On 24 September 2021, the European Securities and Markets Authority (ESMA) issued a final report containing guidelines on settlement fails reporting under Article 7 of the Central Securities Depositories Regulation (CSDR). ESMA has produced the guidelines in order to ensure the consistent application of Article 7(1) of the CSDR as supplemented by Articles 14 and 39 of Commission Delegated Regulation (EU) 2018/1229 containing regulatory technical standards on settlement discipline.
The guidelines will be translated into the official languages of the European Union and published on ESMA’s website. Within two months from the publication of the translations, each Member State competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a competent authority does not comply or intend to comply with those guidelines, it will have to inform ESMA, stating its reasons. ESMA will then publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.