On 28 July 2020, the European Securities and Markets Authority (ESMA) announced that it was working on a proposal to possibly delay the entry into force of the Central Securities Depositories Regulation (CSDR) settlement discipline regime until 1 February 2022. This is due to the impact of the COVID-19 pandemic on the implementation of regulatory projects and IT deliveries by central securities depositories (CSDs) and came as a request from the European Commission.
ESMA aims to publish the final report on further postponing the date of entry into force of the RTS on settlement discipline by September. Following the endorsement of the RTS by the Commission, the Commission Delegated Regulation would then be subject to the non-objection of the European Parliament and of the Council.
This further measure would be additional to the delay foreseen in the ESMA Final Report on RTS on postponing the date of entry into force of Commission Delegated Regulation (EU) 2018/1229 (RTS on settlement discipline) until 1 February 2021. This was endorsed by the Commission on 8 May 2020 and it is subject to the non-objection of the European Parliament and of the Council until 8 August 2020.