Penalties Framework. The framework can be used by Central Securities Depositories (CSDs) and their participants as a market practice on how CSDs should develop harmonised settlement fail penalties mechanisms, under the CSD Regulation and its standards. In the document the ECSDA has highlighted in grey the changes it has made to the previous version of the framework. The changes include the addition of a new term, “Penalties Business Days” designed to help CSDs manage the processing of cross-CSD settlement fails penalties.