The European Securities and Markets Authority (ESMA) has published three consultation papers on implementing measures for a new settlement regime under the Regulation on improving securities settlement and regulating central securities depositories (CSDs) (the CSDR). The consultation papers concern:
- technical standards under the CSDR. The consultation paper sets out draft technical standards on proposed rules covering settlement discipline, CSD requirements and internalised settlement;
- technical advice under the CSDR. The consultation paper sets out draft technical advice on proposed penalties for settlement fails and covers arrangements to identify the substantial importance of a CSD; and
- guidelines on access to central counterparties (CCPs) or trading venues by CSDs. The consultation paper sets out 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 by a CSD, as well as when the competent authority of the CCP or the competent authority of the trading venue assesses the reasons for refusal to grant access to a CSD by the CCP or by the trading venue.
Deadline for comments to the consultation papers is 19 February 2015. ESMA intends to hold an open hearing on the consultation papers on 13 January 2015.
View CSDR: ESMA consults on implementing measures for new settlement regime, 18 December 2014