On 28 March 2018, the European Securities and Markets Authority (ESMA) published final guidelines on how to report internalised settlement under the Central Securities Depositories Regulation (CSDR). ESMA’s guidelines clarify the scope and process of internalised settlement reporting as well as the exchange of information between ESMA and national competent authorities, who will receive the data from reporting entities. The guidelines apply from the date of their publication on ESMA’s website in all official languages of the EU. Within two months of the publication, national competent authorities will have to inform ESMA whether or not they intend to comply with the guidelines.
On the same date ESMA published the official EU language versions of three sets of guidelines under the CSDR:
- guidelines on the process to determine the most relevant currencies in which settlement takes place;
- guidelines on the process to determine the substantial importance of a central security depository for a host Member State; and
- guidelines on cooperation between authorities.
In relation to the first two guidelines, national competent authorities must notify ESMA whether they comply or intend to comply with them within two weeks. In relation to the guidelines on cooperation between authorities national competent authorities must notify ESMA whether they comply or intend to comply with them within two months.